Valuation Update With 7 Day Price Move • May 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$145, the stock trades at a trailing P/E ratio of 27.7x. Average trailing P/E is 42x in the Semiconductor industry in Taiwan. Total returns to shareholders of 2.8% over the past three years. Reported Earnings • May 09
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$1.27 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00. Revenue: NT$427.8m (up 16% from 1Q 2025). Net income: NT$70.8m (up 32% from 1Q 2025). Profit margin: 17% (up from 14% in 1Q 2025). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$139, the stock trades at a trailing P/E ratio of 28.7x. Average trailing P/E is 44x in the Semiconductor industry in Taiwan. Total loss to shareholders of 1.8% over the past three years. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$121, the stock trades at a trailing P/E ratio of 25.1x. Average trailing P/E is 41x in the Semiconductor industry in Taiwan. Total loss to shareholders of 25% over the past three years. Reported Earnings • Feb 26
Full year 2025 earnings released: EPS: NT$4.83 (vs NT$4.35 in FY 2024) Full year 2025 results: EPS: NT$4.83 (up from NT$4.35 in FY 2024). Revenue: NT$1.61b (up 7.8% from FY 2024). Net income: NT$204.1m (up 11% from FY 2024). Profit margin: 13% (in line with FY 2024). Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 3% per year. Announcement • Feb 26
Securitag Assembly Group Co., Ltd., Annual General Meeting, May 22, 2026 Securitag Assembly Group Co., Ltd., Annual General Meeting, May 22, 2026. Location: 2 floor no,99, jen hua kung 2nd rd., dali district, taichung city Taiwan Announcement • Jan 20
Sag Unveils LiquidMate O: A Breakthrough UHF RFID Tagging Solution for Item-Level Traceability of Liquid-Filled Injectable Medications SAG announced LiquidMate O, its debut UHF RFID label and a category-defining advancement in pharmaceutical RFID and item-level traceability. Built on an innovative, patent-pending antenna architecture, LiquidMate O delivers reliable direct-on-vial RFID tagging for liquid-filled injectable medications, an application long considered one of the most technically challenging in RFID deployment. Ineffective tracking of injectable drugs continues to drive substantial losses through expired inventory, misplaced medications, and regulatory exposure--particularly for high-value or critical products. As enforcement of the U.S. Drug Supply Chain Security Act (DSCSA) accelerates, dependable, high-accuracy RFID-based medication tracking has become essential to both pharmaceutical manufacturing and hospital operations. LiquidMate O is purpose-built to enable scalable, item-level tracking across a broad range of injectable liquid categories that have historically constrained direct-on-vialRFID adoption. Its performance has been independently validated through AXIA Lab-defined test scenarios, using representative liquid formulations and workflow conditions aligned with real clinical practice. Key capabilities include: One label across multiple formulations Consistent RFID performance across injectable liquids with varying dielectric properties, eliminating formulation-specific labels and significantly reducing SKU complexity. True direct-on-vial design Validated on industry-standard 10 mL glass vials with a compact 62 x 20 mm label engineered for curved, space-constrained pharmaceutical packaging. Proven high-density readability. Independently validated by AXIA Lab, achieving 100% read performance in dense, multi-vial configurations with full 360-degree omnidirectional readability. While demand for item-level traceability continues to rise, existing RFID approaches have struggled to balance RF performance, scalability, and operational integration. Conventional direct-on-vial solutions often suffer from inconsistent performance on liquid-filled injectables due to dielectric effects, while flag-style labels, although RF-robust, pose handling, automation, and scalability challenges that limit broader adoption. LiquidMate O eliminates this trade-off by delivering a true direct-on-vial solution with consistent performance across diverse injectable formulations. This enables streamlined labeling operations and improved workflow efficiency from manufacturing through point-of-care. By reducing manual scanning steps and minimizing SKU proliferation, LiquidMate O supports real-time inventory visibility, accurate dispensing, and enhanced patient safety without disrupting existing packaging lines. Following extensive engineering development and independent validation, LiquidMate O is now qualified for commercial deployment. Built on SAG's deep expertise in RFID antenna design, materials science, and healthcare workflow integration, the solution is engineered to meet the stringent performance, regulatory, and scalability requirements of pharmaceutical environments. SAG is initiating structured technical engagements to support evaluation and deployment planning for next-generation item-level traceability initiatives. Reported Earnings • Nov 06
