Reported Earnings • May 13
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$0.70 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00 (up from NT$0.70 in 1Q 2025). Revenue: NT$1.01b (up 24% from 1Q 2025). Net income: NT$117.3m (up 48% from 1Q 2025). Profit margin: 12% (up from 9.7% in 1Q 2025). The increase in margin was driven by higher revenue. 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 10% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 11
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$56.10, the stock trades at a trailing P/E ratio of 16.5x. Average trailing P/E is 43x in the Semiconductor industry in Taiwan. Total returns to shareholders of 58% 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$52.70, the stock trades at a trailing P/E ratio of 15.5x. Average trailing P/E is 41x in the Semiconductor industry in Taiwan. Total returns to shareholders of 31% over the past three years. Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: NT$3.41 (vs NT$3.50 in FY 2024) Full year 2025 results: EPS: NT$3.41 (down from NT$3.50 in FY 2024). Revenue: NT$3.36b (up 13% from FY 2024). Net income: NT$384.5m (down 2.5% from FY 2024). Profit margin: 11% (down from 13% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Mar 12
Chen Full International Co., Ltd., Annual General Meeting, May 29, 2026 Chen Full International Co., Ltd., Annual General Meeting, May 29, 2026. Location: 8 floor no,99, sec.1 nan k`an rd., lujhu district, taoyuan city Taiwan Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: NT$0.81 (vs NT$0.70 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.81 (up from NT$0.70 in 3Q 2024). Revenue: NT$829.4m (up 13% from 3Q 2024). Net income: NT$90.9m (up 16% from 3Q 2024). Profit margin: 11% (in line with 3Q 2024). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: NT$0.39 (vs NT$0.90 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.39 (down from NT$0.90 in 2Q 2024). Revenue: NT$745.3m (up 6.4% from 2Q 2024). Net income: NT$43.7m (down 57% from 2Q 2024). Profit margin: 5.9% (down from 14% 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 9% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 09
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 15 July 2025. Payment date: 15 August 2025. Payout ratio is a comfortable 74% but the company is not cash flow positive. Trailing yield: 5.8%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.3%). Declared Dividend • Jun 25
Dividend increased to NT$2.50 Dividend of NT$2.50 is 67% higher than last year. Ex-date: 15th July 2025 Payment date: 15th August 2025 Dividend yield will be 5.6%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (74% 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 2.3% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 6.0% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.70 (vs NT$0.84 in 1Q 2024) First quarter 2025 results: EPS: NT$0.70 (down from NT$0.84 in 1Q 2024). Revenue: NT$812.9m (up 33% from 1Q 2024). Net income: NT$79.1m (down 17% from 1Q 2024). Profit margin: 9.7% (down from 16% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 7% per year. Announcement • May 01
Chen Full International Co., Ltd. to Report Q1, 2025 Results on May 07, 2025 Chen Full International Co., Ltd. announced that they will report Q1, 2025 results on May 07, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to NT$40.90, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 19% over the past three years. New Risk • Mar 28
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 5.9% 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 Earnings have declined by 0.4% per year over the past 5 years. High level of non-cash earnings (27% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.9% average weekly change). Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$52.00, the stock trades at a trailing P/E ratio of 14.9x. Average trailing P/E is 27x in the Semiconductor industry in Taiwan. Total returns to shareholders of 51% over the past three years. Reported Earnings • Mar 15
Full year 2024 earnings released: EPS: NT$3.50 (vs NT$1.49 in FY 2023) Full year 2024 results: EPS: NT$3.50 (up from NT$1.49 in FY 2023). Revenue: NT$2.97b (up 13% from FY 2023). Net income: NT$394.4m (up 135% from FY 2023). Profit margin: 13% (up from 6.4% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 4% per year. Announcement • Feb 22
Chen Full International Co., Ltd. to Report Fiscal Year 2024 Results on Mar 03, 2025 Chen Full International Co., Ltd. announced that they will report fiscal year 2024 results on Mar 03, 2025 Reported Earnings • Nov 19
Third quarter 2024 earnings released: EPS: NT$0.70 (vs NT$0.76 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.70 (down from NT$0.76 in 3Q 2023). Revenue: NT$736.3m (up 18% from 3Q 2023). Net income: NT$78.6m (down 8.1% from 3Q 2023). Profit margin: 11% (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 fallen by 26% per year but the company’s share price has remained flat, which means it is well ahead of earnings. New Risk • Nov 19
