Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$373, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Medical Equipment industry in Taiwan. Total returns to shareholders of 18% over the past three years. Reported Earnings • Aug 02
Second quarter 2026 earnings: EPS and revenues exceed analyst expectations Second quarter 2026 results: EPS: NT$7.08 (up from NT$4.02 in 2Q 2025). Revenue: NT$2.11b (up 30% from 2Q 2025). Net income: NT$544.2m (up 74% from 2Q 2025). Profit margin: 26% (up from 19% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.4%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 55% growth forecast for the Medical Equipment industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 3% per year. Upcoming Dividend • Jul 31
Upcoming dividend of NT$10.01 per share Eligible shareholders must have bought the stock before 07 August 2026. Payment date: 28 August 2026. Payout ratio is a comfortable 48% but the company is paying out more than the cash it is generating. Trailing yield: 3.1%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (3.8%). Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$373, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 19x in the Medical Equipment industry in Asia. Total returns to shareholders of 7.2% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$513 per share. Reported Earnings • May 12
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: NT$6.06 (down from NT$6.27 in 1Q 2025). Revenue: NT$1.89b (up 18% from 1Q 2025). Net income: NT$472.3m (down 3.5% from 1Q 2025). Profit margin: 25% (down from 31% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Revenue is forecast to grow 7.1% p.a. on average during the next 2 years, compared to a 88% growth forecast for the Medical Equipment industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 7% per year. Reported Earnings • Feb 03
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: NT$20.87 (down from NT$23.47 in FY 2024). Revenue: NT$7.04b (up 3.3% from FY 2024). Net income: NT$1.63b (down 11% from FY 2024). Profit margin: 23% (down from 27% in FY 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 14%. Earnings per share (EPS) also missed analyst estimates by 1.5%. Revenue is forecast to grow 8.1% p.a. on average during the next 2 years, compared to a 78% growth forecast for the Medical Equipment industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Announcement • Feb 02
Pegavision Corporation, Annual General Meeting, May 20, 2026 Pegavision Corporation, Annual General Meeting, May 20, 2026. Location: no,5, hsing yeh st., gueishan district, taoyuan city Taiwan Reported Earnings • Oct 29
Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2025 results: EPS: NT$5.09 (down from NT$5.61 in 3Q 2024). Revenue: NT$1.89b (up 14% from 3Q 2024). Net income: NT$396.7m (down 9.4% from 3Q 2024). Profit margin: 21% (down from 26% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.9%. Earnings per share (EPS) missed analyst estimates by 2.4%. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 101% growth forecast for the Medical Equipment industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 2% per year. Price Target Changed • Oct 03
Price target decreased by 7.0% to NT$343 Down from NT$369, the current price target is an average from 5 analysts. New target price is 7.7% above last closing price of NT$318. Stock is down 25% over the past year. The company is forecast to post earnings per share of NT$20.80 for next year compared to NT$23.47 last year. Major Estimate Revision • Aug 04
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$7.06b to NT$6.78b. EPS estimate also fell from NT$23.40 per share to NT$20.80 per share. Net income forecast to grow 6.7% next year vs 24% growth forecast for Medical Equipment industry in Taiwan. Consensus price target down from NT$369 to NT$349. Share price fell 2.2% to NT$315 over the past week. Reported Earnings • Jul 31
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: NT$4.02 (down from NT$6.09 in 2Q 2024). Revenue: NT$1.63b (flat on 2Q 2024). Net income: NT$313.5m (down 34% from 2Q 2024). Profit margin: 19% (down from 29% in 2Q 2024). Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) also missed analyst estimates by 12%. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Medical Equipment industry in Taiwan. 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 8% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 06
Upcoming dividend of NT$11.00 per share Eligible shareholders must have bought the stock before 12 June 2025. Payment date: 10 July 2025. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Taiwanese dividend payers (5.2%). In line with average of industry peers (3.6%). Declared Dividend • May 23
Dividend increased to NT$11.00 Dividend of NT$11.00 is 10% higher than last year. Ex-date: 12th June 2025 Payment date: 10th July 2025 Dividend yield will be 3.2%, which is lower than the industry average of 3.7%. Sustainability & Growth Dividend is well covered by both earnings (47% earnings payout ratio) and cash flows (30% cash payout ratio). The dividend has increased by an average of 35% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 32% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 19