Third quarter 2025 earnings released: EPS: NT$1.34 (vs NT$1.05 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.34 (up from NT$1.05 in 3Q 2024). Revenue: NT$405.1m (up 6.3% from 3Q 2024). Net income: NT$56.6m (up 27% from 3Q 2024). Profit margin: 14% (up from 12% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: NT$0.64 (vs NT$1.19 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.64 (down from NT$1.19 in 2Q 2024). Revenue: NT$408.4m (up 7.0% from 2Q 2024). Net income: NT$27.2m (down 46% from 2Q 2024). Profit margin: 6.7% (down from 13% in 2Q 2024). 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 10% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jul 23
Dividend increased to NT$2.20 Dividend of NT$2.20 is 10% higher than last year. Ex-date: 7th August 2025 Payment date: 9th September 2025 Dividend yield will be 2.2%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is well covered by both earnings (45% earnings payout ratio) and cash flows (30% cash payout ratio). The dividend has increased by an average of 11% 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 • May 08
First quarter 2025 earnings released: EPS: NT$1.27 (vs NT$0.72 in 1Q 2024) First quarter 2025 results: EPS: NT$1.27 (up from NT$0.72 in 1Q 2024). Revenue: NT$369.2m (up 13% from 1Q 2024). Net income: NT$53.6m (up 75% from 1Q 2024). Profit margin: 14% (up from 9.3% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 7% per year. New Risk • Apr 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.14b (US$95.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. 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$3.14b market cap, or US$95.4m). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$82.50, the stock trades at a trailing P/E ratio of 19x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 14% over the past three years. Reported Earnings • Mar 08
Full year 2024 earnings released Full year 2024 results: Revenue: NT$1.49b (up 4.6% from FY 2023). Net income: NT$183.9m (up 8.3% from FY 2023). Profit margin: 12% (in line with FY 2023). Announcement • Feb 27
Securitag Assembly Group Co., Ltd., Annual General Meeting, May 22, 2025 Securitag Assembly Group Co., Ltd., Annual General Meeting, May 22, 2025. Location: 2 floor no,99, jen hua kung 2nd rd., dali district, taichung city Taiwan Reported Earnings • Nov 07
Third quarter 2024 earnings released: EPS: NT$1.05 (vs NT$1.28 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.05 (down from NT$1.28 in 3Q 2023). Revenue: NT$381.0m (up 1.1% from 3Q 2023). Net income: NT$44.4m (down 18% from 3Q 2023). Profit margin: 12% (down from 14% in 3Q 2023). 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 17% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: NT$1.19 (vs NT$1.31 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.19 (down from NT$1.31 in 2Q 2023). Revenue: NT$381.6m (down 7.7% from 2Q 2023). Net income: NT$50.5m (down 9.0% from 2Q 2023). Profit margin: 13% (in line with 2Q 2023). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 02
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 09 August 2024. Payment date: 13 September 2024. Payout ratio is a comfortable 53% but the company is not cash flow positive. Trailing yield: 1.9%. Lower than top quartile of Taiwanese dividend payers (4.3%). In line with average of industry peers (2.1%). Declared Dividend • Jul 05
Dividend reduced to NT$2.00 Dividend of NT$2.00 is 9.1% lower than last year. Ex-date: 9th August 2024 Payment date: 13th September 2024 Dividend yield will be 1.7%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (53% 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 26% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 23% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.72 (vs NT$0.95 in 1Q 2023) First quarter 2024 results: EPS: NT$0.72 (down from NT$0.95 in 1Q 2023). Revenue: NT$328.2m (flat on 1Q 2023). Net income: NT$30.6m (down 24% from 1Q 2023). Profit margin: 9.3% (down from 12% in 1Q 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 12% per year, which means it is significantly lagging earnings growth. Announcement • Mar 14
