New Risk • Apr 09
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 26% 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: 106% Paying a dividend despite having no free cash flows. Earnings have declined by 15% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (26% increase in shares outstanding). Market cap is less than US$100m (NT$1.50b market cap, or US$47.3m). Announcement • Mar 13
K WAY Information Corporation, Annual General Meeting, Jun 16, 2026 K WAY Information Corporation, Annual General Meeting, Jun 16, 2026. Location: 2 floor no,29 ln.11, kuang fu n. rd., songshan district, taipei city Taiwan Reported Earnings • Mar 13
Full year 2025 earnings released: NT$0.06 loss per share (vs NT$2.25 profit in FY 2024) Full year 2025 results: NT$0.06 loss per share (down from NT$2.25 profit in FY 2024). Revenue: NT$304.6m (up 13% from FY 2024). Net loss: NT$1.91m (down 103% from profit in FY 2024). 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 14% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$44.95, the stock trades at a trailing P/E ratio of 35.3x. Average trailing P/E is 19x in the IT industry in Taiwan. Total returns to shareholders of 87% over the past three years. Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: NT$0.54 (vs NT$0.20 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$0.54 (up from NT$0.20 loss in 3Q 2024). Revenue: NT$71.1m (up 45% from 3Q 2024). Net income: NT$16.4m (up NT$22.5m from 3Q 2024). Profit margin: 23% (up from net loss in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Reported Earnings • Aug 13
Second quarter 2025 earnings released: NT$0.33 loss per share (vs NT$0.72 profit in 2Q 2024) Second quarter 2025 results: NT$0.33 loss per share (down from NT$0.72 profit in 2Q 2024). Revenue: NT$77.7m (up 56% from 2Q 2024). Net loss: NT$10.0m (down 145% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$46.30, the stock trades at a trailing P/E ratio of 29.1x. Average trailing P/E is 20x in the IT industry in Taiwan. Total returns to shareholders of 73% over the past three years. Reported Earnings • May 14
First quarter 2025 earnings released: NT$0.33 loss per share (vs NT$0.32 profit in 1Q 2024) First quarter 2025 results: NT$0.33 loss per share (down from NT$0.32 profit in 1Q 2024). Revenue: NT$71.5m (down 31% from 1Q 2024). Net loss: NT$10.3m (down 204% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 20% per year. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to NT$48.85, the stock trades at a trailing P/E ratio of 21.8x. Average trailing P/E is 21x in the IT industry in Taiwan. Total returns to shareholders of 91% over the past three years. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improves as stock rises 40% After last week's 40% share price gain to NT$57.70, the stock trades at a trailing P/E ratio of 25.7x. Average trailing P/E is 22x in the IT industry in Taiwan. Total returns to shareholders of 112% over the past three years. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$41.20, the stock trades at a trailing P/E ratio of 18.3x. Average trailing P/E is 18x in the IT industry in Taiwan. Total returns to shareholders of 42% 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 6.0% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 141% Cash payout ratio: 432% Earnings have declined by 5.9% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.0% average weekly change). Market cap is less than US$100m (NT$1.08b market cap, or US$32.7m). Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: NT$2.25 (vs NT$2.44 in FY 2023) Full year 2024 results: EPS: NT$2.25 (down from NT$2.44 in FY 2023). Revenue: NT$270.4m (up 19% from FY 2023). Net income: NT$68.9m (down 8.0% from FY 2023). Profit margin: 26% (down from 33% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Mar 14
K WAY Information Corporation, Annual General Meeting, Jun 17, 2025 K WAY Information Corporation, Annual General Meeting, Jun 17, 2025, at 09:00 Taipei Standard Time. Location: 2 floor no,29 ln.11, kuang fu n. rd., songshan district, taipei city Taiwan Declared Dividend • Mar 14
Dividend reduced to NT$1.35 Dividend of NT$1.35 is 10.0% lower than last year. Ex-date: 27th March 2025 Payment date: 24th April 2025 Dividend yield will be 3.9%, which is higher than the industry average of 3.6%. Sustainability & Growth Dividend is not covered by earnings (141% earnings payout ratio) nor is it covered by cash flows (198% cash payout ratio). The dividend has increased by an average of 4.1% 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 grow by 56% to bring the payout ratio under control. However, EPS has declined by 4.0% over the last 5 years so the company would need to reverse this trend. Announcement • Mar 13