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 25% 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 Earnings have declined by 2.5% per year over the past 5 years. High level of non-cash earnings (25% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Announcement • Nov 05
Chen Full International Co., Ltd. to Report Q3, 2024 Results on Nov 12, 2024 Chen Full International Co., Ltd. announced that they will report Q3, 2024 results on Nov 12, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.90 (vs NT$0.099 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.90 (up from NT$0.099 in 2Q 2023). Revenue: NT$700.2m (up 9.1% from 2Q 2023). Net income: NT$101.5m (up NT$90.4m from 2Q 2023). Profit margin: 14% (up from 1.7% in 2Q 2023). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • Aug 04
Chen Full International Co., Ltd. to Report Q2, 2024 Results on Aug 12, 2024 Chen Full International Co., Ltd. announced that they will report Q2, 2024 results on Aug 12, 2024 Upcoming Dividend • Jul 10
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 17 July 2024. Payment date: 15 August 2024. Payout ratio is a comfortable 71% but the company is not cash flow positive. Trailing yield: 3.2%. Lower than top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (1.9%). Declared Dividend • Jun 22
Dividend reduced to NT$1.50 Dividend of NT$1.50 is 40% lower than last year. Ex-date: 17th July 2024 Payment date: 15th August 2024 Dividend yield will be 3.4%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (71% 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 2.3% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 21% to shift the payout ratio to a potentially unsustainable range, which is more than the 5.0% EPS decline seen over the last 5 years. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.84 (vs NT$0.22 in 1Q 2023) First quarter 2024 results: EPS: NT$0.84 (up from NT$0.22 in 1Q 2023). Revenue: NT$612.9m (down 24% from 1Q 2023). Net income: NT$94.9m (up 283% from 1Q 2023). Profit margin: 16% (up from 3.1% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • May 05
Chen Full International Co., Ltd. to Report Q1, 2024 Results on May 13, 2024 Chen Full International Co., Ltd. announced that they will report Q1, 2024 results on May 13, 2024 Reported Earnings • Mar 06
Full year 2023 earnings released: EPS: NT$1.49 (vs NT$2.62 in FY 2022) Full year 2023 results: EPS: NT$1.49 (down from NT$2.62 in FY 2022). Revenue: NT$2.63b (down 35% from FY 2022). Net income: NT$167.8m (down 44% from FY 2022). Profit margin: 6.4% (down from 7.5% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 25% 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. Announcement • Feb 23
Chen Full International Co., Ltd., Annual General Meeting, May 30, 2024 Chen Full International Co., Ltd., Annual General Meeting, May 30, 2024. Location: 9F., No.99, Sec. 1, Nankan Rd., Luzhu District, Taoyuan City Taoyuan City Taiwan Agenda: To consider the 2023 business report; to Audit Committee's review of the 2023 annual final accounting ledgers and statements; to Report on 2023 directors' and employees' remuneration; to 2023 Business Report and Financial Statements; to 2023 Earnings Distribution; to The election of the 17th session of directors and independent directors; and to consider other matters if any. New Risk • Dec 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: 9.4% 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 3.3% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (235% payout ratio). Profit margins are more than 30% lower than last year (3.9% net profit margin). New Risk • Nov 23
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 31% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 8.5% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (235% payout ratio). Large one-off items impacting financial results. New Risk • Aug 17
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 17% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (193% payout ratio). Large one-off items impacting financial results. Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: NT$0.10 (vs NT$1.10 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.10 (down from NT$1.10 in 2Q 2022). Revenue: NT$642.0m (down 37% from 2Q 2022). Net income: NT$11.2m (down 91% from 2Q 2022). Profit margin: 1.7% (down from 12% in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Upcoming Dividend • Jul 05
Upcoming dividend of NT$2.50 per share at 5.9% yield Eligible shareholders must have bought the stock before 12 July 2023. Payment date: 15 August 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 5.9%. Within top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (3.2%). Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: NT$2.62 (vs NT$1.33 loss in FY 2021) Full year 2022 results: EPS: NT$2.62 (up from NT$1.33 loss in FY 2021). Revenue: NT$4.02b (up 15% from FY 2021). Net income: NT$299.5m (up NT$456.3m from FY 2021). Profit margin: 7.5% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: NT$0.99 (vs NT$0.82 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.99 (up from NT$0.82 in 3Q 2021). Revenue: NT$1.12b (up 2.5% from 3Q 2021). Net income: NT$111.8m (up 16% from 3Q 2021). Profit margin: 9.9% (up from 8.8% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Board Change • Nov 16
