Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$16.30, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 44x in the Semiconductor industry in Taiwan. Total returns to shareholders of 1.2% over the past three years. Reported Earnings • May 19
First quarter 2026 earnings released: NT$0.40 loss per share (vs NT$0.48 loss in 1Q 2025) First quarter 2026 results: NT$0.40 loss per share (improved from NT$0.48 loss in 1Q 2025). Revenue: NT$177.2m (down 23% from 1Q 2025). Net loss: NT$31.9m (loss narrowed 17% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. New Risk • Apr 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 28% 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: Minor Risks High level of debt (45% net debt to equity). Large one-off items impacting financial results. Market cap is less than US$100m (NT$974.0m market cap, or US$30.4m). Board Change • Mar 28
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Chin-Jui Ting was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Mar 18
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 43% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (43% net debt to equity). Market cap is less than US$100m (NT$1.13b market cap, or US$35.4m). Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$1.23 (vs NT$1.94 loss in FY 2024) Full year 2025 results: EPS: NT$1.23 (up from NT$1.94 loss in FY 2024). Revenue: NT$833.2m (down 13% from FY 2024). Net income: NT$98.7m (up NT$254.6m from FY 2024). Profit margin: 12% (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 increased by 49% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Mar 11
HY Electronic (Cayman) Limited, Annual General Meeting, Jun 22, 2026 HY Electronic (Cayman) Limited, Annual General Meeting, Jun 22, 2026. Location: 2 floor no,223, sec.3 pei hsin rd., sindian district, new taipei city Taiwan Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: NT$2.59 (vs NT$0.082 in 3Q 2024) Third quarter 2025 results: EPS: NT$2.59 (up from NT$0.082 in 3Q 2024). Revenue: NT$189.7m (down 9.8% from 3Q 2024). Net income: NT$208.7m (up NT$202.1m from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. New Risk • Oct 23
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 8.6% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.6% average weekly change). Earnings have declined by 3.2% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$1.03b market cap, or US$33.5m). Reported Earnings • Aug 29
Second quarter 2025 earnings released: NT$0.50 loss per share (vs NT$0.73 loss in 2Q 2024) Second quarter 2025 results: NT$0.50 loss per share (improved from NT$0.73 loss in 2Q 2024). Revenue: NT$222.2m (down 14% from 2Q 2024). Net loss: NT$40.6m (loss narrowed 31% from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. New Risk • Aug 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.3% 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 6.1% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Market cap is less than US$100m (NT$817.1m market cap, or US$27.2m). Announcement • Jun 24
HY Electronic (Cayman) Limited Announces Board Changes HY Electronic (Cayman) Limited announced board changes. Title and name of the previous position holder: Director /FANG, WEN-CHIEH. Resume of the previous position holder: FANG, WEN-CHIEH /Director of the company. Title and name of the new position holder: FANG, WEN-TE /director of the company. Resume of the new position holder: FANG, WEN-TE /Chairman of Union Choice Technology Co. Ltd. Circumstances of change: new appointment. Reason for the change: new appointment. Effective date of the new appointment is June 23, 2025. Date of occurrence of the change is June 23, 2025. Reported Earnings • May 16
First quarter 2025 earnings released: NT$0.48 loss per share (vs NT$0.60 loss in 1Q 2024) First quarter 2025 results: NT$0.48 loss per share (improved from NT$0.60 loss in 1Q 2024). Revenue: NT$230.7m (down 11% from 1Q 2024). Net loss: NT$38.6m (loss narrowed 20% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • May 03
HY Electronic (Cayman) Limited to Report Q1, 2025 Results on May 12, 2025 HY Electronic (Cayman) Limited announced that they will report Q1, 2025 results on May 12, 2025 Reported Earnings • Mar 30
