Reported Earnings • May 16
First quarter 2026 earnings released: NT$1.00 loss per share (vs NT$1.54 profit in 1Q 2025) First quarter 2026 results: NT$1.00 loss per share (down from NT$1.54 profit in 1Q 2025). Revenue: NT$225.3m (down 26% from 1Q 2025). Net loss: NT$20.2m (down 180% from profit in 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 14
Full year 2025 earnings released: NT$1.98 loss per share (vs NT$4.06 profit in FY 2024) Full year 2025 results: NT$1.98 loss per share (down from NT$4.06 profit in FY 2024). Revenue: NT$959.6m (down 5.1% from FY 2024). Net loss: NT$32.5m (down 152% from profit in FY 2024). Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Announcement • Mar 11
Happytuk Co., Ltd., Annual General Meeting, May 28, 2026 Happytuk Co., Ltd., Annual General Meeting, May 28, 2026. Location: 2 floor no,223, sec.3 pei hsin rd., sindian district, new taipei city Taiwan Buy Or Sell Opportunity • Nov 17
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.8% to NT$41.45. The fair value is estimated to be NT$53.59, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Nov 12
Third quarter 2025 earnings released: NT$1.35 loss per share (vs NT$2.66 profit in 3Q 2024) Third quarter 2025 results: NT$1.35 loss per share (down from NT$2.66 profit in 3Q 2024). Revenue: NT$213.8m (down 34% from 3Q 2024). Net loss: NT$22.2m (down 152% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. New Risk • Sep 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 143% Cash payout ratio: 124% Earnings have declined by 6.4% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (NT$861.0m market cap, or US$28.6m). Valuation Update With 7 Day Price Move • Sep 18
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$52.30, the stock trades at a trailing P/E ratio of 18.8x. Average trailing P/E is 21x in the Entertainment industry in Taiwan. Total loss to shareholders of 50% over the past three years. Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to NT$44.00, the stock trades at a trailing P/E ratio of 15.8x. Average trailing P/E is 24x in the Entertainment industry in Taiwan. Total loss to shareholders of 49% over the past three years. Reported Earnings • Aug 15
Second quarter 2025 earnings released: NT$0.94 loss per share (vs NT$0.42 profit in 2Q 2024) Second quarter 2025 results: NT$0.94 loss per share (down from NT$0.42 profit in 2Q 2024). Revenue: NT$225.1m (down 12% from 2Q 2024). Net loss: NT$15.5m (down 353% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jul 04
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 11 July 2025. Payment date: 08 August 2025. Payout ratio and cash payout ratio are on the higher end at 94% and 85% respectively. Trailing yield: 5.9%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (3.9%). Reported Earnings • May 18
First quarter 2025 earnings released: EPS: NT$1.54 (vs NT$1.40 in 1Q 2024) First quarter 2025 results: EPS: NT$1.54 (up from NT$1.40 in 1Q 2024). Revenue: NT$302.3m (up 100% from 1Q 2024). Net income: NT$25.3m (up 25% from 1Q 2024). Profit margin: 8.4% (down from 13% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • Apr 02
Full year 2024 earnings released: EPS: NT$4.06 (vs NT$5.94 in FY 2023) Full year 2024 results: EPS: NT$4.06 (down from NT$5.94 in FY 2023). Revenue: NT$1.01b (up 75% from FY 2023). Net income: NT$62.5m (down 28% from FY 2023). Profit margin: 6.2% (down from 15% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Mar 31
Happytuk Co., Ltd., Annual General Meeting, Jun 25, 2025 Happytuk Co., Ltd., Annual General Meeting, Jun 25, 2025. Location: 2 floor no,223, sec.3 pei hsin rd., sindian district, new taipei city Taiwan Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$66.30, the stock trades at a trailing P/E ratio of 16.9x. Average trailing P/E is 22x in the Entertainment industry in Taiwan. Total returns to shareholders of 19% over the past three years. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$2.66 (vs NT$0.30 in 3Q 2023) Third quarter 2024 results: EPS: NT$2.66 (up from NT$0.30 in 3Q 2023). Revenue: NT$323.5m (up 131% from 3Q 2023). Net income: NT$42.5m (up NT$38.1m from 3Q 2023). Profit margin: 13% (up from 3.1% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Nov 13
Now 23% overvalued Over the last 90 days, the stock has fallen 6.1% to NT$78.10. The fair value is estimated to be NT$63.33, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 21%. Buy Or Sell Opportunity • Oct 07
Now 22% overvalued Over the last 90 days, the stock has fallen 33% to NT$80.90. The fair value is estimated to be NT$66.21, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 21%. Buy Or Sell Opportunity • Sep 12
Now 20% overvalued Over the last 90 days, the stock has fallen 18% to NT$79.00. The fair value is estimated to be NT$65.71, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 21%. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.42 (vs NT$1.12 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.42 (down from NT$1.12 in 2Q 2023). Revenue: NT$256.3m (up 84% from 2Q 2023). Net income: NT$6.16m (down 62% from 2Q 2023). Profit margin: 2.4% (down from 12% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$101, the stock trades at a trailing P/E ratio of 35.3x. Average trailing P/E is 32x in the Entertainment industry in Taiwan. Total returns to shareholders of 68% over the past three years. New Risk • Jul 29
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 9.1% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.1% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 140% Paying a dividend despite having no free cash flows. High level of non-cash earnings (61% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (7.3% net profit margin). Market cap is less than US$100m (NT$1.67b market cap, or US$50.8m). Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$139, the stock trades at a trailing P/E ratio of 48.5x. Average trailing P/E is 30x in the Entertainment industry in Taiwan. Total returns to shareholders of 131% over the past three years. Reported Earnings • May 12