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. 6 experienced directors. 4 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Zhao-Jie Lin was the last independent director to join the board, commencing their role in 2015. 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 • Aug 18
Second quarter 2022 earnings released: EPS: NT$1.10 (vs NT$0.90 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.10 (up from NT$0.90 in 2Q 2021). Revenue: NT$1.01b (up 16% from 2Q 2021). Net income: NT$125.2m (up 18% from 2Q 2021). Profit margin: 12% (in line with 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 20
Upcoming dividend of NT$2.61 per share Eligible shareholders must have bought the stock before 27 July 2022. Payment date: 31 August 2022. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 6.8%. Within top quartile of Taiwanese dividend payers (6.8%). Higher than average of industry peers (3.7%). Reported Earnings • May 18
First quarter 2022 earnings released: EPS: NT$0.54 (vs NT$0.65 in 1Q 2021) First quarter 2022 results: EPS: NT$0.54 (down from NT$0.65 in 1Q 2021). Revenue: NT$916.1m (up 29% from 1Q 2021). Net income: NT$64.1m (down 16% from 1Q 2021). Profit margin: 7.0% (down from 11% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 40% 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. 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. 6 experienced directors. 4 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Zhao-Jie Lin was the last independent director to join the board, commencing their role in 2015. 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 03
Full year 2021 earnings released: NT$1.33 loss per share (vs NT$2.74 profit in FY 2020) Full year 2021 results: NT$1.33 loss per share (down from NT$2.74 profit in FY 2020). Revenue: NT$3.50b (up 12% from FY 2020). Net loss: NT$156.8m (down 149% from profit in FY 2020). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.82 (vs NT$0.54 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: NT$1.10b (up 55% from 3Q 2020). Net income: NT$96.4m (up 53% from 3Q 2020). Profit margin: 8.8% (down from 8.9% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.90 (vs NT$0.91 in 2Q 2020) The company reported a mediocre second quarter result with weaker profit margins, although earnings were flat and revenues improved. Second quarter 2021 results: Revenue: NT$872.2m (up 7.3% from 2Q 2020). Net income: NT$106.4m (flat on 2Q 2020). Profit margin: 12% (down from 13% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has remained flat. Upcoming Dividend • Jul 21
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 28 July 2021. Payment date: 31 August 2021. Trailing yield: 6.1%. Within top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (2.2%). Reported Earnings • May 18
First quarter 2021 earnings released: EPS NT$0.65 (vs NT$0.98 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$711.4m (down 21% from 1Q 2020). Net income: NT$76.2m (down 34% from 1Q 2020). Profit margin: 11% (down from 13% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 4% per year. Reported Earnings • Apr 01
Full year 2020 earnings released: EPS NT$2.74 (vs NT$2.51 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$3.12b (down 14% from FY 2019). Net income: NT$323.1m (up 9.1% from FY 2019). Profit margin: 10% (up from 8.1% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Mar 12
Chen Full International Co., Ltd., Annual General Meeting, May 31, 2021 Chen Full International Co., Ltd., Annual General Meeting, May 31, 2021. Is New 90 Day High Low • Feb 23
New 90-day high: NT$43.70 The company is up 4.0% from its price of NT$41.85 on 25 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 32% over the same period. Is New 90 Day High Low • Feb 01
New 90-day low: NT$37.90 The company is down 5.0% from its price of NT$40.05 on 04 November 2020. The Taiwanese market is up 19% 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 12
New 90-day low: NT$39.25 The company is down 6.0% from its price of NT$41.60 on 15 October 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 28% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$0.54 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$707.6m (down 11% from 3Q 2019). Net income: NT$63.1m (up 22% from 3Q 2019). Profit margin: 8.9% (up from 6.5% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 16% 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. Is New 90 Day High Low • Oct 08
New 90-day high: NT$41.55 The company is up 3.0% from its price of NT$40.25 on 10 July 2020. The Taiwanese market is also up 3.0% 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 18% over the same period. 
