Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$56.00, the stock trades at a trailing P/E ratio of 75.2x. Average trailing P/E is 51x in the Semiconductor industry in Taiwan. Total returns to shareholders of 49% over the past three years. Reported Earnings • May 21
First quarter 2026 earnings released: EPS: NT$0.03 (vs NT$0.47 loss in 1Q 2025) First quarter 2026 results: EPS: NT$0.03 (up from NT$0.47 loss in 1Q 2025). Revenue: NT$158.6m (down 22% from 1Q 2025). Net income: NT$5.22m (up NT$86.7m from 1Q 2025). Profit margin: 3.3% (up from net loss in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. New Risk • Apr 04
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 128% 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 Risks Debt is not well covered by operating cash flow (3.9% operating cash flow to total debt). Earnings have declined by 12% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.5% average weekly change). Large one-off items impacting financial results. Announcement • Mar 24
Cosmo Electronics Corporation, Annual General Meeting, Jun 26, 2026 Cosmo Electronics Corporation, Annual General Meeting, Jun 26, 2026. Location: 2 floor no,916, sec.2 yung hsing rd., kuang hsing ts`, dongshan township, yilan county Taiwan Reported Earnings • Mar 20
Full year 2025 earnings released: EPS: NT$0.25 (vs NT$0.17 loss in FY 2024) Full year 2025 results: EPS: NT$0.25 (up from NT$0.17 loss in FY 2024). Revenue: NT$949.1m (down 14% from FY 2024). Net income: NT$42.4m (up NT$71.4m from FY 2024). Profit margin: 4.5% (up from net loss in FY 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$52.50, the stock trades at a trailing P/E ratio of 33.9x. Average trailing P/E is 37x in the Semiconductor industry in Taiwan. Total returns to shareholders of 59% over the past three years. Valuation Update With 7 Day Price Move • Dec 10
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$63.60, the stock trades at a trailing P/E ratio of 41x. Average trailing P/E is 30x in the Semiconductor industry in Taiwan. Total returns to shareholders of 98% over the past three years. Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: NT$2.25 (vs NT$0.19 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$2.25 (up from NT$0.19 loss in 3Q 2024). Revenue: NT$384.7m (down 14% from 3Q 2024). Net income: NT$390.5m (up NT$423.5m from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Reported Earnings • Aug 15
Second quarter 2025 earnings released: NT$0.81 loss per share (vs NT$0.17 loss in 2Q 2024) Second quarter 2025 results: NT$0.81 loss per share (further deteriorated from NT$0.17 loss in 2Q 2024). Revenue: NT$244.0m (down 23% from 2Q 2024). Net loss: NT$139.7m (loss widened 369% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 153 percentage points per year, which is a significant difference in performance. Announcement • Jun 18
Cosmo Electronics Corporation Announces the Resignation of Huang, Chin-Yuan as Chief Internal Auditor Effective from June 30, 2025 Cosmo Electronics Corporation announced the resignation of HUANG,CHIN-YUAN as Chief internal auditor, Reason for the change: Personal career planning. Effective date:2025/06/30. The new Chief Internal Auditor will be announced separately after the Audit Committee and the Board of Directors have approved the appointment. Announcement • May 07
Cosmo Electronics Corporation to Report Q1, 2025 Results on May 14, 2025 Cosmo Electronics Corporation announced that they will report Q1, 2025 results on May 14, 2025 Reported Earnings • May 05
Full year 2024 earnings released: NT$0.17 loss per share (vs NT$0.17 profit in FY 2023) Full year 2024 results: NT$0.17 loss per share (down from NT$0.17 profit in FY 2023). Revenue: NT$1.11b (up 5.1% from FY 2023). Net loss: NT$29.0m (down 196% from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 130 percentage points per year, which is a significant difference in performance. Announcement • May 01
Cosmo Electronics Corporation announced that it has received TWD 180 million in funding On April 29, 2025, Cosmo Electronics Corporation closed the transaction. Announcement • Apr 01
Cosmo Electronics Corporation, Annual General Meeting, Jun 26, 2025 Cosmo Electronics Corporation, Annual General Meeting, Jun 26, 2025, at 09:00 Taipei Standard Time. Location: b2 floor no,716, chung cheng rd., jhonghe district, new taipei city Taiwan Announcement • Mar 22
Cosmo Electronics Corporation to Report Fiscal Year 2024 Results on Mar 28, 2025 Cosmo Electronics Corporation announced that they will report fiscal year 2024 results on Mar 28, 2025 Announcement • Mar 06
Cosmo Electronics Corporation Announces Change in Principal Accounting Officer Cosmo Electronics Corporation announced Change in Principal Accounting Officer. Date of occurrence of the change: March 5, 2025. Name, title, and resume of the previous position holder: Chiu Li-Hua, accounting manager of the company. Name, title, and resume of the new position holder: Lin Tsung-Ting, accounting manager of the company. Type of the change: adjustment. Reason for the change: adjustment. New Risk • Dec 20