Full year 2024 earnings released Full year 2024 results: Revenue: NT$962.4m (down 18% from FY 2023). Net loss: NT$155.9m (loss narrowed 33% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 12% per year and the company’s share price has also fallen by 12% per year. Announcement • Mar 26
HY Electronic (Cayman) Limited Announces Board Changes for Yangzhong Hy Technology Development Co., Ltd On March 25, 2025, YangZhong HY Technology Development Co. Ltd. announced change in natural-person director. Title and name of the previous position holder: FANG, WEN-CHIEH. Resume of the previous position holder:
The Director and General Manager of YangZhong HY Technology Development Co. Ltd. Title and name of the new position holder: CHEN, YU-FENG. Resume of the new position holder: The Spokesman of HY Electronic (Cayman) Limited and Vice president of HY Electronic (Cayman) Limited, Taiwan Branch. Reason for the change: new appointment. Effective date of the new appointment: March 25, 2025. Announcement • Mar 14
HY Electronic (Cayman) Limited, Annual General Meeting, Jun 23, 2025 HY Electronic (Cayman) Limited, Annual General Meeting, Jun 23, 2025. Location: 2 floor no,223, sec.3 pei hsin rd., sindian district, new taipei city Taiwan Announcement • Mar 06
HY Electronic (Cayman) Limited to Report Fiscal Year 2024 Results on Mar 13, 2025 HY Electronic (Cayman) Limited announced that they will report fiscal year 2024 results on Mar 13, 2025 Announcement • Dec 27
HY Electronic (Cayman) Limited Announces Director Changes HY Electronic (Cayman) Limited announced that CHIN, JUI-TING (Ministry of Health and Welfare Shuang-Ho Hospital of Superintendent Special Assistant) will replace HSU, CHI-FU as independent director, effective December 26, 2024. Board Change • Dec 04
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Kong-Fah Cheng was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Nov 30
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 11% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Market cap is less than US$100m (NT$1.19b market cap, or US$36.7m). Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.08 (vs NT$0.73 loss in 3Q 2023) Third quarter 2024 results: EPS: NT$0.08 (up from NT$0.73 loss in 3Q 2023). Revenue: NT$210.2m (down 34% from 3Q 2023). Net income: NT$6.57m (up NT$65.4m from 3Q 2023). Profit margin: 3.1% (up from net loss in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 14% per year and the company’s share price has also fallen by 14% per year. Announcement • Nov 02
HY Electronic (Cayman) Limited to Report Q3, 2024 Results on Nov 08, 2024 HY Electronic (Cayman) Limited announced that they will report Q3, 2024 results on Nov 08, 2024 Announcement • Oct 12
HY Electronic (Cayman) Limited Announces the Resignation of Hsu, Chi-Fu as Independent Director and Membership on the Functional Committee HY Electronic (Cayman) Limited announced the resignation of Hsu, Chi-Fu as independent director. The Company formally acknowledged receipt of the resignation letter on October 11, 2024. The effective period of the resignation extends until October 11, 2024. The independent director has voluntarily relinquished both the responsibilities associated with the independent directorship and membership on the Functional Committee of the Board of Directors. Reported Earnings • Aug 29
Second quarter 2024 earnings released: NT$0.73 loss per share (vs NT$0.53 loss in 2Q 2023) Second quarter 2024 results: NT$0.73 loss per share (further deteriorated from NT$0.53 loss in 2Q 2023). Revenue: NT$259.4m (down 13% from 2Q 2023). Net loss: NT$58.8m (loss widened 37% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 21% per year whereas the company’s share price has fallen by 16% per year. Announcement • Aug 16
HY Electronic (Cayman) Limited to Report Q2, 2024 Results on Aug 23, 2024 HY Electronic (Cayman) Limited announced that they will report Q2, 2024 results on Aug 23, 2024 Announcement • May 03
HY Electronic (Cayman) Limited to Report Q1, 2024 Results on May 10, 2024 HY Electronic (Cayman) Limited announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 10, 2024 Reported Earnings • Mar 30
