Upcoming Dividend • Jun 25
Upcoming dividend of NT$0.02 per share Eligible shareholders must have bought the stock before 01 July 2026. Payment date: 24 July 2026. Payout ratio is a comfortable 55% but the company is not cash flow positive. The company last paid an ordinary dividend in August 2015. The average dividend yield among industry peers is 4.7%. Reported Earnings • May 11
First quarter 2026 earnings released: EPS: NT$0.044 (vs NT$0.029 in 1Q 2025) First quarter 2026 results: EPS: NT$0.044 (up from NT$0.029 in 1Q 2025). Revenue: NT$267.5m (up 21% from 1Q 2025). Net income: NT$1.84m (up 52% from 1Q 2025). Profit margin: 0.7% (up from 0.5% in 1Q 2025). The increase in margin was driven by higher revenue. 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 1% per year, which means it has not declined as severely as earnings. Declared Dividend • May 09
Dividend reduced to NT$0.02 Dividend of NT$0.02 is 99% lower than last year. Ex-date: 1st July 2026 Payment date: 24th July 2026 Dividend yield will be 0.04%, which is lower than the industry average of 4.3%. Reported Earnings • Mar 09
Full year 2025 earnings released: EPS: NT$0.02 (vs NT$2.04 in FY 2024) Full year 2025 results: EPS: NT$0.02 (down from NT$2.04 in FY 2024). Revenue: NT$884.0m (up 10% from FY 2024). Net income: NT$924.0k (down 99% from FY 2024). Profit margin: 0.1% (down from 11% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Mar 06
Gamesparcs Co.,Ltd., Annual General Meeting, Jun 11, 2026 Gamesparcs Co.,Ltd., Annual General Meeting, Jun 11, 2026. Location: b1 floor no,57, kuan ch`ien rd., west district, taichung city Taiwan Reported Earnings • Nov 12
Third quarter 2025 earnings released: NT$0.32 loss per share (vs NT$0.47 profit in 3Q 2024) Third quarter 2025 results: NT$0.32 loss per share (down from NT$0.47 profit in 3Q 2024). Revenue: NT$208.9m (up 12% from 3Q 2024). Net loss: NT$13.3m (down 168% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. New Risk • Aug 20
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 56% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 162% Paying a dividend despite having no free cash flows. High level of non-cash earnings (56% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (0.4% net profit margin). Market cap is less than US$100m (NT$2.02b market cap, or US$66.6m). Upcoming Dividend • Jun 25
Upcoming dividend of NT$1.83 per share Eligible shareholders must have bought the stock before 02 July 2025. Payment date: 25 July 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.1%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (3.9%). New Risk • May 14
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.0% Last year net profit margin: 15% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 160% Cash payout ratio: 103% Minor Risks Profit margins are more than 30% lower than last year (6.0% net profit margin). Market cap is less than US$100m (NT$2.58b market cap, or US$85.2m). Declared Dividend • May 10
Dividend increased to NT$1.83 Dividend of NT$1.83 is 83% higher than last year. Ex-date: 2nd July 2025 Payment date: 25th July 2025 Dividend yield will be 3.0%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is covered by both earnings (89.9% earnings payout ratio) and cash flows (62% cash payout ratio). The dividend has increased by an average of 56% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 46% over the last 5 years, which if continued should maintain adequate earnings cover for the dividend. Announcement • May 01
Gamesparcs Co.,Ltd. to Report Q1, 2025 Results on May 08, 2025 Gamesparcs Co.,Ltd. announced that they will report Q1, 2025 results on May 08, 2025 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to NT$46.80, the stock trades at a trailing P/E ratio of 23x. Average trailing P/E is 20x in the Entertainment industry in Taiwan. Total loss to shareholders of 3.1% over the past three years. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: NT$2.03 (vs NT$2.43 in FY 2023) Full year 2024 results: EPS: NT$2.03 (down from NT$2.43 in FY 2023). Revenue: NT$802.1m (up 3.6% from FY 2023). Net income: NT$85.5m (down 16% from FY 2023). Profit margin: 11% (down from 13% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Mar 12
Gamesparcs Co.,Ltd., Annual General Meeting, Jun 11, 2025 Gamesparcs Co.,Ltd., Annual General Meeting, Jun 11, 2025. Location: 14 floor no,1049, chien hsing rd., west district, taichung city Taiwan Announcement • Mar 04
Gamesparcs Co.,Ltd. to Report Q4, 2024 Results on Mar 11, 2025 Gamesparcs Co.,Ltd. announced that they will report Q4, 2024 results on Mar 11, 2025 Buy Or Sell Opportunity • Feb 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.1% to NT$56.70. The fair value is estimated to be NT$71.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.1% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Jan 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.9% to NT$57.80. The fair value is estimated to be NT$72.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.1% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Dec 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.7% to NT$57.50. The fair value is estimated to be NT$72.80, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.1% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Dec 04
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 6.6% 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 (6.6% average weekly change). Market cap is less than US$100m (NT$2.99b market cap, or US$92.3m). Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$64.90, the stock trades at a trailing P/E ratio of 23.4x. Average trailing P/E is 24x in the Entertainment industry in Taiwan. Total returns to shareholders of 16% over the past three years. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.46 (vs NT$0.55 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.46 (down from NT$0.55 in 3Q 2023). Revenue: NT$186.1m (down 2.8% from 3Q 2023). Net income: NT$19.5m (down 16% from 3Q 2023). Profit margin: 11% (down from 12% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Nov 02
Gamesparcs Co.,Ltd. to Report Q3, 2024 Results on Nov 11, 2024 Gamesparcs Co.,Ltd. announced that they will report Q3, 2024 results on Nov 11, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.89 (vs NT$0.82 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.89 (up from NT$0.82 in 2Q 2023). Revenue: NT$207.6m (up 7.4% from 2Q 2023). Net income: NT$37.3m (up 8.5% from 2Q 2023). Profit margin: 18% (in line with 2Q 2023). Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Aug 01
Gamesparcs Co.,Ltd. to Report Q2, 2024 Results on Aug 08, 2024 Gamesparcs Co.,Ltd. announced that they will report Q2, 2024 results on Aug 08, 2024 Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$62.30, the stock trades at a trailing P/E ratio of 22.4x. Average trailing P/E is 29x in the Entertainment industry in Taiwan. Total loss to shareholders of 12% over the past three years. New Risk • Jul 05
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.7% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (NT$2.47b market cap, or US$76.1m). Upcoming Dividend • Jun 25
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 02 July 2024. Payment date: 25 July 2024. Trailing yield: 1.7%. Lower than top quartile of Taiwanese dividend payers (4.3%). Lower than average of industry peers (3.3%). Reported Earnings • May 12
First quarter 2024 earnings released: EPS: NT$0.93 (vs NT$0.57 in 1Q 2023) First quarter 2024 results: EPS: NT$0.93 (up from NT$0.57 in 1Q 2023). Revenue: NT$224.9m (up 16% from 1Q 2023). Net income: NT$39.1m (up 62% from 1Q 2023). Profit margin: 17% (up from 13% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 81% 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 10
Gamesparcs Co.,Ltd. Announces Cash Dividend, Payable on July 25, 2024 Gamesparcs Co.,Ltd. announced cash dividend of TWD 25,200,378, TWD 0.6 per share. Ex-rights (ex-dividend) date is July 2, 2024. Ex-rights (Ex-dividend) record date is July 8, 2024. Payment date of cash dividend distribution is July 25, 2024. Announcement • May 02
Gamesparcs Co.,Ltd. to Report Q1, 2024 Results on May 09, 2024 Gamesparcs Co.,Ltd. announced that they will report Q1, 2024 results on May 09, 2024 Valuation Update With 7 Day Price Move • Mar 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$66.40, the stock trades at a trailing P/E ratio of 27.3x. Average trailing P/E is 25x in the Entertainment industry in Taiwan. Total returns to shareholders of 1.2% over the past three years. Reported Earnings • Mar 13
Full year 2023 earnings released: EPS: NT$2.43 (vs NT$2.35 in FY 2022) Full year 2023 results: EPS: NT$2.43 (up from NT$2.35 in FY 2022). Revenue: NT$774.4m (flat on FY 2022). Net income: NT$102.0m (up 3.2% from FY 2022). Profit margin: 13% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Mar 08
Gamesparcs Co.,Ltd., Annual General Meeting, Jun 13, 2024 Gamesparcs Co.,Ltd., Annual General Meeting, Jun 13, 2024. Location: 3 F.-4, No. 360, Jianxing Rd., North Dist., Taichung City Taichung City Taiwan Agenda: To 2023 business report; to Audit Committee's review of the 2023 annual final accounting ledgers and statements; to Report on 2023 employees' and directors' remuneration; To Report on 2023 distribution of the cash dividends from Earnings and Capital Surplus; to Report on 2023 remuneration of individual directors; to Report on the Amended Rules of Procedure for Board of Directors Meetings. Reported Earnings • Mar 26
