Reported Earnings • May 19
First quarter 2026 earnings released: EPS: NT$0.40 (vs NT$0.59 in 1Q 2025) First quarter 2026 results: EPS: NT$0.40 (down from NT$0.59 in 1Q 2025). Revenue: NT$1.02b (down 6.5% from 1Q 2025). Net income: NT$107.2m (down 32% from 1Q 2025). Profit margin: 11% (down from 14% in 1Q 2025). 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 but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 09
Upcoming dividend of NT$1.80 per share Eligible shareholders must have bought the stock before 16 April 2026. Payment date: 08 May 2026. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 8.6%. Within top quartile of Taiwanese dividend payers (5.1%). Higher than average of industry peers (2.9%). Reported Earnings • Mar 15
Full year 2025 earnings released: EPS: NT$2.13 (vs NT$3.09 in FY 2024) Full year 2025 results: EPS: NT$2.13 (down from NT$3.09 in FY 2024). Revenue: NT$4.74b (down 9.5% from FY 2024). Net income: NT$568.3m (down 31% from FY 2024). Profit margin: 12% (down from 16% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 7% per year. Announcement • Mar 13
Mayer Steel Pipe Corporation, Annual General Meeting, Jun 18, 2026 Mayer Steel Pipe Corporation, Annual General Meeting, Jun 18, 2026. Location: no,83, shih min ta tao, jhongshan district, taipei city Taiwan Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: NT$0.59 (vs NT$0.72 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.59 (down from NT$0.72 in 3Q 2024). Revenue: NT$1.60b (up 29% from 3Q 2024). Net income: NT$156.6m (down 18% from 3Q 2024). Profit margin: 9.8% (down from 16% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: NT$0.48 (vs NT$0.69 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.48 (down from NT$0.69 in 2Q 2024). Revenue: NT$1.05b (down 26% from 2Q 2024). Net income: NT$129.4m (down 30% from 2Q 2024). Profit margin: 12% (in line with 2Q 2024). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$23.80, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 20x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 32% over the past three years. Upcoming Dividend • Jun 04
Upcoming dividend of NT$2.20 per share Eligible shareholders must have bought the stock before 11 June 2025. Payment date: 04 July 2025. Payout ratio is on the higher end at 98%, and the cash payout ratio is above 100%. Trailing yield: 7.8%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (3.3%). Announcement • May 29
Mayer Steel Pipe Corporation Approves Election of Gwu Sheng-Da as Independent Director Mayer Steel Pipe Corporation announced that at its shareholders meeting held on May 28, 2025, shareholders approved the election of GWU SHENG-DA as independent director. New Risk • May 15
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 98% The company is paying a dividend despite having no free cash flows. Dividend yield: 7.7% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 98% Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (12% net profit margin). Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.59 (vs NT$1.44 in 1Q 2024) First quarter 2025 results: EPS: NT$0.59 (down from NT$1.44 in 1Q 2024). Revenue: NT$1.09b (down 23% from 1Q 2024). Net income: NT$157.3m (down 59% from 1Q 2024). Profit margin: 14% (down from 27% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • May 01
Mayer Steel Pipe Corporation to Report Q1, 2025 Results on May 12, 2025 Mayer Steel Pipe Corporation announced that they will report Q1, 2025 results on May 12, 2025 Declared Dividend • Apr 19
Dividend of NT$2.20 announced Shareholders will receive a dividend of NT$2.20. Ex-date: 11th June 2025 Payment date: 4th July 2025 Dividend yield will be 8.3%, which is higher than the industry average of 3.9%. Sustainability & Growth Dividend is covered by earnings (38% 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 15% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 14% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Apr 18
Mayer Steel Pipe Corporation Announces Cash Dividend, Payable on July 4, 2025 Mayer Steel Pipe Corporation announced cash dividend is TWD 2.2 per share. The total cash dividend distribution amounted to TWD 587,468,904. Date of the resolution by the board of directors or shareholders meeting or decision by the Company: April 17, 2025. Ex-rights (ex-dividend) trading date: June 11, 2025; Last date before book closure: June 12, 2025; Book closure starting date: June 13, 2025; Book closure ending date: June 17, 2025; Ex-rights (ex-dividend) record date: June 17, 2025; Payment date of common stock cash dividend distribution: July 4, 2025. Buy Or Sell Opportunity • Apr 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 21% to NT$21.90. The fair value is estimated to be NT$27.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.1% over the last 3 years. Earnings per share has grown by 34%. 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$23.55, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 19x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 5.5% over the past three years. Reported Earnings • Mar 18
Full year 2024 earnings released: EPS: NT$3.09 (vs NT$4.00 in FY 2023) Full year 2024 results: EPS: NT$3.09 (down from NT$4.00 in FY 2023). Revenue: NT$5.24b (down 25% from FY 2023). Net income: NT$826.1m (down 23% from FY 2023). Profit margin: 16% (in line with FY 2023). 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 1% per year, which means it is significantly lagging earnings growth. Announcement • Mar 14
Mayer Steel Pipe Corporation, Annual General Meeting, May 28, 2025 Mayer Steel Pipe Corporation, Annual General Meeting, May 28, 2025, at 09:00 Taipei Standard Time. Location: no,83, shih min ta tao, jhongshan district, taipei city Taiwan Announcement • Mar 05