Securitag Assembly Group Co., Ltd., Annual General Meeting, May 27, 2024 Securitag Assembly Group Co., Ltd., Annual General Meeting, May 27, 2024. Reported Earnings • Nov 03
Third quarter 2023 earnings released: EPS: NT$1.28 (vs NT$1.65 in 3Q 2022) Third quarter 2023 results: EPS: NT$1.28 (down from NT$1.65 in 3Q 2022). Revenue: NT$377.0m (up 1.4% from 3Q 2022). Net income: NT$54.3m (down 22% from 3Q 2022). Profit margin: 14% (down from 19% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 05
Second quarter 2023 earnings released: EPS: NT$1.31 (vs NT$0.95 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.31 (up from NT$0.95 in 2Q 2022). Revenue: NT$413.6m (up 33% from 2Q 2022). Net income: NT$55.5m (up 38% from 2Q 2022). Profit margin: 13% (in line with 2Q 2022). Over the last 3 years on average, earnings per share has increased by 26% per year whereas the company’s share price has increased by 27% per year. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to NT$124, the stock trades at a trailing P/E ratio of 25.1x. Average trailing P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 127% over the past three years. Upcoming Dividend • Jul 27
Upcoming dividend of NT$2.20 per share at 1.4% yield Eligible shareholders must have bought the stock before 03 August 2023. Payment date: 07 September 2023. Payout ratio is a comfortable 45% but the company is not cash flow positive. Trailing yield: 1.4%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (3.2%). Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$137, the stock trades at a trailing P/E ratio of 27.8x. Average trailing P/E is 19x in the Semiconductor industry in Taiwan. Total returns to shareholders of 174% over the past three years. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$123, the stock trades at a trailing P/E ratio of 25x. Average trailing P/E is 19x in the Semiconductor industry in Taiwan. Total returns to shareholders of 145% over the past three years. Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$182, the stock trades at a trailing P/E ratio of 40.3x. Average trailing P/E is 17x in the Semiconductor industry in Taiwan. Total returns to shareholders of 243% over the past three years. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to NT$152, the stock trades at a trailing P/E ratio of 33.6x. Average trailing P/E is 15x in the Semiconductor industry in Taiwan. Total returns to shareholders of 199% over the past three years. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$149, the stock trades at a trailing P/E ratio of 33.1x. Average trailing P/E is 14x in the Semiconductor industry in Taiwan. Total returns to shareholders of 206% over the past three years. Reported Earnings • Mar 09
Full year 2022 earnings released: EPS: NT$4.50 (vs NT$3.02 in FY 2021) Full year 2022 results: EPS: NT$4.50 (up from NT$3.02 in FY 2021). Revenue: NT$1.32b (up 21% from FY 2021). Net income: NT$190.4m (up 69% from FY 2021). Profit margin: 14% (up from 10% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$102, the stock trades at a trailing P/E ratio of 25.6x. Average trailing P/E is 13x in the Semiconductor industry in Taiwan. Total returns to shareholders of 69% over the past three years. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 06
Third quarter 2022 earnings released: EPS: NT$1.65 (vs NT$0.83 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.65 (up from NT$0.83 in 3Q 2021). Revenue: NT$371.9m (up 30% from 3Q 2021). Net income: NT$69.7m (up 136% from 3Q 2021). Profit margin: 19% (up from 10% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 12% per year. Reported Earnings • Aug 06
Second quarter 2022 earnings released: EPS: NT$0.95 (vs NT$0.73 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.95 (up from NT$0.73 in 2Q 2021). Revenue: NT$310.9m (up 20% from 2Q 2021). Net income: NT$40.3m (up 54% from 2Q 2021). Profit margin: 13% (up from 10% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 11% per year. Upcoming Dividend • Jul 18
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 25 July 2022. Payment date: 18 August 2022. Payout ratio is a comfortable 51% but the company is not cash flow positive. Trailing yield: 2.0%. Lower than top quartile of Taiwanese dividend payers (6.8%). Lower than average of industry peers (3.7%). Reported Earnings • May 09