Pegavision Corporation to Report Q1, 2025 Results on Apr 28, 2025 Pegavision Corporation announced that they will report Q1, 2025 results on Apr 28, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$306, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 15x in the Medical Equipment industry in Asia. Total loss to shareholders of 25% over the past three years. Reported Earnings • Mar 11
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: NT$23.47 (up from NT$22.83 in FY 2023). Revenue: NT$6.82b (flat on FY 2023). Net income: NT$1.83b (up 11% from FY 2023). Profit margin: 27% (up from 24% in FY 2023). Revenue missed analyst estimates by 16%. Earnings per share (EPS) also missed analyst estimates by 3.2%. Revenue is forecast to grow 8.8% p.a. on average during the next 2 years, compared to a 9.6% growth forecast for the Medical Equipment industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Mar 07
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at NT$365. The fair value is estimated to be NT$462, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.6% over the last 3 years. Earnings per share has grown by 12%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 10% in the next 2 years. Announcement • Feb 18
Pegavision Corporation, Annual General Meeting, May 21, 2025 Pegavision Corporation, Annual General Meeting, May 21, 2025. Location: no,5, hsing yeh st., gueishan district, taoyuan city Taiwan Announcement • Feb 08
Pegavision Corporation to Report Q4, 2024 Results on Feb 17, 2025 Pegavision Corporation announced that they will report Q4, 2024 results on Feb 17, 2025 Price Target Changed • Oct 30
Price target decreased by 7.0% to NT$477 Down from NT$513, the current price target is an average from 5 analysts. New target price is 26% above last closing price of NT$379. Stock is down 2.2% over the past year. The company is forecast to post earnings per share of NT$25.04 for next year compared to NT$22.83 last year. Reported Earnings • Oct 29
Third quarter 2024 earnings released: EPS: NT$5.61 (vs NT$5.24 in 3Q 2023) Third quarter 2024 results: EPS: NT$5.61 (up from NT$5.24 in 3Q 2023). Revenue: NT$1.66b (down 1.1% from 3Q 2023). Net income: NT$437.8m (up 16% from 3Q 2023). Profit margin: 26% (up from 23% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Medical Equipment industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Oct 19
Pegavision Corporation to Report Q3, 2024 Results on Oct 28, 2024 Pegavision Corporation announced that they will report Q3, 2024 results on Oct 28, 2024 Reported Earnings • Jul 30
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: NT$6.09 (up from NT$5.23 in 2Q 2023). Revenue: NT$1.64b (up 1.4% from 2Q 2023). Net income: NT$474.7m (up 30% from 2Q 2023). Profit margin: 29% (up from 23% in 2Q 2023). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 6.6%. Earnings per share (EPS) also missed analyst estimates by 2.4%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Medical Equipment industry in Taiwan. 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 1% per year, which means it is significantly lagging earnings growth. Announcement • Jul 20
Pegavision Corporation to Report Q2, 2024 Results on Jul 29, 2024 Pegavision Corporation announced that they will report Q2, 2024 results on Jul 29, 2024 Upcoming Dividend • Jun 12
Upcoming dividend of NT$10.00 per share Eligible shareholders must have bought the stock before 19 June 2024. Payment date: 10 July 2024. Payout ratio is a comfortable 41% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of Taiwanese dividend payers (4.3%). Lower than average of industry peers (3.1%). Declared Dividend • May 27
Dividend of NT$10.00 announced Dividend of NT$10.00 is the same as last year. Ex-date: 19th June 2024 Payment date: 10th July 2024 Dividend yield will be 2.1%, which is lower than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (41% 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 39% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 54% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 02
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: EPS: NT$6.54 (up from NT$4.83 in 1Q 2023). Revenue: NT$1.73b (up 18% from 1Q 2023). Net income: NT$509.8m (up 51% from 1Q 2023). Profit margin: 30% (up from 23% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) exceeded analyst estimates by 21%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Medical Equipment industry in Taiwan. 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. Price Target Changed • Apr 30
Price target increased by 9.9% to NT$490 Up from NT$446, the current price target is an average from 6 analysts. New target price is 6.9% below last closing price of NT$526. Stock is up 27% over the past year. The company is forecast to post earnings per share of NT$25.94 for next year compared to NT$22.83 last year. Price Target Changed • Apr 25
Price target increased by 10% to NT$475 Up from NT$431, the current price target is an average from 6 analysts. New target price is 8.9% below last closing price of NT$521. Stock is up 24% over the past year. The company is forecast to post earnings per share of NT$25.90 for next year compared to NT$22.83 last year. Announcement • Apr 25
Pegavision Corporation to Report Q1, 2024 Results on Apr 29, 2024 Pegavision Corporation announced that they will report Q1, 2024 results on Apr 29, 2024 Reported Earnings • Jan 30
Full year 2023 earnings released: EPS: NT$22.83 (vs NT$22.03 in FY 2022) Full year 2023 results: EPS: NT$22.83 (up from NT$22.03 in FY 2022). Revenue: NT$6.79b (up 7.4% from FY 2022). Net income: NT$1.66b (up 7.4% from FY 2022). Profit margin: 24% (in line with FY 2022). Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Medical Equipment industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 17% per year. New Risk • Nov 06
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 11% 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 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 (11% increase in shares outstanding). Reported Earnings • Nov 02
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: NT$5.24 (down from NT$6.02 in 3Q 2022). Revenue: NT$1.68b (up 2.2% from 3Q 2022). Net income: NT$378.0m (down 10% from 3Q 2022). Profit margin: 23% (down from 26% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 5.2%. Earnings per share (EPS) also missed analyst estimates by 3.8%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Medical Equipment industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 26% 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 • Aug 03
Second quarter 2023 earnings: EPS misses analyst expectations Second quarter 2023 results: EPS: NT$5.23 (up from NT$4.89 in 2Q 2022). Revenue: NT$1.62b (up 14% from 2Q 2022). Net income: NT$365.9m (up 7.0% from 2Q 2022). Profit margin: 23% (down from 24% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.2%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Medical Equipment industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 02
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from NT$23.46 to NT$20.50 per share. Revenue forecast steady at NT$6.93b. Net income forecast to grow 12% next year vs 5.6% decline forecast for Medical Equipment industry in Taiwan. Consensus price target down from NT$430 to NT$418. Share price fell 6.2% to NT$347 over the past week. Price Target Changed • Jul 05
Price target decreased by 9.2% to NT$418 Down from NT$461, the current price target is an average from 6 analysts. New target price is 14% above last closing price of NT$367. Stock is down 14% over the past year. The company is forecast to post earnings per share of NT$23.25 for next year compared to NT$22.03 last year. Upcoming Dividend • Jun 01
Upcoming dividend of NT$10.00 per share at 2.7% yield Eligible shareholders must have bought the stock before 08 June 2023. Payment date: 28 June 2023. Payout ratio is a comfortable 46% but the company is paying out more than the cash it is generating. Trailing yield: 2.7%. Lower than top quartile of Taiwanese dividend payers (5.6%). Lower than average of industry peers (3.5%). Major Estimate Revision • May 03
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$7.26b to NT$7.12b. EPS estimate also fell from NT$25.74 per share to NT$22.68 per share. Net income forecast to grow 17% next year vs 4.6% decline forecast for Medical Equipment industry in Taiwan. Consensus price target broadly unchanged at NT$487. Share price was steady at NT$417 over the past week. Reported Earnings • Feb 16
Full year 2022 earnings: Revenues and EPS in line with analyst expectations Full year 2022 results: EPS: NT$22.03 (up from NT$17.84 in FY 2021). Revenue: NT$6.32b (up 13% from FY 2021). Net income: NT$1.54b (up 24% from FY 2021). Profit margin: 24% (up from 22% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 7.9% growth forecast for the Medical Equipment industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 40% per year whereas the company’s share price has increased by 44% per year. Price Target Changed • Feb 07
Price target increased by 8.1% to NT$454 Up from NT$420, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of NT$470. Stock is up 12% over the past year. The company is forecast to post earnings per share of NT$21.97 for next year compared to NT$17.84 last year. Price Target Changed • Dec 06
Price target increased to NT$420 Up from NT$385, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of NT$410. Stock is down 2.1% over the past year. The company is forecast to post earnings per share of NT$22.00 for next year compared to NT$17.84 last year. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improved over the past week After last week's 19% share price gain to NT$415, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 15x in the Medical Equipment industry in Taiwan. Total returns to shareholders of 149% over the past three years. Price Target Changed • Nov 19