Mayer Steel Pipe Corporation to Report Q4, 2024 Results on Mar 12, 2025 Mayer Steel Pipe Corporation announced that they will report Q4, 2024 results on Mar 12, 2025 Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$0.72 (vs NT$1.20 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.72 (down from NT$1.20 in 3Q 2023). Revenue: NT$1.23b (down 32% from 3Q 2023). Net income: NT$191.1m (down 41% from 3Q 2023). Profit margin: 16% (down from 18% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 31% 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 • Aug 16
Second quarter 2024 earnings released: EPS: NT$0.69 (vs NT$0.57 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.69 (up from NT$0.57 in 2Q 2023). Revenue: NT$1.42b (down 32% from 2Q 2023). Net income: NT$185.1m (up 21% from 2Q 2023). Profit margin: 13% (up from 7.4% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Aug 01
Mayer Steel Pipe Corporation to Report Q2, 2024 Results on Aug 09, 2024 Mayer Steel Pipe Corporation announced that they will report Q2, 2024 results on Aug 09, 2024 Upcoming Dividend • Jun 05
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 12 June 2024. Payment date: 05 July 2024. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 5.0%. Within top quartile of Taiwanese dividend payers (4.3%). Higher than average of industry peers (2.7%). Reported Earnings • May 18
First quarter 2024 earnings released: EPS: NT$1.72 (vs NT$0.75 in 1Q 2023) First quarter 2024 results: EPS: NT$1.72 (up from NT$0.75 in 1Q 2023). Revenue: NT$1.42b (down 14% from 1Q 2023). Net income: NT$383.7m (up 129% from 1Q 2023). Profit margin: 27% (up from 10% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 9% per year. Announcement • May 03
Mayer Steel Pipe Corporation to Report Q1, 2024 Results on May 10, 2024 Mayer Steel Pipe Corporation announced that they will report Q1, 2024 results on May 10, 2024 New Risk • Mar 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 121% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: NT$4.80 (vs NT$1.20 in FY 2022) Full year 2023 results: EPS: NT$4.80 (up from NT$1.20 in FY 2022). Revenue: NT$7.01b (up 5.8% from FY 2022). Net income: NT$1.07b (up 301% from FY 2022). Profit margin: 15% (up from 4.0% in FY 2022). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Declared Dividend • Mar 15
Dividend increased to NT$2.00 Dividend of NT$2.00 is 100% higher than last year. Ex-date: 12th June 2024 Payment date: 5th July 2024 Dividend yield will be 5.5%, which is higher than the industry average of 3.9%. Sustainability & Growth Dividend is well covered by both earnings (31% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 14% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: NT$1.45 (vs NT$0.17 loss in 3Q 2022) Third quarter 2023 results: EPS: NT$1.45 (up from NT$0.17 loss in 3Q 2022). Revenue: NT$1.82b (up 10% from 3Q 2022). Net income: NT$321.6m (up NT$358.9m from 3Q 2022). Profit margin: 18% (up from net loss in 3Q 2022). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$29.50, the stock trades at a trailing P/E ratio of 18.7x. Average trailing P/E is 17x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 120% over the past three years. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: NT$0.69 (vs NT$0.25 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.69 (up from NT$0.25 in 2Q 2022). Revenue: NT$2.09b (up 24% from 2Q 2022). Net income: NT$153.6m (up 174% from 2Q 2022). Profit margin: 7.4% (up from 3.3% in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 06
Upcoming dividend of NT$1.00 per share at 4.1% yield Eligible shareholders must have bought the stock before 13 June 2023. Payment date: 06 July 2023. Payout ratio is on the higher end at 88%, however this is supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.7%). Reported Earnings • Mar 15
Full year 2022 earnings released: EPS: NT$1.20 (vs NT$3.52 in FY 2021) Full year 2022 results: EPS: NT$1.20 (down from NT$3.52 in FY 2021). Revenue: NT$6.62b (up 1.0% from FY 2021). Net income: NT$266.6m (down 66% from FY 2021). Profit margin: 4.0% (down from 12% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. 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. 2 experienced directors. 5 highly experienced directors. 2 independent directors (6 non-independent directors). Independent Director Chih-Wei Chang was the last independent director to join the board, commencing their role in 2022. 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: NT$0.17 loss per share (vs NT$0.87 profit in 3Q 2021) Third quarter 2022 results: NT$0.17 loss per share (down from NT$0.87 profit in 3Q 2021). Revenue: NT$1.65b (down 12% from 3Q 2021). Net loss: NT$37.4m (down 119% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 15% per year. Announcement • Oct 22
Mayer Steel Pipe Corporation Appoints Chen,Shu-Tzy as Member of the Fifth Remuneration Committee Mayer Steel Pipe Corporation board of directors appointed Chen,Shu-Tzy as member of the fifth Remuneration committee of the company. Resume of the new position holder: HSIN-YEH CPAS & ATTORNEYS Partner accountant. Effective date of the new member is October 20, 2022. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.25 (vs NT$0.78 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.25 (down from NT$0.78 in 2Q 2021). Revenue: NT$1.68b (flat on 2Q 2021). Net income: NT$56.0m (down 68% from 2Q 2021). Profit margin: 3.3% (down from 10% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Announcement • Jul 02