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: NT$0.54. Revenue: NT$263.1m (up 9.3% from 1Q 2021). Net income: NT$23.0m (up 6.7% from 1Q 2021). Profit margin: 8.7% (down from 9.0% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 16%. Earnings per share (EPS) also missed analyst estimates by 22%. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Mar 01
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: NT$3.02 (up from NT$2.69 in FY 2020). Revenue: NT$1.09b (up 9.5% from FY 2020). Net income: NT$112.7m (up 18% from FY 2020). Profit margin: 10% (in line with FY 2020). Revenue missed analyst estimates by 16%. Earnings per share (EPS) also missed analyst estimates by 22%. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 18% per year. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$0.83 (vs NT$0.61 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$285.3m (up 17% from 3Q 2020). Net income: NT$29.6m (up 35% from 3Q 2020). Profit margin: 10% (up from 9.0% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 21% per year. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$0.73 (vs NT$0.73 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$258.3m (up 4.7% from 2Q 2020). Net income: NT$26.1m (up 1.1% from 2Q 2020). Profit margin: 10% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has increased by 29% per year whereas the company’s share price has increased by 28% per year. Upcoming Dividend • Jul 29
Upcoming dividend of NT$1.30 per share Eligible shareholders must have bought the stock before 05 August 2021. Payment date: 27 August 2021. Trailing yield: 1.7%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (2.2%). Reported Earnings • May 09
First quarter 2021 earnings released: EPS NT$0.61 (vs NT$0.76 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$240.8m (down 7.4% from 1Q 2020). Net income: NT$21.6m (down 20% from 1Q 2020). Profit margin: 9.0% (down from 10% 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 32% per year whereas the company’s share price has increased by 30% per year. Reported Earnings • Mar 25
Full year 2020 earnings released: EPS NT$2.69 (vs NT$2.19 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$993.1m (down 1.8% from FY 2019). Net income: NT$95.9m (up 23% from FY 2019). Profit margin: 9.7% (up from 7.7% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 33% per year whereas the company’s share price has increased by 30% per year. Announcement • Mar 12
Securitag Assembly Group Co., Ltd., Annual General Meeting, May 28, 2021 Securitag Assembly Group Co., Ltd., Annual General Meeting, May 28, 2021. Reported Earnings • Feb 28
Full year 2020 earnings released: EPS NT$2.69 (vs NT$2.19 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$993.1m (down 1.8% from FY 2019). Net income: NT$95.9m (up 23% from FY 2019). Profit margin: 9.7% (up from 7.7% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 33% per year whereas the company’s share price has increased by 30% per year. Is New 90 Day High Low • Feb 18
New 90-day high: NT$75.50 The company is up 13% from its price of NT$66.80 on 20 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 35% over the same period. Is New 90 Day High Low • Jan 19
New 90-day high: NT$74.50 The company is up 22% from its price of NT$61.10 on 22 October 2020. The Taiwanese market is up 20% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 34% over the same period. Is New 90 Day High Low • Dec 30
New 90-day high: NT$70.20 The company is up 15% from its price of NT$60.80 on 30 September 2020. The Taiwanese market is also up 15% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Semiconductor industry, which is up 22% over the same period. Is New 90 Day High Low • Dec 12
New 90-day high: NT$67.20 The company is up 8.0% from its price of NT$62.00 on 11 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 21% over the same period. Reported Earnings • Nov 08
Third quarter 2020 earnings released: EPS NT$0.61 The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2020 results: Revenue: NT$243.6m (down 9.1% from 3Q 2019). Net income: NT$21.9m (down 2.4% from 3Q 2019). Profit margin: 9.0% (up from 8.4% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Nov 02
New 90-day high: NT$62.90 The company is up 6.0% from its price of NT$59.40 on 04 August 2020. The Taiwanese market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 2.0% over the same period.