Price target decreased to NT$385 Down from NT$430, the current price target is an average from 4 analysts. New target price is 19% above last closing price of NT$325. Stock is down 31% over the past year. The company is forecast to post earnings per share of NT$21.78 for next year compared to NT$17.84 last year. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 6 experienced directors. 2 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Chi-Wan Lai was the last independent director to join the board, commencing their role in 2021. 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 06
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: EPS: NT$6.02 (up from NT$5.16 in 3Q 2021). Revenue: NT$1.64b (up 8.5% from 3Q 2021). Net income: NT$421.4m (up 17% from 3Q 2021). Profit margin: 26% (up from 24% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.9%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Medical Equipment industry in Taiwan. 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 23% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 01
Price target decreased to NT$467 Down from NT$514, the current price target is an average from 5 analysts. New target price is 65% above last closing price of NT$283. Stock is down 49% over the past year. The company is forecast to post earnings per share of NT$21.48 for next year compared to NT$17.84 last year. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$322, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 15x in the Medical Equipment industry in Taiwan. Total returns to shareholders of 103% over the past three years. Reported Earnings • Jul 27
Second quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2022 results: EPS: NT$4.89 (up from NT$4.22 in 2Q 2021). Revenue: NT$1.41b (up 2.4% from 2Q 2021). Net income: NT$342.0m (up 16% from 2Q 2021). Profit margin: 24% (up from 21% in 2Q 2021). The increase in margin was primarily driven by higher revenue. Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) exceeded analyst estimates by 4.7%. Over the next year, revenue is forecast to grow 17%, compared to a 14% growth forecast for the industry in Taiwan. 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 27% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improved over the past week After last week's 16% share price gain to NT$443, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 18x in the Medical Equipment industry in Taiwan. Total returns to shareholders of 104% over the past three years. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 6 experienced directors. 2 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Chi-Wan Lai was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Feb 17
Pegavision Corporation, Annual General Meeting, May 24, 2022 Pegavision Corporation, Annual General Meeting, May 24, 2022. Location: Pegavision's Guishan Fab No.5, Shing Yeh St., Guishan Dist Tao-Yuan City Taiwan Agenda: To consider the company's 2021 operational and financial results; to consider audit Committee's Review Report on 2020 Financial Statements; to consider the 2021 compensation of directors and supervisors and employee bonus; to consider the cash dividend distribution of 2021 earnings; to consider Adoption of the 2021 Business Report and Financial Statements; to consider Amendment to the Company's Articles of Incorporation; and to consider other matters. Reported Earnings • Feb 16
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: NT$17.84 (up from NT$10.22 in FY 2020). Revenue: NT$5.60b (up 41% from FY 2020). Net income: NT$1.25b (up 75% from FY 2020). Profit margin: 22% (up from 18% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.5%. Over the next year, revenue is forecast to grow 20%, compared to a 6.7% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 28% per year whereas the company’s share price has increased by 32% per year. Price Target Changed • Jan 04
Price target decreased to NT$592 Down from NT$638, the current price target is an average from 5 analysts. New target price is 40% above last closing price of NT$424. Stock is up 55% over the past year. The company is forecast to post earnings per share of NT$17.18 for next year compared to NT$10.22 last year. Reported Earnings • Nov 03
Third quarter 2021 earnings released: EPS NT$5.16 (vs NT$2.90 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$1.51b (up 50% from 3Q 2020). Net income: NT$361.5m (up 78% from 3Q 2020). Profit margin: 24% (up from 20% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 31
Investor sentiment improved over the past week After last week's 16% share price gain to NT$598, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 15x in the Medical Equipment industry in Taiwan. Total returns to shareholders of 243% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$930 per share. Valuation Update With 7 Day Price Move • Aug 10
Investor sentiment improved over the past week After last week's 16% share price gain to NT$477, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 16x in the Medical Equipment industry in Taiwan. Total returns to shareholders of 159% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$914 per share. Reported Earnings • Jul 30
Second quarter 2021 earnings released: EPS NT$4.22 (vs NT$2.00 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$1.38b (up 65% from 2Q 2020). Net income: NT$295.2m (up 111% from 2Q 2020). Profit margin: 21% (up from 17% in 2Q 2020). 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 increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$480, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 17x in the Medical Equipment industry in Taiwan. Total returns to shareholders of 151% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$536 per share. Upcoming Dividend • Jun 03
Upcoming dividend of NT$5.00 per share Eligible shareholders must have bought the stock before 10 June 2021. Payment date: 09 July 2021. Trailing yield: 0.9%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (2.9%). Valuation Update With 7 Day Price Move • May 17
Investor sentiment deteriorated over the past week After last week's 20% share price decline to NT$387, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 14x in the Medical Equipment industry in Taiwan. Total returns to shareholders of 104% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$367 per share. Price Target Changed • May 07
Price target increased to NT$500 Up from NT$450, the current price target is an average from 2 analysts. New target price is 8.2% above last closing price of NT$462. Stock is up 268% over the past year. Reported Earnings • Apr 27
First quarter 2021 earnings released: EPS NT$3.21 (vs NT$1.30 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$1.15b (up 59% from 1Q 2020). Net income: NT$224.6m (up 146% from 1Q 2020). Profit margin: 20% (up from 13% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Apr 08
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from NT$5.53b to NT$5.44b. EPS estimate rose from NT$13.68 to NT$15.23. Net income forecast to grow 49% next year vs 22% growth forecast for Medical Equipment industry in Taiwan. Consensus price target up from NT$390 to NT$450. Share price was steady at NT$388 over the past week. Major Estimate Revision • Mar 28
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from NT$4.73b to NT$5.53b. EPS estimate unchanged from NT$13.68 at last update. Medical Equipment industry in Taiwan expected to see average net income growth of 11% next year. Consensus price target up from NT$357 to NT$390. Share price rose 8.8% to NT$392 over the past week. Price Target Changed • Mar 26
Price target increased to NT$390 Up from NT$357, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of NT$392. Stock is up 288% over the past year. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improved over the past week After last week's 20% share price gain to NT$327, the stock is trading at a trailing P/E ratio of 32x, up from the previous P/E ratio of 26.6x. This compares to an average P/E of 18x in the Medical Equipment industry in Taiwan. Total returns to shareholders over the past three years are 73%. Is New 90 Day High Low • Mar 05
New 90-day high: NT$307 The company is up 20% from its price of NT$256 on 04 December 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Medical Equipment industry, which is down 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$1,200 per share. Reported Earnings • Feb 26
Full year 2020 earnings released: EPS NT$10.22 (vs NT$7.62 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$3.98b (up 19% from FY 2019). Net income: NT$715.4m (up 50% from FY 2019). Profit margin: 18% (up from 14% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 10% per year. Analyst Estimate Surprise Post Earnings • Feb 26
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 0.005%. Earnings per share (EPS) missed analyst estimates by 2.4%. Over the next year, revenue is forecast to grow 19%, compared to a 38% growth forecast for the Medical Equipment industry in Taiwan. Price Target Changed • Feb 18
Price target raised to NT$319 Up from NT$291, the current price target is an average from 2 analysts. The new target price is 16% above the current share price of NT$275. As of last close, the stock is up 84% over the past year. Announcement • Jan 30
Pegavision Corporation, Annual General Meeting, May 25, 2021 Pegavision Corporation, Annual General Meeting, May 25, 2021. Location: No.5, Shing Yeh St., Guishan Dist., Taoyuan City 333 Taoyuan City Taiwan Agenda: To consider the company's 2020 operational and financial results; to consider audit Committee's Review Report on 2020 Financial Statements; to consider the 2020 compensation of directors and supervisors and employee bonus; to consider the cash dividend distribution of 2020 earnings; and to consider the amendment of the company's. Price Target Changed • Dec 22
Price target raised to NT$285 Up from NT$256, the current price target is an average from 2 analysts. The new target price is close to the current share price of NT$277. As of last close, the stock is up 60% over the past year. Is New 90 Day High Low • Dec 16
New 90-day high: NT$283 The company is up 30% from its price of NT$218 on 17 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 Medical Equipment industry, which is down 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$470 per share. 