Full year 2022 earnings released: EPS: NT$2.35 (vs NT$3.90 loss in FY 2021) Full year 2022 results: EPS: NT$2.35 (up from NT$3.90 loss in FY 2021). Revenue: NT$780.6m (up 6.1% from FY 2021). Net income: NT$98.8m (up NT$262.4m from FY 2021). Profit margin: 13% (up from net loss in FY 2021). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improved over the past week After last week's 17% share price gain to NT$50.30, the stock trades at a trailing P/E ratio of 25.5x. Average trailing P/E is 14x in the Entertainment industry in Taiwan. Total loss to shareholders of 26% over the past three years. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$0.56 (vs NT$3.22 loss in 3Q 2021) Third quarter 2022 results: EPS: NT$0.56 (up from NT$3.22 loss in 3Q 2021). Revenue: NT$193.3m (up 2.1% from 3Q 2021). Net income: NT$23.4m (up NT$158.4m from 3Q 2021). Profit margin: 12% (up from net loss in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 11
Second quarter 2022 earnings released: EPS: NT$0.79 (vs NT$0.97 loss in 2Q 2021) Second quarter 2022 results: EPS: NT$0.79 (up from NT$0.97 loss in 2Q 2021). Revenue: NT$191.6m (flat on 2Q 2021). Net income: NT$33.0m (up NT$73.7m from 2Q 2021). Profit margin: 17% (up from net loss in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Board Change • Jul 31
High number of new directors Director Han Ming Liu was the last director to join the board, commencing their role in 2021. Reported Earnings • May 16
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: NT$0.76 (up from NT$0.42 in 1Q 2021). Revenue: NT$200.3m (up 9.4% from 1Q 2021). Net income: NT$31.9m (up 80% from 1Q 2021). Profit margin: 16% (up from 9.7% in 1Q 2021). Revenue missed analyst estimates by 7.8%. Earnings per share (EPS) also missed analyst estimates by 194%. Over the last 3 years on average, earnings per share has fallen by 61% 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. Board Change • May 05
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Ron-Shu Ho was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 30
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: NT$3.89 loss per share (down from NT$1.20 profit in FY 2020). Revenue: NT$736.0m (down 12% from FY 2020). Net loss: NT$163.6m (down 424% from profit in FY 2020). Revenue missed analyst estimates by 7.8%. Earnings per share (EPS) were also behind analyst expectations. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 12
Third quarter 2021 earnings released: NT$3.22 loss per share (vs NT$0.22 loss in 3Q 2020) The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2021 results: Revenue: NT$189.3m (down 23% from 3Q 2020). Net loss: NT$135.1m (loss widened NT$125.9m from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 47% 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 19
Second quarter 2021 earnings released: NT$0.97 loss per share (vs NT$0.14 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$190.9m (up 15% from 2Q 2020). Net loss: NT$40.8m (down NT$46.5m from profit in 2Q 2020). 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. Reported Earnings • May 13
First quarter 2021 earnings released: EPS NT$0.42 (vs NT$1.03 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$183.2m (down 22% from 1Q 2020). Net income: NT$17.8m (down 59% from 1Q 2020). Profit margin: 9.7% (down from 19% in 1Q 2020). The decrease in margin was driven by lower revenue. 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. Reported Earnings • Mar 26
Full year 2020 earnings released: EPS NT$1.20 (vs NT$2.55 loss in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: NT$837.0m (down 44% from FY 2019). Net income: NT$50.5m (up NT$157.5m from FY 2019). Profit margin: 6.0% (up from net loss in FY 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improved over the past week After last week's 19% share price gain to NT$72.80, the stock is trading at a trailing P/E ratio of 76.1x, up from the previous P/E ratio of 63.8x. This compares to an average P/E of 17x in the Entertainment industry in Taiwan. Total returns to shareholders over the past three years are 71%. Is New 90 Day High Low • Jan 18
New 90-day high: NT$61.40 The company is up 18% from its price of NT$52.00 on 21 October 2020. The Taiwanese market is up 20% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Entertainment industry, which is up 6.0% over the same period. Is New 90 Day High Low • Dec 31
New 90-day high: NT$53.50 The company is up 4.0% from its price of NT$51.30 on 30 September 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 9.0% over the same period. Is New 90 Day High Low • Dec 05
New 90-day low: NT$48.90 The company is down 6.0% from its price of NT$51.90 on 04 September 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Entertainment industry, which is down 10.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: NT$0.22 loss per share The company reported a decent third quarter result with reduced losses and improved control over expenses, although revenues were weaker. Third quarter 2020 results: Revenue: NT$245.8m (down 1.4% from 3Q 2019). Net loss: NT$9.17m (loss narrowed 90% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings.