Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$90.20, the stock trades at a trailing P/E ratio of 25.7x. Average trailing P/E is 42x in the Semiconductor industry in Taiwan. Total returns to shareholders of 2.9% over the past three years. Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$107, the stock trades at a trailing P/E ratio of 30.6x. Average trailing P/E is 43x in the Semiconductor industry in Taiwan. Total returns to shareholders of 31% over the past three years. Declared Dividend • May 20
Dividend reduced to NT$1.60 Dividend of NT$1.60 is 53% lower than last year. Ex-date: 2nd June 2026 Payment date: 25th June 2026 Dividend yield will be 1.6%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (48% cash payout ratio). The dividend has decreased over the past 76 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 43% to shift the payout ratio to a potentially unsustainable range, which is more than the 7.7% EPS decline seen over the last 5 years. Reported Earnings • May 09
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$0.19 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00 (up from NT$0.19 in 1Q 2025). Revenue: NT$368.9m (up 68% from 1Q 2025). Net income: NT$46.9m (up NT$41.2m from 1Q 2025). Profit margin: 13% (up from 2.6% 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 3% per year whereas the company’s share price has fallen by 2% per year. Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$94.70, the stock trades at a trailing P/E ratio of 44.2x. Average trailing P/E is 44x in the Semiconductor industry in Taiwan. Total returns to shareholders of 6.9% over the past three years. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$76.10, the stock trades at a trailing P/E ratio of 35.6x. Average trailing P/E is 41x in the Semiconductor industry in Taiwan. Total loss to shareholders of 12% over the past three years. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$89.10, the stock trades at a trailing P/E ratio of 41.3x. Average trailing P/E is 36x in the Semiconductor industry in Taiwan. Total returns to shareholders of 18% over the past three years. Reported Earnings • Mar 06
Full year 2025 earnings released: EPS: NT$2.19 (vs NT$4.36 in FY 2024) Full year 2025 results: EPS: NT$2.19 (down from NT$4.36 in FY 2024). Revenue: NT$1.08b (down 15% from FY 2024). Net income: NT$64.8m (down 50% from FY 2024). Profit margin: 6.0% (down from 10% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Mar 06
PADAUK Technology Company Limited, Annual General Meeting, May 27, 2026 PADAUK Technology Company Limited, Annual General Meeting, May 27, 2026. Location: 11 floor no,415, sec.2 kung tao 5th rd., hsinchu city Taiwan Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to NT$92.20, the stock trades at a trailing P/E ratio of 58.4x. Average trailing P/E is 35x in the Semiconductor industry in Taiwan. Total returns to shareholders of 26% over the past three years. Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to NT$73.20, the stock trades at a trailing P/E ratio of 46.4x. Average trailing P/E is 33x in the Semiconductor industry in Taiwan. Negligible returns to shareholders over past three years. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$55.80, the stock trades at a trailing P/E ratio of 35.4x. Average trailing P/E is 33x in the Semiconductor industry in Taiwan. Total loss to shareholders of 12% over the past three years. New Risk • Nov 07
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 212% Cash payout ratio: 141% Dividend yield: 6.0% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 212% Cash payout ratio: 141% Earnings have declined by 20% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Profit margins are more than 30% lower than last year (4.2% net profit margin). Market cap is less than US$100m (NT$1.70b market cap, or US$55.0m). Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: NT$0.71 (vs NT$0.64 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.71 (up from NT$0.64 in 3Q 2024). Revenue: NT$272.3m (down 11% from 3Q 2024). Net income: NT$21.2m (up 12% from 3Q 2024). Profit margin: 7.8% (up from 6.2% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Oct 31
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$58.30, the stock trades at a trailing P/E ratio of 39x. Average trailing P/E is 32x in the Semiconductor industry in Taiwan. Total loss to shareholders of 5.9% over the past three years. New Risk • Oct 29
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 7.0% 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 Earnings have declined by 14% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (222% payout ratio). Share price has been volatile over the past 3 months (7.0% average weekly change). Profit margins are more than 30% lower than last year (3.9% net profit margin). Market cap is less than US$100m (NT$1.70b market cap, or US$55.4m). Buy Or Sell Opportunity • Oct 14
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.1% to NT$48.15. The fair value is estimated to be NT$60.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 41%. Valuation Update With 7 Day Price Move • Sep 18
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$54.70, the stock trades at a trailing P/E ratio of 36.6x. Average trailing P/E is 32x in the Semiconductor industry in Taiwan. Total loss to shareholders of 24% over the past three years. Buy Or Sell Opportunity • Sep 08
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.4% to NT$48.95. The fair value is estimated to be NT$61.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 41%. Valuation Update With 7 Day Price Move • Sep 04
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$51.30, the stock trades at a trailing P/E ratio of 34.3x. Average trailing P/E is 31x in the Semiconductor industry in Taiwan. Total loss to shareholders of 30% over the past three years. Buy Or Sell Opportunity • Aug 08
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 20% to NT$47.10. The fair value is estimated to be NT$59.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 41%. New Risk • Aug 08
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: 3.9% Last year net profit margin: 11% 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 Earnings have declined by 14% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (223% payout ratio). Profit margins are more than 30% lower than last year (3.9% net profit margin). Market cap is less than US$100m (NT$1.46b market cap, or US$49.0m). Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: NT$0.28 (vs NT$1.87 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.28 (down from NT$1.87 in 2Q 2024). Revenue: NT$320.2m (down 8.5% from 2Q 2024). Net income: NT$8.30m (down 85% from 2Q 2024). Profit margin: 2.6% (down from 16% in 2Q 2024). The decrease in margin was primarily driven by lower revenue. 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 19% per year, which means it has not declined as severely as earnings. New Risk • Jul 24
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 6.2% 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 Earnings have declined by 7.3% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (109% payout ratio). Share price has been volatile over the past 3 months (6.2% average weekly change). Market cap is less than US$100m (NT$1.50b market cap, or US$51.4m). Upcoming Dividend • May 28
Upcoming dividend of NT$3.38 per share Eligible shareholders must have bought the stock before 04 June 2025. Payment date: 26 June 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 6.0%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (2.5%). Reported Earnings • May 09
First quarter 2025 earnings released: EPS: NT$0.19 (vs NT$1.44 in 1Q 2024) First quarter 2025 results: EPS: NT$0.19 (down from NT$1.44 in 1Q 2024). Revenue: NT$219.2m (down 31% from 1Q 2024). Net income: NT$5.73m (down 87% from 1Q 2024). Profit margin: 2.6% (down from 13% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$60.90, the stock trades at a trailing P/E ratio of 14.3x. Average trailing P/E is 25x in the Semiconductor industry in Taiwan. Total loss to shareholders of 48% over the past three years. Reported Earnings • Mar 13
Full year 2024 earnings released: EPS: NT$4.35 (vs NT$2.00 in FY 2023) Full year 2024 results: EPS: NT$4.35 (up from NT$2.00 in FY 2023). Revenue: NT$1.28b (up 21% from FY 2023). Net income: NT$129.2m (up 118% from FY 2023). Profit margin: 10% (up from 5.6% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Announcement • Feb 27
PADAUK Technology Company Limited, Annual General Meeting, May 27, 2025 PADAUK Technology Company Limited, Annual General Meeting, May 27, 2025, at 09:00 Taipei Standard Time. Location: 11 floor no,415, sec.2 kung tao 5th rd., hsinchu city Taiwan Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.64 (vs NT$0.84 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.64 (down from NT$0.84 in 3Q 2023). Revenue: NT$304.1m (up 7.5% from 3Q 2023). Net income: NT$19.0m (down 24% from 3Q 2023). Profit margin: 6.2% (down from 8.8% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: NT$1.87 (vs NT$0.54 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.87 (up from NT$0.54 in 2Q 2023). Revenue: NT$350.1m (up 33% from 2Q 2023). Net income: NT$55.5m (up 244% from 2Q 2023). Profit margin: 16% (up from 6.1% in 2Q 2023). The increase in margin was driven by higher revenue. 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 9% per year, which means it has not declined as severely as earnings. New Risk • Aug 05
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 6.8% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.8% average weekly change). Profit margins are more than 30% lower than last year (8.9% net profit margin). Shareholders have been diluted in the past year (2.5% increase in shares outstanding). Market cap is less than US$100m (NT$3.04b market cap, or US$93.1m). Board Change • Aug 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 3 highly experienced directors. Independent Director Hung-Tzer Yang was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Upcoming Dividend • Jun 26
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 03 July 2024. Payment date: 26 July 2024. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (2.1%). Valuation Update With 7 Day Price Move • May 23