Mayer Steel Pipe Corporation Announces Members of the Company's 5th Remuneration Committee Mayer Steel Pipe Corporation announced members of the Company's 5th Remuneration Committee. Name of the previous position holder: Huang-Chi Liu, Zhi-Ling CHEN, Qing-Quan Luo. Resume of the previous position holder: Huang-Chi Liu/Mayer Steel Pipe Corporation independent directors; Zhi-Ling CHEN/Mayer Steel Pipe Corporation independent directors; Qing-Quan Luo/Mayer Steel Pipe Corporation independent directors. Name of the new position holder: Huang-Chi Liu; Jui-Hsiang Huang; Chih-Wei Chang. Resume of the new position holder: Huang-Chi Liu/Mayer Steel Pipe Corporation independent directors, Jui-Hsiang Huang/General Manager of Feida Enterprise Management Huiwen Co. Ltd., Chih-Wei Chang/Chairman of Youwei Information Co. Ltd. .Effective date of the new member is July 1, 2022. The term of the Remuneration Committee is the same as the term of the appointed Board of Directors. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$26.85, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 9x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 127% over the past three years. Upcoming Dividend • Jun 09
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 16 June 2022. Payment date: 08 July 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 9.3%. Within top quartile of Taiwanese dividend payers (6.0%). Higher than average of industry peers (7.4%). Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.81 (vs NT$1.47 in 1Q 2021) First quarter 2022 results: EPS: NT$0.81 (down from NT$1.47 in 1Q 2021). Revenue: NT$1.61b (up 18% from 1Q 2021). Net income: NT$180.1m (down 45% from 1Q 2021). Profit margin: 11% (down from 24% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. 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. 4 experienced directors. 5 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Huang-Chi Liu was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Apr 24
Mayer Steel Pipe Corporation Announces Cash Dividends, Payable on July 8, 2022 Mayer Steel Pipe Corporation announced cash dividends of TWD 667,578,300 (TWD 3.00 per share) of common stock. Ex-rights (ex-dividend) record date is June 24, 2022. Ex-rights (ex-dividend) trading date is June 16, 2022. Cash dividend distribution date is July 8, 2022. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$0.87 (vs NT$0.76 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: NT$1.87b (up 41% from 3Q 2020). Net income: NT$192.8m (up 15% from 3Q 2020). Profit margin: 10% (down from 13% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 30% per year and the company’s share price has also increased by 30% per year. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$0.78 (vs NT$0.59 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: NT$1.67b (up 40% from 2Q 2020). Net income: NT$173.6m (up 32% from 2Q 2020). Profit margin: 10% (in line with 2Q 2020). 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 36% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improved over the past week After last week's 27% share price gain to NT$40.30, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 28x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 257% over the past three years. Upcoming Dividend • Jun 03
Upcoming dividend of NT$1.70 per share Eligible shareholders must have bought the stock before 10 June 2021. Payment date: 07 July 2021. Trailing yield: 4.7%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (1.5%). Valuation Update With 7 Day Price Move • May 12
Investor sentiment improved over the past week After last week's 23% share price gain to NT$33.75, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 26x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 182% over the past three years. Reported Earnings • May 08
First quarter 2021 earnings released: EPS NT$1.47 (vs NT$0.023 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$1.36b (up 8.7% from 1Q 2020). Net income: NT$327.6m (up NT$332.6m from 1Q 2020). Profit margin: 24% (up from net loss in 1Q 2020). The move to profitability was primarily driven by lower expenses. 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 25% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment improved over the past week After last week's 18% share price gain to NT$27.90, the stock trades at a trailing P/E ratio of 15.8x. Average trailing P/E is 31x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 124% over the past three years. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS NT$1.76 (vs NT$1.96 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: NT$5.07b (up 13% from FY 2019). Net income: NT$392.6m (down 10% from FY 2019). Profit margin: 7.7% (down from 9.7% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Feb 23
New 90-day high: NT$20.25 The company is up 17% from its price of NT$17.35 on 25 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Metals and Mining industry, which is up 11% over the same period. Is New 90 Day High Low • Dec 30
New 90-day high: NT$19.60 The company is up 23% from its price of NT$16.00 on 30 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 24% over the same period. Is New 90 Day High Low • Dec 09
New 90-day high: NT$18.10 The company is up 9.0% from its price of NT$16.55 on 10 September 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 10.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.75 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$1.33b (up 19% from 3Q 2019). Net income: NT$168.0m (up 102% from 3Q 2019). Profit margin: 13% (up from 7.5% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings.