Reported Earnings • May 15
First quarter 2026 earnings released: EPS: NT$0.45 (vs NT$0.18 loss in 1Q 2025) First quarter 2026 results: EPS: NT$0.45 (up from NT$0.18 loss in 1Q 2025). Net income: NT$32.3m (up NT$45.6m from 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 11% per year. New Risk • Apr 18
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: 5.0% 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. Large one-off items impacting financial results. Revenue is less than US$5m (NT$69m revenue, or US$2.2m). Market cap is less than US$100m (NT$723.3m market cap, or US$23.0m). Announcement • Mar 16
Allied Industrial Corp., Ltd., Annual General Meeting, Jun 17, 2026 Allied Industrial Corp., Ltd., Annual General Meeting, Jun 17, 2026. Location: 19 floor no,62-1, chung cheng rd., jhongjheng district, keelung city Taiwan Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$0.88 (vs NT$0.58 in FY 2024) Full year 2025 results: EPS: NT$0.88 (up from NT$0.58 in FY 2024). Revenue: NT$69.0m (down 62% from FY 2024). Net income: NT$63.7m (up 51% from FY 2024). Profit margin: 92% (up from 24% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. New Risk • Nov 29
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 343% 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: Minor Risks Large one-off items impacting financial results. Revenue is less than US$5m (NT$97m revenue, or US$3.1m). Market cap is less than US$100m (NT$741.4m market cap, or US$23.6m). Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: NT$0.81 (vs NT$0.035 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.81 (up from NT$0.035 in 3Q 2024). Revenue: NT$17.2m (down 59% from 3Q 2024). Net income: NT$58.6m (up NT$56.0m from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 12
Second quarter 2025 earnings released: NT$0.39 loss per share (vs NT$0.069 loss in 2Q 2024) Second quarter 2025 results: NT$0.39 loss per share (further deteriorated from NT$0.069 loss in 2Q 2024). Revenue: NT$14.1m (down 75% from 2Q 2024). Net loss: NT$28.5m (loss widened 471% from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. New Risk • May 15
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% 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: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.1% net profit margin). Market cap is less than US$100m (NT$788.4m market cap, or US$26.1m). Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$10.45, the stock trades at a trailing P/E ratio of 17.9x. Average trailing P/E is 18x in the Chemicals industry in Taiwan. Total loss to shareholders of 38% over the past three years. Buy Or Sell Opportunity • Apr 09
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 34% to NT$8.55. The fair value is estimated to be NT$11.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 52% over the last 3 years. Earnings per share has declined by 30%. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$9.50, the stock trades at a trailing P/E ratio of 16.3x. Average trailing P/E is 18x in the Chemicals industry in Taiwan. Total loss to shareholders of 48% over the past three years. Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: NT$0.58 (vs NT$0.72 in FY 2023) Full year 2024 results: EPS: NT$0.58 (down from NT$0.72 in FY 2023). Revenue: NT$179.6m (down 65% from FY 2023). Net income: NT$42.2m (down 19% from FY 2023). Profit margin: 24% (up from 10% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Announcement • Mar 11
Allied Industrial Corp., Ltd., Annual General Meeting, Jun 13, 2025 Allied Industrial Corp., Ltd., Annual General Meeting, Jun 13, 2025, at 09:00 Taipei Standard Time. Location: 19 floor no,62-1, chung cheng rd., jhongjheng district, keelung city Taiwan Announcement • Feb 28
Allied Industrial Corp., Ltd. to Report Fiscal Year 2024 Results on Mar 07, 2025 Allied Industrial Corp., Ltd. announced that they will report fiscal year 2024 results on Mar 07, 2025 Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.03 (vs NT$0.45 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.03 (down from NT$0.45 in 3Q 2023). Revenue: NT$42.3m (down 69% from 3Q 2023). Net income: NT$2.51m (down 92% from 3Q 2023). Profit margin: 5.9% (down from 24% in 3Q 2023). The decrease in margin was driven by lower 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 5% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 18
Second quarter 2024 earnings released: NT$0.07 loss per share (vs NT$0.038 profit in 2Q 2023) Second quarter 2024 results: NT$0.07 loss per share (down from NT$0.038 profit in 2Q 2023). Revenue: NT$56.8m (down 58% from 2Q 2023). Net loss: NT$4.98m (down 281% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Aug 02
Allied Industrial Corp., Ltd. to Report Q2, 2024 Results on Aug 09, 2024 Allied Industrial Corp., Ltd. announced that they will report Q2, 2024 results on Aug 09, 2024 Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.31 (vs NT$0.033 in 1Q 2023) First quarter 2024 results: EPS: NT$0.31 (up from NT$0.033 in 1Q 2023). Revenue: NT$37.8m (down 78% from 1Q 2023). Net income: NT$22.2m (up NT$19.8m from 1Q 2023). Profit margin: 59% (up from 1.4% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has remained flat. Announcement • May 02
Allied Industrial Corp., Ltd. to Report Q1, 2024 Results on May 09, 2024 Allied Industrial Corp., Ltd. announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 09, 2024 Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: NT$0.72 (vs NT$1.64 in FY 2022) Full year 2023 results: EPS: NT$0.72 (down from NT$1.64 in FY 2022). Revenue: NT$513.2m (down 50% from FY 2022). Net income: NT$52.1m (down 56% from FY 2022). Profit margin: 10% (down from 12% in FY 2022). The decrease in margin was driven by lower revenue. 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 4% per year, which means it is significantly lagging earnings. Announcement • Mar 09
Allied Industrial Corp., Ltd., Annual General Meeting, Jun 07, 2024 Allied Industrial Corp., Ltd., Annual General Meeting, Jun 07, 2024. Location: 19F., No. 62-1, Zhongzheng Rd., Zhongzheng Dist., EVERGREEN LAUREL HOTEL(KEELUNG) Keelung City Taiwan Agenda: To consider 2023 Business Report; to consider Audit Committee's Review Report; to consider to report the Distribution of Employees' and Directors' compensation of the year 2023; to consider to accept 2023 Business Report and Financial Statements; to consider to approve the proposal for distribution of 2023 profits; and to consider other matters. Announcement • Dec 27
Allied Industrial Corp., Ltd. Announces the Resignation of Wang, Lu-Jie as Natural-Person Director Allied Industrial Corp., Ltd. announced the resignation of Wang, Lu-Jie as natural-person director of the company. Announcement • Dec 21
Allied Industrial Corp., Ltd. Announces the Resignation of Lee, Yao-Sheng as General Manager Allied Industrial Corp., Ltd. announced the resignation of Lee, Yao-Sheng as General Manager, effective from December 19, 2023. Announcement • Nov 07
Allied Industrial Corp., Ltd. Announces Executive Changes, Effective November 6, 2023 Allied Industrial Corp., Ltd. announced new appointment of chairperson of the Board, effective November 6, 2023. Name of the previous position holder: Kuan Hsin. Name of the new position holder: Wang Janice S. Y. Resume of the new position holder: vice chairwoman of Golden Eagle International Group and director of Golden Eagle Art Museum Reason for the change: Resigning due to personal reasons. Announcement • Oct 27
Allied Industrial Corp., Ltd. Announces Resignation of Kuan,Hsin as Director Allied Industrial Corp., Ltd. announced resignation of Kuan,Hsin as director. Resume of the previous position holder: Chairman, Allied Industrial Corp., LTD. Chairperson resigns from the position of chairperson and director, effective from October 25,2023;The company will convene a board of meeting to elect a new Chairperson, and a separate announcement will be made regarding this matter. Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: NT$0.04 (vs NT$0.17 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.04 (down from NT$0.17 in 2Q 2022). Revenue: NT$134.9m (down 50% from 2Q 2022). Net income: NT$2.76m (down 78% from 2Q 2022). Profit margin: 2.0% (down from 4.6% in 2Q 2022). The decrease in margin was driven by lower revenue. 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 11% per year, which means it is significantly lagging earnings growth. Announcement • Aug 12
Allied Industrial Corp., Ltd. Appoints Cheng, Chia-Lung as New Chief Information Security Officer Allied Industrial Corp., Ltd. announced the appointment of Cheng, Chia-Lung as new Chief Information Security Officer of the company with effect from August 11, 2023. Reported Earnings • Mar 26
Full year 2022 earnings released: EPS: NT$1.64 (vs NT$1.16 in FY 2021) Full year 2022 results: EPS: NT$1.64 (up from NT$1.16 in FY 2021). Revenue: NT$1.03b (down 4.6% from FY 2021). Net income: NT$118.5m (up 42% from FY 2021). Profit margin: 12% (up from 7.7% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$0.64 (vs NT$0.20 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.64 (up from NT$0.20 in 3Q 2021). Revenue: NT$156.2m (flat on 3Q 2021). Net income: NT$46.2m (up 213% from 3Q 2021). Profit margin: 30% (up from 9.4% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.64 (vs NT$0.20 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.64 (up from NT$0.20 in 3Q 2021). Revenue: NT$156.2m (flat on 3Q 2021). Net income: NT$46.2m (up 213% from 3Q 2021). Profit margin: 30% (up from 9.4% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.17 (vs NT$0.13 loss in 2Q 2021) Second quarter 2022 results: EPS: NT$0.17 (up from NT$0.13 loss in 2Q 2021). Revenue: NT$271.7m (down 11% from 2Q 2021). Net income: NT$12.6m (up NT$22.3m from 2Q 2021). Profit margin: 4.6% (up from net loss in 2Q 2021). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.47 (vs NT$0.39 in 1Q 2021) First quarter 2022 results: EPS: NT$0.47 (up from NT$0.39 in 1Q 2021). Revenue: NT$429.3m (up 3.3% from 1Q 2021). Net income: NT$34.0m (up 20% from 1Q 2021). Profit margin: 7.9% (up from 6.8% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 119% 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 • Apr 06
Full year 2021 earnings released: EPS: NT$1.15 (vs NT$0.60 in FY 2020) Full year 2021 results: EPS: NT$1.15 (up from NT$0.60 in FY 2020). Revenue: NT$1.08b (up 13% from FY 2020). Net income: NT$83.5m (up 92% from FY 2020). Profit margin: 7.7% (up from 4.5% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 120% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 29
Investor sentiment improved over the past week After last week's 26% share price gain to NT$21.15, the stock trades at a trailing P/E ratio of 18.6x. Average trailing P/E is 21x in the Chemicals industry in Taiwan. Total returns to shareholders of 114% over the past three years. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improved over the past week After last week's 16% share price gain to NT$14.90, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 17x in the Chemicals industry in Taiwan. Total returns to shareholders of 20% over the past three years. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.20 (vs NT$0.081 loss 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$157.1m (down 31% from 3Q 2020). Net income: NT$14.8m (up NT$20.6m from 3Q 2020). Profit margin: 9.4% (up from net loss in 3Q 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 122% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improved over the past week After last week's 17% share price gain to NT$16.70, the stock trades at a trailing P/E ratio of 19.6x. Average trailing P/E is 16x in the Chemicals industry in Taiwan. Total returns to shareholders of 23% over the past three years. Board Change • Sep 14
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. 5 experienced directors. 1 highly experienced director. Director Lu-Jie Wang was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Sep 13
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. 5 experienced directors. 1 highly experienced director. Director Lu-Jie Wang was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Executive Departure • Sep 07
Independent Director Jheng-Fong Lu has left the company On the 30th of August, Jheng-Fong Lu's tenure as Independent Director ended after 4.0 years in the role. We don't have any record of a personal shareholding under Jheng-Fong's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is less than a year, which is considered inexperienced in the Simply Wall St Risk Model. Board Change • Sep 02
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. 5 experienced directors. 1 highly experienced director. Director Lu-Jie Wang was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Aug 18
Second quarter 2021 earnings released: NT$0.13 loss per share (vs NT$0.046 profit in 2Q 2020) The company reported a soft second quarter result with weaker earnings and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: NT$303.9m (up 28% from 2Q 2020). Net loss: NT$9.69m (down 392% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 13
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$12.70, the stock trades at a trailing P/E ratio of 12.3x. Average trailing P/E is 15x in the Chemicals industry in Taiwan. Total loss to shareholders of 14% over the past three years. Reported Earnings • May 18
First quarter 2021 earnings released: EPS NT$0.39 (vs NT$0.039 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$415.6m (up 43% from 1Q 2020). Net income: NT$28.4m (up NT$31.2m from 1Q 2020). Profit margin: 6.8% (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 increased by 100% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 05
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$14.75, the stock trades at a trailing P/E ratio of 24.4x. Average trailing P/E is 21x in the Chemicals industry in Taiwan. Total loss to shareholders of 12% over the past three years. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improved over the past week After last week's 21% share price gain to NT$18.15, the stock trades at a trailing P/E ratio of 30.3x. Average trailing P/E is 20x in the Chemicals industry in Taiwan. Total returns to shareholders of 5.5% over the past three years. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$0.60 (vs NT$1.03 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$958.7m (down 14% from FY 2019). Net income: NT$43.6m (down 41% from FY 2019). Profit margin: 4.5% (down from 6.7% 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 88% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Mar 11
New 90-day high: NT$12.95 The company is up 17% from its price of NT$11.05 on 11 December 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 11% over the same period. Announcement • Feb 05
Allied Industrial Corp., Ltd. Announces Appointment of Shih-Yun as Head of Financial and Accounting Allied Industrial Corp., Ltd. announced appointment of Shih-Yun as head of finance and accounting. Effective date February 4, 2021. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 16% share price gain to NT$12.40, the stock is trading at a trailing P/E ratio of 78.3x, up from the previous P/E ratio of 67.6x. This compares to an average P/E of 20x in the Chemicals industry in Taiwan. Total return to shareholders over the past three years is a loss of 30%. Reported Earnings • Nov 17
Third quarter 2020 earnings released: NT$0.08 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: NT$227.9m (down 14% from 3Q 2019). Net loss: NT$5.84m (down 118% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Nov 03
New 90-day high: NT$11.05 The company is up 11% from its price of NT$9.96 on 05 August 2020. The Taiwanese market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 4.0% over the same period. Valuation Update With 7 Day Price Move • Nov 03
Market bids up stock over the past week After last week's 18% share price gain to NT$11.05, the stock is trading at a trailing P/E ratio of 16.2x, up from the previous P/E ratio of 13.7x. This compares to an average P/E of 21x in the Chemicals industry in Taiwan. Total return to shareholders over the past three years is a loss of 40%. 