Full year 2023 earnings released: NT$2.91 loss per share (vs NT$2.59 loss in FY 2022) Full year 2023 results: NT$2.91 loss per share (further deteriorated from NT$2.59 loss in FY 2022). Revenue: NT$1.18b (down 3.5% from FY 2022). Net loss: NT$234.1m (loss widened 13% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 9% per year. Announcement • Mar 14
HY Electronic (Cayman) Limited, Annual General Meeting, Jun 24, 2024 HY Electronic (Cayman) Limited, Annual General Meeting, Jun 24, 2024. Location: 2F., No. 223 Sec. 3, Beixin Rd., Xindian Dist. New Taipei Taiwan Agenda: To consider business report of the company in 2023; to consider Audit Committee's review report of the company in 2023; to consider annual employees' and directors' compensation distribution report for 2023; to consider the company's sustainable development policies, systems or related management guidelines and specific promotion plans; to consider the company's accumulated losses amount to one-half of its paid-in capital; to consider proposal for the consolidated financial statements in 2023; to consider the proposal deficit compensation in 2023; and to transact other matters. Announcement • Dec 01
HY Electronic (Cayman) Limited Announces the Resignation of En-Pei,Lin as Acting Spokesperson HY Electronic (Cayman) Limited announced the resignation of EN-PEI,LIN as Acting spokesperson. Reason for the change: Personal career planning. Effective date: November 30, 2023. Reported Earnings • Nov 15
Third quarter 2023 earnings released: NT$0.73 loss per share (vs NT$0.55 loss in 3Q 2022) Third quarter 2023 results: NT$0.73 loss per share (further deteriorated from NT$0.55 loss in 3Q 2022). Revenue: NT$318.4m (up 16% from 3Q 2022). Net loss: NT$58.8m (loss widened 34% from 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 10% 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. Reported Earnings • Aug 31
Second quarter 2023 earnings released: NT$0.53 loss per share (vs NT$0.39 loss in 2Q 2022) Second quarter 2023 results: NT$0.53 loss per share (further deteriorated from NT$0.39 loss in 2Q 2022). Revenue: NT$296.5m (down 15% from 2Q 2022). Net loss: NT$42.9m (loss widened 38% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 2% per year. Announcement • Jun 22
Hy Electronic (Cayman) Limited Appoints Cheng, Kong-Fah as Members of Remuneration Committee HY Electronic (Cayman) Limited appointed CHENG, KONG-FAH as members of Remuneration Committee of the company. Effective date of the new member is June 21, 2023. Reported Earnings • Apr 01
Full year 2022 earnings released: NT$2.59 loss per share (vs NT$1.93 loss in FY 2021) Full year 2022 results: NT$2.59 loss per share (further deteriorated from NT$1.93 loss in FY 2021). Revenue: NT$1.22b (down 42% from FY 2021). Net loss: NT$208.1m (loss widened 34% from FY 2021). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Feb 02
HY Electronic (Cayman) Limited Announces Executive Changes HY Electronic (Cayman) Limited announced Name, title, and resume of the previous position holder: CFO GXue-Li,Lin with Name, title, and resume of the new position holder: New position agent Chien-Ju,Kan. Effective date is February 1, 2023. Reported Earnings • Nov 19
Third quarter 2022 earnings released: NT$0.55 loss per share (vs NT$0.61 loss in 3Q 2021) Third quarter 2022 results: NT$0.55 loss per share (improved from NT$0.61 loss in 3Q 2021). Revenue: NT$273.8m (down 39% from 3Q 2021). Net loss: NT$43.9m (loss narrowed 11% from 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 6 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Chia-Ying Chien was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Sep 13
HY ELECTRONIC (CAYMAN) LIMITED Announces CFO Changes HY ELECTRONIC (CAYMAN) LIMITED announced the appointment of XUE-LI,LIN as CFO, effective September 12, 2022. XUE-LI,LIN is also the financial officer at Yangzhou HY Technology Development CO. Ltd., Taiwan GPP Inc., Jetper Technology Ltd., and HY Technology Development(H.K.)CO.,Ltd. The Company announced the resignation of GYI-HUA,LIN as CFO, effective September 12, 2022. Reported Earnings • Sep 03
Second quarter 2022 earnings released: NT$0.39 loss per share (vs NT$0.11 profit in 2Q 2021) Second quarter 2022 results: NT$0.39 loss per share (down from NT$0.11 profit in 2Q 2021). Revenue: NT$349.3m (down 42% from 2Q 2021). Net loss: NT$31.1m (down 457% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Reported Earnings • May 18