K WAY Information Corporation announces Annual dividend, payable on April 24, 2025 K WAY Information Corporation announced Annual dividend of TWD 1.3500 per share payable on April 24, 2025, ex-date on March 27, 2025 and record date on March 28, 2025. Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$33.95, the stock trades at a trailing P/E ratio of 31.8x. Average trailing P/E is 23x in the IT industry in Taiwan. Total returns to shareholders of 37% over the past three years. Reported Earnings • Nov 18
Third quarter 2024 earnings released: NT$0.20 loss per share (vs NT$0.29 profit in 3Q 2023) Third quarter 2024 results: NT$0.20 loss per share (down from NT$0.29 profit in 3Q 2023). Revenue: NT$49.2m (down 25% from 3Q 2023). Net loss: NT$6.03m (down 168% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 10% 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 18
Second quarter 2024 earnings released: EPS: NT$0.72 (vs NT$0.69 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.72 (up from NT$0.69 in 2Q 2023). Revenue: NT$49.9m (down 13% from 2Q 2023). Net income: NT$22.2m (up 4.4% from 2Q 2023). Profit margin: 44% (up from 37% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Jul 01
Now 19% overvalued Over the last 90 days, the stock has fallen 20% to NT$27.85. The fair value is estimated to be NT$23.33, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Buy Or Sell Opportunity • Jun 26
Now 21% overvalued Over the last 90 days, the stock has fallen 23% to NT$28.20. The fair value is estimated to be NT$23.35, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.32 (vs NT$1.24 in 1Q 2023) First quarter 2024 results: EPS: NT$0.32 (down from NT$1.24 in 1Q 2023). Revenue: NT$103.3m (up 97% from 1Q 2023). Net income: NT$9.86m (down 74% from 1Q 2023). Profit margin: 9.5% (down from 72% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 25
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 01 April 2024. Payment date: 29 April 2024. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 4.0%. Lower than top quartile of Taiwanese dividend payers (4.7%). Higher than average of industry peers (3.6%). Reported Earnings • Mar 21
Full year 2023 earnings released: EPS: NT$2.44 (vs NT$0.56 in FY 2022) Full year 2023 results: EPS: NT$2.44 (up from NT$0.56 in FY 2022). Revenue: NT$227.4m (flat on FY 2022). Net income: NT$74.9m (up 334% from FY 2022). Profit margin: 33% (up from 7.6% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 1% per year. Announcement • Mar 19
K WAY Information Corporation, Annual General Meeting, Jun 14, 2024 K WAY Information Corporation, Annual General Meeting, Jun 14, 2024. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$35.00, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 20x in the IT industry in Taiwan. Total returns to shareholders of 13% over the past three years. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: NT$0.69 (vs NT$0.087 loss in 2Q 2022) Second quarter 2023 results: EPS: NT$0.69 (up from NT$0.087 loss in 2Q 2022). Revenue: NT$57.4m (down 4.4% from 2Q 2022). Net income: NT$21.2m (up NT$23.9m from 2Q 2022). Profit margin: 37% (up from net loss in 2Q 2022). The move to profitability 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 only fallen by 2% per year, which means it has not declined as severely as earnings. New Risk • Jul 20
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 263% 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 Share price has been volatile over the past 3 months (6.8% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (NT$1.01b market cap, or US$32.4m). New Risk • Jun 16
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: 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$1.13b market cap, or US$36.7m). Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$36.70, the stock trades at a trailing P/E ratio of 20.8x. Average trailing P/E is 22x in the IT industry in Taiwan. Total returns to shareholders of 35% over the past three years. Upcoming Dividend • Apr 06
Upcoming dividend of NT$0.45 per share at 1.7% yield Eligible shareholders must have bought the stock before 13 April 2023. Payment date: 12 May 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 1.7%. Lower than top quartile of Taiwanese dividend payers (5.9%). Lower than average of industry peers (4.7%). Reported Earnings • Mar 31
Full year 2022 earnings released: EPS: NT$0.56 (vs NT$1.56 in FY 2021) Full year 2022 results: EPS: NT$0.56 (down from NT$1.56 in FY 2021). Revenue: NT$227.4m (up 1.0% from FY 2021). Net income: NT$17.2m (down 64% from FY 2021). Profit margin: 7.6% (down from 21% in FY 2021). 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 3% per year, which means it is well ahead of earnings. Reported Earnings • Nov 10
Third quarter 2022 earnings released: EPS: NT$0.32 (vs NT$0.36 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.32 (down from NT$0.36 in 3Q 2021). Revenue: NT$69.2m (up 21% from 3Q 2021). Net income: NT$9.91m (down 11% from 3Q 2021). Profit margin: 14% (down from 19% in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • Aug 15
Second quarter 2022 earnings released: NT$0.09 loss per share (vs NT$0.074 loss in 2Q 2021) Second quarter 2022 results: NT$0.09 loss per share (down from NT$0.074 loss in 2Q 2021). Revenue: NT$60.1m (up 21% from 2Q 2021). Net loss: NT$2.67m (loss widened 18% from 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has increased by 1% per year. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.03 (vs NT$0.57 in 1Q 2021) First quarter 2022 results: EPS: NT$0.03 (down from NT$0.57 in 1Q 2021). Revenue: NT$50.8m (down 4.1% from 1Q 2021). Net income: NT$1.06m (down 94% from 1Q 2021). Profit margin: 2.1% (down from 33% in 1Q 2021). 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 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 24
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 31 March 2022. Payment date: 28 April 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 8.9%. Within top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (3.9%). Reported Earnings • Mar 19
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$1.56 (down from NT$3.10 in FY 2020). Revenue: NT$225.2m (down 27% from FY 2020). Net income: NT$48.0m (down 50% from FY 2020). Profit margin: 21% (down from 31% in FY 2020). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS NT$0.36 (vs NT$0.42 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$57.4m (down 5.8% from 3Q 2020). Net income: NT$11.1m (down 13% from 3Q 2020). Profit margin: 19% (down from 21% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Jun 17
Upcoming dividend of NT$2.80 per share Eligible shareholders must have bought the stock before 24 June 2021. Payment date: 22 July 2021. Trailing yield: 8.4%. Within top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (3.4%). Reported Earnings • May 06
First quarter 2021 earnings released: EPS NT$0.57 (vs NT$0.67 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and revenues, although profit margins were improved. First quarter 2021 results: Revenue: NT$53.0m (down 43% from 1Q 2020). Net income: NT$17.5m (down 14% from 1Q 2020). Profit margin: 33% (up from 22% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 25
Full year 2020 earnings released: EPS NT$3.10 (vs NT$1.34 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$309.9m (up 54% from FY 2019). Net income: NT$95.1m (up 132% from FY 2019). Profit margin: 31% (up from 20% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Mar 05
New 90-day high: NT$34.70 The company is up 3.0% from its price of NT$33.80 on 04 December 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 5.0% over the same period. Is New 90 Day High Low • Feb 04
New 90-day low: NT$31.35 The company is down 8.0% from its price of NT$34.10 on 06 November 2020. The Taiwanese market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 4.0% over the same period. Is New 90 Day High Low • Jan 18
New 90-day low: NT$32.25 The company is down 5.0% from its price of NT$33.80 on 21 October 2020. The Taiwanese market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 5.0% over the same period. Is New 90 Day High Low • Dec 24
New 90-day low: NT$33.45 The company is down 1.0% from its price of NT$33.75 on 25 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 7.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.42 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: NT$60.9m (up 33% from 3Q 2019). Net income: NT$12.8m (up 1.2% from 3Q 2019). Profit margin: 21% (down from 28% in 3Q 2019). The decrease in margin was driven by higher expenses. 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 21% per year, which means it is significantly lagging earnings growth. 