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$127, the stock trades at a trailing P/E ratio of 36.1x. Average trailing P/E is 31x in the Semiconductor industry in Taiwan. Total returns to shareholders of 51% over the past three years. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$1.44 (vs NT$0.16 loss in 1Q 2023) First quarter 2024 results: EPS: NT$1.44 (up from NT$0.16 loss in 1Q 2023). Revenue: NT$318.8m (up 86% from 1Q 2023). Net income: NT$42.7m (up NT$47.4m from 1Q 2023). Profit margin: 13% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • Mar 22
Full year 2023 earnings released: EPS: NT$2.00 (vs NT$6.79 in FY 2022) Full year 2023 results: EPS: NT$2.00 (down from NT$6.79 in FY 2022). Revenue: NT$1.06b (up 13% from FY 2022). Net income: NT$59.3m (down 71% from FY 2022). Profit margin: 5.6% (down from 22% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. New Risk • Nov 23
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 5.8% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 386% Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (5.8% average weekly change). Profit margins are more than 30% lower than last year (3.7% net profit margin). Shareholders have been diluted in the past year (2.6% increase in shares outstanding). New Risk • Aug 30
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.6% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 200% Paying a dividend despite having no free cash flows. High level of non-cash earnings (68% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (7.6% net profit margin). Shareholders have been diluted in the past year (2.6% increase in shares outstanding). Market cap is less than US$100m (NT$2.38b market cap, or US$74.8m). Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: NT$0.54 (vs NT$2.35 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.54 (down from NT$2.35 in 2Q 2022). Revenue: NT$263.3m (down 13% from 2Q 2022). Net income: NT$16.1m (down 77% from 2Q 2022). Profit margin: 6.1% (down from 23% in 2Q 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 17
Upcoming dividend of NT$4.50 per share at 4.4% yield Eligible shareholders must have bought the stock before 24 July 2023. Payment date: 29 August 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.4%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.1%). New Risk • Jun 14
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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 106% Paying a dividend despite having no free cash flows. High level of non-cash earnings (95% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.1% average weekly change). Profit margins are more than 30% lower than last year (14% net profit margin). Market cap is less than US$100m (NT$2.98b market cap, or US$96.9m). Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$118, 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 129% over the past three years. Reported Earnings • Mar 09
Full year 2022 earnings released: EPS: NT$7.47 (vs NT$10.47 in FY 2021) Full year 2022 results: EPS: NT$7.47 (down from NT$10.47 in FY 2021). Revenue: NT$939.0m (down 2.8% from FY 2021). Net income: NT$201.5m (down 29% from FY 2021). Profit margin: 22% (down from 29% in FY 2021). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$95.90, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 13x in the Semiconductor industry in Taiwan. Total returns to shareholders of 141% over the past three years. Reported Earnings • Nov 06
Third quarter 2022 earnings released: EPS: NT$2.01 (vs NT$3.26 in 3Q 2021) Third quarter 2022 results: EPS: NT$2.01 (down from NT$3.26 in 3Q 2021). Revenue: NT$224.5m (down 15% from 3Q 2021). Net income: NT$54.3m (down 38% from 3Q 2021). Profit margin: 24% (down from 33% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 07
Second quarter 2022 earnings released: EPS: NT$2.58 (vs NT$2.83 in 2Q 2021) Second quarter 2022 results: EPS: NT$2.58 (down from NT$2.83 in 2Q 2021). Revenue: NT$303.5m (up 23% from 2Q 2021). Net income: NT$69.6m (down 8.7% from 2Q 2021). Profit margin: 23% (down from 31% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 44% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improved over the past week After last week's 21% share price gain to NT$104, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 12x in the Semiconductor industry in Taiwan. Total returns to shareholders of 258% over the past three years. Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$123, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 13x in the Semiconductor industry in Taiwan. Total returns to shareholders of 268% over the past three years. Upcoming Dividend • Jun 24
Upcoming dividend of NT$7.50 per share Eligible shareholders must have bought the stock before 01 July 2022. Payment date: 29 July 2022. Payout ratio is a comfortable 59% and this is well supported by cash flows. Trailing yield: 6.0%. Lower than top quartile of Taiwanese dividend payers (6.4%). Higher than average of industry peers (3.5%). Reported Earnings • May 09
First quarter 2022 earnings released: EPS: NT$3.37 (vs NT$2.08 in 1Q 2021) First quarter 2022 results: EPS: NT$3.37 (up from NT$2.08 in 1Q 2021). Revenue: NT$269.5m (up 29% from 1Q 2021). Net income: NT$82.6m (up 62% from 1Q 2021). Profit margin: 31% (up from 25% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 58% per year whereas the company’s share price has increased by 59% per year. 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. 3 experienced directors. 3 highly experienced directors. 2 independent directors (4 non-independent directors). Independent Director Li-Yu Hsu was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Apr 20
Full year 2021 earnings released Full year 2021 results: Revenue: NT$966.3m (up 42% from FY 2020). Net income: NT$282.4m (up 140% from FY 2020). Profit margin: 29% (up from 17% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 01
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$11.52 (up from NT$4.92 in FY 2020). Revenue: NT$966.3m (up 42% from FY 2020). Net income: NT$282.4m (up 140% from FY 2020). Profit margin: 29% (up from 17% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 52% per year whereas the company’s share price has increased by 56% per year. Announcement • Feb 26
PADAUK Technology Co., Ltd., Annual General Meeting, May 27, 2022 PADAUK Technology Co., Ltd., Annual General Meeting, May 27, 2022. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$3.58 (vs NT$1.22 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$263.9m (up 46% from 3Q 2020). Net income: NT$87.9m (up 196% from 3Q 2020). Profit margin: 33% (up from 16% in 3Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment improved over the past week After last week's 16% share price gain to NT$189, the stock trades at a trailing P/E ratio of 23.9x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 193% over the past year. Valuation Update With 7 Day Price Move • Aug 12
Investor sentiment deteriorated over the past week After last week's 22% share price decline to NT$174, the stock trades at a trailing P/E ratio of 22.1x. Average trailing P/E is 24x in the Semiconductor industry in Taiwan. Total returns to shareholders of 180% over the past year. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$3.11 (vs NT$1.57 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$245.9m (up 35% from 2Q 2020). Net income: NT$76.2m (up 99% from 2Q 2020). Profit margin: 31% (up from 21% in 2Q 2020). The increase in margin was driven by higher revenue. Upcoming Dividend • Jul 28
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 04 August 2021. Payment date: 03 September 2021. Trailing yield: 1.7%. Lower than top quartile of Taiwanese dividend payers (4.9%). Lower than average of industry peers (2.2%). Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment improved over the past week After last week's 17% share price gain to NT$254, the stock trades at a trailing P/E ratio of 36.3x. Average trailing P/E is 27x in the Semiconductor industry in Taiwan. Total returns to shareholders of 296% over the past year. Valuation Update With 7 Day Price Move • Jul 09
Investor sentiment improved over the past week After last week's 22% share price gain to NT$168, the stock trades at a trailing P/E ratio of 24.1x. Average trailing P/E is 24x in the Semiconductor industry in Taiwan. Total returns to shareholders of 138% over the past year. Valuation Update With 7 Day Price Move • May 23
Investor sentiment improved over the past week After last week's 18% share price gain to NT$126, the stock trades at a trailing P/E ratio of 18x. Average trailing P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 85% over the past year. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improved over the past week After last week's 21% share price gain to NT$194, the stock trades at a trailing P/E ratio of 35.8x. Average trailing P/E is 29x in the Semiconductor industry in Taiwan. Total returns to shareholders of 231% over the past year. Reported Earnings • Mar 18
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$682.1m (up 31% from FY 2019). Net income: NT$117.6m (up 65% from FY 2019). Profit margin: 17% (up from 14% in FY 2019). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment improved over the past week After last week's 21% share price gain to NT$122, the stock trades at a trailing P/E ratio of 22.6x, up from the previous P/E ratio of 18.7x. Average P/E is 26x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past year are 159%. Announcement • Mar 04
PADAUK Technology Co., Ltd., Annual General Meeting, May 28, 2021 PADAUK Technology Co., Ltd., Annual General Meeting, May 28, 2021. Reported Earnings • Feb 28
Full year 2020 earnings released: EPS NT$5.41 (vs NT$3.57 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$682.1m (up 31% from FY 2019). Net income: NT$117.6m (up 65% from FY 2019). Profit margin: 17% (up from 14% in FY 2019). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improved over the past week After last week's 21% share price gain to NT$84.40, the stock is trading at a trailing P/E ratio of 15.6x, up from the previous P/E ratio of 12.9x. This compares to an average P/E of 28x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past year are 59%. Is New 90 Day High Low • Feb 18
New 90-day high: NT$76.80 The company is up 14% from its price of NT$67.60 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. Reported Earnings • Nov 08
Third quarter 2020 earnings released: EPS NT$1.34 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$181.1m (up 45% from 3Q 2019). Net income: NT$29.7m (up 117% from 3Q 2019). Profit margin: 16% (up from 11% in 3Q 2019). The increase in margin was driven by higher revenue.