First quarter 2022 earnings released: NT$0.55 loss per share (vs NT$0.54 loss in 1Q 2021) First quarter 2022 results: NT$0.55 loss per share (down from NT$0.54 loss in 1Q 2021). Revenue: NT$324.4m (down 38% from 1Q 2021). Net loss: NT$44.0m (loss widened 1.0% from 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 7 experienced directors. 1 highly experienced director. 4 independent directors (5 non-independent directors). Independent Director Chieh Uin was the last independent director to join the board, commencing their role in 2020. 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$1.93 loss per share (vs NT$2.54 loss in FY 2020) Full year 2021 results: NT$1.93 loss per share (up from NT$2.54 loss in FY 2020). Revenue: NT$2.10b (up 30% from FY 2020). Net loss: NT$155.6m (loss narrowed 17% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 19% 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. Announcement • Mar 23
HY Electronic (Cayman) Limited, Annual General Meeting, Jun 22, 2022 HY Electronic (Cayman) Limited, Annual General Meeting, Jun 22, 2022. Location: at 2F.,No. 223,Sec. 3,Beixin Rd.,Xindian Dist., Taipei Innovation City Convention Center 2D New Taipei City Taiwan Agenda: To consider the Business Report of the Company in 2021; to consider the Audit Committee’s Review Report of the company in 2021; to consider the communication with Internal Audit Supervisors and CPAs by Independent Directors in 2021; to consider the annual Employees’ and Directors’ Compensation Distribution Report of the Company in 2021; to consider the amendment to the Internal Regulations of the company; to consider the proposal for the Consolidated Financial Statements and Business Report of the Company in 2021; to consider the proposal for the distribution of earnings of the Company in 2021; to discussion of amendments to the company's “The company's Articles of Incorporation; and to consider the other matters. Reported Earnings • Nov 16
Third quarter 2021 earnings released: NT$0.62 loss per share (vs NT$0.49 loss in 3Q 2020) The company reported a soft third quarter result with increased losses and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: NT$447.0m (up 3.4% from 3Q 2020). Net loss: NT$49.5m (loss widened 29% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Sep 01
Second quarter 2021 earnings released: EPS NT$0.11 (vs NT$0.63 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$602.8m (up 56% from 2Q 2020). Net income: NT$8.71m (up NT$51.0m from 2Q 2020). Profit margin: 1.4% (up from net loss in 2Q 2020). The move to profitability 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 57 percentage points per year, which is a significant difference in performance. Reported Earnings • May 18
First quarter 2021 earnings released: NT$0.54 loss per share (vs NT$0.77 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$525.2m (up 72% from 1Q 2020). Net loss: NT$43.5m (loss narrowed 17% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 01
Full year 2020 earnings released: NT$2.54 loss per share (vs NT$1.57 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: NT$1.62b (down 8.1% from FY 2019). Net loss: NT$186.7m (loss widened 76% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 09
New 90-day high: NT$18.20 The company is up 23% from its price of NT$14.80 on 09 December 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 13% over the same period. Is New 90 Day High Low • Jan 12
New 90-day high: NT$17.55 The company is up 4.0% from its price of NT$16.95 on 14 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 17
Third quarter 2020 earnings released: NT$0.49 loss per share The company reported a poor third quarter result with increased losses and weaker control over expenses, although revenues were flat. Third quarter 2020 results: Revenue: NT$432.4m (flat on 3Q 2019). Net loss: NT$38.4m (loss widened 54% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 104% per year but the company’s share price has only fallen by 42% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 11
New 90-day low: NT$14.70 The company is down 6.0% from its price of NT$15.70 on 13 August 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 7.0% over the same period. 