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 6.3% 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 8.7% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.3% average weekly change). Reported Earnings • Nov 19
Third quarter 2024 earnings released: NT$0.19 loss per share (vs NT$0.11 loss in 3Q 2023) Third quarter 2024 results: NT$0.19 loss per share (further deteriorated from NT$0.11 loss in 3Q 2023). Revenue: NT$445.0m (flat on 3Q 2023). Net loss: NT$33.0m (loss widened 70% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Announcement • Nov 06
Cosmo Electronics Corporation to Report Q3, 2024 Results on Nov 13, 2024 Cosmo Electronics Corporation announced that they will report Q3, 2024 results on Nov 13, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: NT$0.17 loss per share (vs NT$0.16 loss in 2Q 2023) Second quarter 2024 results: NT$0.17 loss per share (further deteriorated from NT$0.16 loss in 2Q 2023). Revenue: NT$317.6m (up 2.4% from 2Q 2023). Net loss: NT$29.8m (loss widened 6.9% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 43% 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 • Aug 03
Cosmo Electronics Corporation to Report Q2, 2024 Results on Aug 12, 2024 Cosmo Electronics Corporation announced that they will report Q2, 2024 results on Aug 12, 2024 Reported Earnings • May 19
First quarter 2024 earnings released: NT$0.38 loss per share (vs NT$0.15 loss in 1Q 2023) First quarter 2024 results: NT$0.38 loss per share (further deteriorated from NT$0.15 loss in 1Q 2023). Revenue: NT$129.1m (down 22% from 1Q 2023). Net loss: NT$65.7m (loss widened 152% from 1Q 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 9% per year, which means it is well ahead of earnings. Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: NT$0.18 (vs NT$0.64 in FY 2022) Full year 2023 results: EPS: NT$0.18 (down from NT$0.64 in FY 2022). Revenue: NT$1.05b (down 24% from FY 2022). Net income: NT$30.1m (down 73% from FY 2022). Profit margin: 2.9% (down from 7.9% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 6% per year. Announcement • Mar 15
Cosmo Electronics Corporation, Annual General Meeting, Jun 26, 2024 Cosmo Electronics Corporation, Annual General Meeting, Jun 26, 2024. Location: Conference Room B2, No. 716, Zhongzheng Road,Zhonghe District New Taipei City Taiwan Agenda: To consider the business report for fiscal year 2023; to consider the audit committee's review report on the company's business report and financial statements for fiscal year 2023; to consider the report of remuneration distribution to employees and directors for fiscal year 2023; to consider annual report of director compensation for fiscal year 2023; to consider the business report and financial statements for fiscal year 2023; to consider the proposal for distribution of profit for fiscal year 2023; to consider re-election of directors; to consider discussion to approve the lifting of non-competition restrictions for directors; and to consider other issues. Announcement • Sep 08
Cosmo Electronics Corporation Announces for Juristic Person Director Reassigns A Representative Cosmo Electronics Corporation announced for Juristic Person Director reassigns a representative. Name of the previous position holder: Lee Chih-chin. Name of the new position holder:Hsieh, Shu Chuan. Resume of the new position holder:Chairperson of Da Liang Investment Ltd. Effective date September 5,2023. Announcement • Sep 06
Cosmo Electronics Corporation Announces Resignation of Tsai, Nai-Cheng as Nature Person Director from Pt Cosmo and Grandway Corporation Cosmo Electronics Corporation announced resignation of Tsai, Nai-Cheng as nature person director. Upcoming Dividend • Sep 06
Upcoming dividend of NT$0.19 per share at 0.5% yield Eligible shareholders must have bought the stock before 13 September 2023. Payment date: 19 October 2023. Trailing yield: 0.5%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (3.3%). New Risk • Aug 18
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: 0.5% Last year net profit margin: 7.9% 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 Debt is not well covered by operating cash flow (6.1% operating cash flow to total debt). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). Reported Earnings • Aug 18
Second quarter 2023 earnings released: NT$0.17 loss per share (vs NT$0.23 profit in 2Q 2022) Second quarter 2023 results: NT$0.17 loss per share (down from NT$0.23 profit in 2Q 2022). Revenue: NT$310.2m (down 46% from 2Q 2022). Net loss: NT$27.9m (down 171% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Aug 12