First quarter 2024 earnings released: EPS: NT$1.40 (vs NT$2.67 in 1Q 2023) First quarter 2024 results: EPS: NT$1.40 (down from NT$2.67 in 1Q 2023). Revenue: NT$151.1m (flat on 1Q 2023). Net income: NT$20.3m (down 48% from 1Q 2023). Profit margin: 13% (down from 26% in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$93.20, the stock trades at a trailing P/E ratio of 15.7x. Average trailing P/E is 29x in the Entertainment industry in Taiwan. Total returns to shareholders of 52% over the past three years. Upcoming Dividend • Mar 14
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 21 March 2024. Payment date: 24 April 2024. Payout ratio is a comfortable 67% but the company is paying out more than the cash it is generating. Trailing yield: 4.9%. Within top quartile of Taiwanese dividend payers (4.8%). Higher than average of industry peers (3.4%). Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$78.40, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 23x in the Entertainment industry in Taiwan. Total returns to shareholders of 12% over the past year. Announcement • Mar 08
Happytuk Co., Ltd., Annual General Meeting, May 22, 2024 Happytuk Co., Ltd., Annual General Meeting, May 22, 2024. New Risk • Mar 07
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 6.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (22% accrual ratio). Minor Risks Dividend is not well covered by cash flows (121% cash payout ratio). Share price has been volatile over the past 3 months (6.1% average weekly change). Market cap is less than US$100m (NT$1.16b market cap, or US$36.9m). Reported Earnings • Mar 06
Full year 2023 earnings released: EPS: NT$5.94 (vs NT$4.89 in FY 2022) Full year 2023 results: EPS: NT$5.94 (up from NT$4.89 in FY 2022). Revenue: NT$579.4m (down 10% from FY 2022). Net income: NT$86.3m (up 22% from FY 2022). Profit margin: 15% (up from 11% in FY 2022). The increase in margin was driven by lower expenses. New Risk • Feb 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (39% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Dividend is not well covered by cash flows (121% cash payout ratio). Market cap is less than US$100m (NT$990.7m market cap, or US$31.3m). New Risk • Aug 26
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 39% 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 Risk High level of non-cash earnings (39% accrual ratio). Minor Risks Dividend is not well covered by cash flows (121% cash payout ratio). Market cap is less than US$100m (NT$1.02b market cap, or US$31.9m). Reported Earnings • Apr 07
Full year 2022 earnings released: EPS: NT$4.89 (vs NT$7.44 in FY 2021) Full year 2022 results: EPS: NT$4.89 (down from NT$7.44 in FY 2021). Revenue: NT$645.9m (up 8.1% from FY 2021). Net income: NT$71.0m (down 34% from FY 2021). Profit margin: 11% (down from 18% in FY 2021). The decrease in margin was driven by higher expenses. Upcoming Dividend • Mar 23
Upcoming dividend of NT$4.00 per share at 5.6% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 02 May 2023. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 5.6%. Lower than top quartile of Taiwanese dividend payers (6.0%). Higher than average of industry peers (4.8%). Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment deteriorated over the past week After last week's 34% share price decline to NT$67.00, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 14x in the Entertainment industry in Taiwan. Total returns to shareholders of 18% over the past year. Buying Opportunity • Jan 12
Now 37% undervalued after recent price drop Over the last 90 days, the stock is down 43%. The fair value is estimated to be NT$108, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last year. Earnings per share has grown by 4.3%. Buying Opportunity • Sep 15
Now 21% undervalued Over the last 90 days, the stock is up 80%. The fair value is estimated to be NT$150, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last year. Earnings per share has grown by 4.3%. Buying Opportunity • Aug 31
Now 26% undervalued Over the last 90 days, the stock is up 66%. The fair value is estimated to be NT$148, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last year. Earnings per share has grown by 4.3%. Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment improved over the past week After last week's 29% share price gain to NT$123, the stock trades at a trailing P/E ratio of 16.9x. Average trailing P/E is 16x in the Entertainment industry in Taiwan. Total returns to shareholders of 43% over the past year. Reported Earnings • Aug 15
First half 2022 earnings released: EPS: NT$3.60 (vs NT$3.78 in 1H 2021) First half 2022 results: EPS: NT$3.60 (down from NT$3.78 in 1H 2021). Revenue: NT$339.3m (up 13% from 1H 2021). Net income: NT$52.3m (down 4.7% from 1H 2021). Profit margin: 15% (down from 18% in 1H 2021). The decrease in margin was driven by higher expenses. Upcoming Dividend • Jul 08
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 15 July 2022. Payment date: 23 August 2022. Payout ratio is a comfortable 12% but the company is not cash flow positive. Trailing yield: 1.4%. Lower than top quartile of Taiwanese dividend payers (6.8%). Lower than average of industry peers (6.4%). Reported Earnings • Apr 14
Full year 2021 earnings released Full year 2021 results: Revenue: NT$597.6m (up 4.6% from FY 2020). Net income: NT$108.1m (up 44% from FY 2020). Profit margin: 18% (up from 13% in FY 2020). The increase in margin was primarily driven by higher revenue. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment improved over the past week After last week's 19% share price gain to NT$76.80, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 14x in the Entertainment industry in Taiwan. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$64.00, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 14x in the Entertainment industry in Taiwan. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$92.80, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 13x in the Entertainment industry in Taiwan. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment improved over the past week After last week's 56% share price gain to NT$140, the stock trades at a trailing P/E ratio of 20.5x. Average trailing P/E is 15x in the Entertainment industry in Taiwan.