Cosmo Electronics Corporation Announces Cash Dividend for the Year 2022, Payable on October 19, 2023 Cosmo Electronics Corporation announced cash dividend for the year 2022. Cash dividends of TWD 31,938,385 (TWD 0.19 per share). Type and monetary amount of dividend distribution: New common share issuance: 3,361,935 shares through the increase of capital by capitalization of capital surplus: TWD 33,619,350. Ex-rights (ex-dividend) trading date is September 13, 2023. Ex-rights (ex-dividend) record date is September 19, 2023. Payment date of cash dividend distribution is October 19, 2023. Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: NT$0.23 (vs NT$0.26 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.23 (down from NT$0.26 in 3Q 2021). Revenue: NT$405.3m (down 37% from 3Q 2021). Net income: NT$37.8m (down 9.9% from 3Q 2021). Profit margin: 9.3% (up from 6.6% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 18
Second quarter 2022 earnings released: EPS: NT$0.23 (vs NT$0.004 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.23 (up from NT$0.004 in 2Q 2021). Revenue: NT$571.2m (up 96% from 2Q 2021). Net income: NT$39.0m (up NT$38.4m from 2Q 2021). Profit margin: 6.8% (up from 0.2% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 19
First quarter 2022 earnings released: EPS: NT$0.08 (vs NT$0.14 loss in 1Q 2021) First quarter 2022 results: EPS: NT$0.08 (up from NT$0.14 loss in 1Q 2021). Revenue: NT$208.2m (down 3.6% from 1Q 2021). Net income: NT$12.2m (up NT$34.4m from 1Q 2021). Profit margin: 5.8% (up from net loss in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 22% 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 • Apr 03
Full year 2021 earnings released: EPS: NT$0.35 (vs NT$0.04 in FY 2020) Full year 2021 results: EPS: NT$0.35 (up from NT$0.04 in FY 2020). Revenue: NT$1.34b (up 7.8% from FY 2020). Net income: NT$54.9m (up NT$48.6m from FY 2020). Profit margin: 4.1% (up from 0.5% 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 4% per year whereas the company’s share price has increased by 2% per year. Announcement • Mar 31
Cosmo Electronics Corporation, Annual General Meeting, Jun 24, 2022 Cosmo Electronics Corporation, Annual General Meeting, Jun 24, 2022. Location: at Conference Room B2, No. 726, Zhongzheng Road, Zhonghe District New Taipei City Taiwan Agenda: To consider the 2021 business report; to consider the audit committee's review report on the 2021 company's business report and financial statements; to consider the report on the 2021 Employee's amd dorectprs' remuneration; to consider the annual Directors' Compensation Report of 2021; to consider the proposal for distribution of 2021 profits; to consider the amendment to the articles of incorporation; and to consider the other matters. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.27 (vs NT$0.34 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: NT$638.8m (up 2.6% from 3Q 2020). Net income: NT$42.0m (down 23% from 3Q 2020). Profit margin: 6.6% (down from 8.8% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.01 (vs NT$0.006 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: NT$291.0m (up 7.3% from 2Q 2020). Net income: NT$639.0k (down 27% from 2Q 2020). Profit margin: 0.2% (down from 0.3% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 12% per year and the company’s share price has also increased by 12% per year. Reported Earnings • May 17
First quarter 2021 earnings released: NT$0.14 loss per share (vs NT$0.22 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: NT$216.0m (up 45% from 1Q 2020). Net loss: NT$22.2m (loss narrowed 34% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 01
Full year 2020 earnings released: EPS NT$0.04 (vs NT$0.18 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$1.25b (down 46% from FY 2019). Net income: NT$6.37m (down 77% from FY 2019). Profit margin: 0.5% (down from 1.2% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 18
New 90-day high: NT$33.60 The company is up 9.0% from its price of NT$30.90 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 06
New 90-day high: NT$33.30 The company is up 10.0% from its price of NT$30.15 on 08 October 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 24% over the same period. Is New 90 Day High Low • Dec 21
New 90-day high: NT$31.45 The company is up 6.0% from its price of NT$29.80 on 22 September 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 19% over the same period. Is New 90 Day High Low • Nov 16
New 90-day high: NT$30.20 The company is up 4.0% from its price of NT$28.95 on 18 August 2020. The Taiwanese market is up 2.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 5.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.35 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$622.4m (up 21% from 3Q 2019). Net income: NT$54.6m (up NT$55.0m from 3Q 2019). Profit margin: 8.8% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings.