Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$34.80, the stock trades at a trailing P/E ratio of 27.5x. Average trailing P/E is 16x in the IT industry in Taiwan. Total returns to shareholders of 5.5% over the past three years. Reported Earnings • May 13
First quarter 2026 earnings released: EPS: NT$0.074 (vs NT$0.17 in 1Q 2025) First quarter 2026 results: EPS: NT$0.074 (down from NT$0.17 in 1Q 2025). Revenue: NT$119.5m (down 30% from 1Q 2025). Net income: NT$3.44m (down 57% from 1Q 2025). Profit margin: 2.9% (down from 4.7% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 9% per year, which means it is performing significantly worse than earnings. Reported Earnings • Mar 15
Full year 2025 earnings released: EPS: NT$1.36 (vs NT$1.54 in FY 2024) Full year 2025 results: EPS: NT$1.36 (down from NT$1.54 in FY 2024). Revenue: NT$903.9m (up 20% from FY 2024). Net income: NT$63.5m (down 12% from FY 2024). Profit margin: 7.0% (down from 9.5% 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 4% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Mar 14
Dividend reduced to NT$1.23 Dividend of NT$1.23 is 11% lower than last year. Ex-date: 1st April 2026 Payment date: 4th May 2026 Dividend yield will be 3.4%, which is about the same as the industry average. Sustainability & Growth Dividend is not covered by earnings (130% earnings payout ratio) and 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 12% 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 44% to bring the payout ratio under control. However, EPS has declined by 1.6% over the last 5 years so the company would need to reverse this trend. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$37.20, the stock trades at a trailing P/E ratio of 35.1x. Average trailing P/E is 17x in the IT industry in Taiwan. Total returns to shareholders of 163% over the past three years. Reported Earnings • Nov 11
Third quarter 2025 earnings released: EPS: NT$0.27 (vs NT$0.62 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.27 (down from NT$0.62 in 3Q 2024). Revenue: NT$224.8m (flat on 3Q 2024). Net income: NT$12.3m (down 57% from 3Q 2024). Profit margin: 5.5% (down from 13% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Oct 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Ho Hung-Jung was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Aug 21
High number of new directors Independent Director Wei-Wei Lin was the last director to join the board, commencing their role in 2025. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$59.40, the stock trades at a trailing P/E ratio of 42x. Average trailing P/E is 21x in the IT industry in Taiwan. Total returns to shareholders of 395% over the past three years. Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: NT$0.28 (vs NT$0.33 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.28 (down from NT$0.33 in 2Q 2024). Revenue: NT$187.5m (up 42% from 2Q 2024). Net income: NT$13.2m (down 14% from 2Q 2024). Profit margin: 7.0% (down from 12% 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 12% per year but the company’s share price has increased by 54% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 29
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$59.20, the stock trades at a trailing P/E ratio of 40.6x. Average trailing P/E is 20x in the IT industry in Taiwan. Total returns to shareholders of 372% over the past three years. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$0.17 (vs NT$0.26 in 1Q 2024) First quarter 2025 results: EPS: NT$0.17 (down from NT$0.26 in 1Q 2024). Revenue: NT$170.7m (down 1.4% from 1Q 2024). Net income: NT$7.98m (down 33% from 1Q 2024). Profit margin: 4.7% (down from 6.9% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 73% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$73.10, the stock trades at a trailing P/E ratio of 47.3x. Average trailing P/E is 22x in the IT industry in Taiwan. Total returns to shareholders of 496% 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$54.00, the stock trades at a trailing P/E ratio of 35x. Average trailing P/E is 18x in the IT industry in Taiwan. Total returns to shareholders of 343% over the past three years. Upcoming Dividend • Mar 28
Upcoming dividend of NT$1.38 per share Eligible shareholders must have bought the stock before 01 April 2025. Payment date: 05 May 2025. Payout ratio is on the higher end at 76%, and the cash payout ratio is above 100%. Trailing yield: 2.5%. Lower than top quartile of Taiwanese dividend payers (4.7%). Lower than average of industry peers (3.5%). Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$46.45, the stock trades at a trailing P/E ratio of 29.5x. Average trailing P/E is 22x in the IT industry in Taiwan. Total returns to shareholders of 239% over the past three years. Declared Dividend • Mar 14
Dividend increased to NT$1.38 Dividend of NT$1.38 is 15% higher than last year. Ex-date: 1st April 2025 Payment date: 5th May 2025 Dividend yield will be 3.5%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (76% earnings payout ratio) and cash flows (75% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 17% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$35.45, the stock trades at a trailing P/E ratio of 22.5x. Average trailing P/E is 23x in the IT industry in Taiwan. Total returns to shareholders of 197% over the past three years. Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$30.55, the stock trades at a trailing P/E ratio of 19.4x. Average trailing P/E is 22x in the IT industry in Taiwan. Total returns to shareholders of 137% over the past three years. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$29.65, the stock trades at a trailing P/E ratio of 18.8x. Average trailing P/E is 21x in the IT industry in Taiwan. Total returns to shareholders of 131% over the past three years. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.61 (vs NT$0.39 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.61 (up from NT$0.39 in 3Q 2023). Revenue: NT$225.7m (up 31% from 3Q 2023). Net income: NT$28.7m (up 59% from 3Q 2023). Profit margin: 13% (up from 11% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 21% per year. New Risk • Sep 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 7.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.7% average weekly change). Market cap is less than US$100m (NT$1.41b market cap, or US$44.1m). Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$27.35, the stock trades at a trailing P/E ratio of 20.3x. Average trailing P/E is 18x in the IT industry in Taiwan. Total returns to shareholders of 133% over the past three years. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.33 (vs NT$0.77 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.33 (down from NT$0.77 in 2Q 2023). Revenue: NT$132.5m (down 60% from 2Q 2023). Net income: NT$15.3m (down 57% from 2Q 2023). Profit margin: 12% (in line with 2Q 2023). Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 22% per year. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$21.15, the stock trades at a trailing P/E ratio of 11.9x. Average trailing P/E is 18x in the IT industry in Taiwan. Total returns to shareholders of 80% over the past three years. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.26 (vs NT$0.12 in 1Q 2023) First quarter 2024 results: EPS: NT$0.26 (up from NT$0.12 in 1Q 2023). Revenue: NT$173.2m (up 8.2% from 1Q 2023). Net income: NT$12.0m (up 127% from 1Q 2023). Profit margin: 6.9% (up from 3.3% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 12
Azion Corporation, Annual General Meeting, Jun 27, 2024 Azion Corporation, Annual General Meeting, Jun 27, 2024. Reported Earnings • Mar 31
Full year 2023 earnings released: EPS: NT$1.64 (vs NT$0.83 in FY 2022) Full year 2023 results: EPS: NT$1.64 (up from NT$0.83 in FY 2022). Revenue: NT$885.0m (up 75% from FY 2022). Net income: NT$76.0m (up 101% from FY 2022). Profit margin: 8.6% (up from 7.5% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 22% per year. Upcoming Dividend • Mar 26
Upcoming dividend of NT$1.20 per share Eligible shareholders must have bought the stock before 02 April 2024. Payment date: 02 May 2024. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of Taiwanese dividend payers (4.7%). In line with average of industry peers (3.6%). Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$39.25, the stock trades at a trailing P/E ratio of 22.1x. Average trailing P/E is 20x in the IT industry in Taiwan. Total returns to shareholders of 173% over the past three years. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: NT$0.39 (vs NT$0.078 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.39 (up from NT$0.078 in 3Q 2022). Revenue: NT$172.0m (up 64% from 3Q 2022). Net income: NT$18.1m (up 404% from 3Q 2022). Profit margin: 11% (up from 3.4% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$35.55, the stock trades at a trailing P/E ratio of 24.3x. Average trailing P/E is 20x in the IT industry in Taiwan. Total returns to shareholders of 148% over the past three years. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: NT$0.76 (vs NT$0.11 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.76 (up from NT$0.11 in 2Q 2022). Revenue: NT$327.5m (up 231% from 2Q 2022). Net income: NT$35.3m (up NT$30.4m from 2Q 2022). Profit margin: 11% (up from 4.9% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$44.75, the stock trades at a trailing P/E ratio of 55.3x. Average trailing P/E is 24x in the IT industry in Taiwan. Total returns to shareholders of 411% over the past three years. New Risk • Jul 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.1% 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 Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 4.7% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (6.7% net profit margin). Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Market cap is less than US$100m (NT$1.90b market cap, or US$60.7m). Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$39.00, the stock trades at a trailing P/E ratio of 47.2x. Average trailing P/E is 23x in the IT industry in Taiwan. Total returns to shareholders of 355% over the past three years. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$42.20, the stock trades at a trailing P/E ratio of 51.1x. Average trailing P/E is 22x in the IT industry in Taiwan. Total returns to shareholders of 397% over the past three years. Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$33.35, the stock trades at a trailing P/E ratio of 40.2x. Average trailing P/E is 20x in the IT industry in Taiwan. Total returns to shareholders of 303% over the past three years. Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$24.55, the stock trades at a trailing P/E ratio of 26.1x. Average trailing P/E is 20x in the IT industry in Taiwan. Total returns to shareholders of 226% over the past three years. Upcoming Dividend • Mar 31
Upcoming dividend of NT$0.75 per share at 3.7% yield Eligible shareholders must have bought the stock before 07 April 2023. Payment date: 08 May 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.7%. Lower than top quartile of Taiwanese dividend payers (5.9%). Lower than average of industry peers (4.7%). Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$18.65, the stock trades at a trailing P/E ratio of 19.8x. Average trailing P/E is 19x in the IT industry in Taiwan. Total returns to shareholders of 195% over the past three years. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$15.20, the stock trades at a trailing P/E ratio of 16.1x. Average trailing P/E is 16x in the IT industry in Taiwan. Total returns to shareholders of 89% over the past three years. 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. 6 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Shen-Te Feng was the last independent director to join the board, commencing their role in 2022. 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 • Nov 12
Third quarter 2022 earnings released: EPS: NT$0.08 (vs NT$0.54 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.08 (down from NT$0.54 in 3Q 2021). Revenue: NT$105.1m (down 33% from 3Q 2021). Net income: NT$3.58m (down 85% from 3Q 2021). Profit margin: 3.4% (down from 16% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improved over the past week After last week's 15% share price gain to NT$13.00, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 13x in the IT industry in Taiwan. Total returns to shareholders of 33% over the past three years. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.11 (vs NT$0.21 loss in 2Q 2021) Second quarter 2022 results: EPS: NT$0.11 (up from NT$0.21 loss in 2Q 2021). Revenue: NT$99.1m (up 66% from 2Q 2021). Net income: NT$4.90m (up NT$14.5m from 2Q 2021). Profit margin: 4.9% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.12 (vs NT$0.016 in 1Q 2021) First quarter 2022 results: EPS: NT$0.12 (up from NT$0.016 in 1Q 2021). Revenue: NT$100.4m (down 42% from 1Q 2021). Net income: NT$5.47m (up NT$4.74m from 1Q 2021). Profit margin: 5.4% (up from 0.4% in 1Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 5% per year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. 2 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Apr 02
Azion Corporation, Annual General Meeting, Jun 28, 2022 Azion Corporation, Annual General Meeting, Jun 28, 2022. Upcoming Dividend • Mar 31
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 07 April 2022. Payment date: 09 May 2022. Payout ratio is on the higher end at 89%, however this is supported by cash flows. Trailing yield: 6.4%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (4.0%). Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.53 (vs NT$0.46 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: NT$157.5m (down 45% from 3Q 2020). Net income: NT$24.5m (up 19% from 3Q 2020). Profit margin: 16% (up from 7.2% in 3Q 2020). The increase in margin 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 5% per year, which means it is well ahead of earnings. Reported Earnings • Aug 18
Second quarter 2021 earnings released: NT$0.21 loss per share (vs NT$0.33 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: NT$59.8m (down 66% from 2Q 2020). Net loss: NT$9.60m (down 165% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • May 17
First quarter 2021 earnings released: EPS NT$0.02 (vs NT$0.11 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: NT$172.3m (up 8.1% from 1Q 2020). Net income: NT$727.0k (down 85% from 1Q 2020). Profit margin: 0.4% (down from 3.1% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$13.20, the stock trades at a trailing P/E ratio of 11.9x. Average trailing P/E is 14x in the IT industry in Taiwan. Total returns to shareholders of 182% over the past three years. Upcoming Dividend • Mar 30
Upcoming dividend of NT$0.81 per share Eligible shareholders must have bought the stock before 06 April 2021. Payment date: 10 May 2021. Trailing yield: 1.8%. Lower than top quartile of Taiwanese dividend payers (4.8%). Lower than average of industry peers (3.8%). Reported Earnings • Mar 27
Full year 2020 earnings released: EPS NT$1.11 (vs NT$0.60 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$738.0m (up 4.4% from FY 2019). Net income: NT$49.8m (up 82% from FY 2019). Profit margin: 6.7% (up from 3.9% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improved over the past week After last week's 16% share price gain to NT$17.45, the stock trades at a trailing P/E ratio of 15.2x. Average trailing P/E is 15x in the IT industry in Taiwan. Total returns to shareholders of 278% over the past three years. Is New 90 Day High Low • Feb 01
New 90-day low: NT$13.10 The company is down 29% from its price of NT$18.55 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 IT industry, which is up 4.0% over the same period. Is New 90 Day High Low • Jan 12
New 90-day low: NT$14.20 The company is down 20% from its price of NT$17.80 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 IT industry, which is up 6.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.46 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$287.3m (up 114% from 3Q 2019). Net income: NT$20.7m (up 171% from 3Q 2019). Profit margin: 7.2% (up from 5.7% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 12
Market pulls back on stock over the past week After last week's 18% share price decline to NT$15.25, the stock is trading at a trailing P/E ratio of 17.8x, down from the previous P/E ratio of 21.6x. This compares to an average P/E of 15x in the IT industry in Taiwan. Total returns to shareholders over the past three years are 352%. Valuation Update With 7 Day Price Move • Nov 06
Market pulls back on stock over the past week After last week's 17% share price decline to NT$16.75, the stock is trading at a trailing P/E ratio of 19.5x, down from the previous P/E ratio of 23.4x. This compares to an average P/E of 15x in the IT industry in Taiwan. Total returns to shareholders over the past three years are 359%. Valuation Update With 7 Day Price Move • Oct 23
Market bids up stock over the past week After last week's 23% share price gain to NT$20.60, the stock is trading at a trailing P/E ratio of 24x, up from the previous P/E ratio of 19.5x. This compares to an average P/E of 15x in the IT industry in Taiwan. Total returns to shareholders over the past three years are 456%. Valuation Update With 7 Day Price Move • Oct 21
Market bids up stock over the past week After last week's 22% share price gain to NT$20.20, the stock is trading at a trailing P/E ratio of 23.6x, up from the previous P/E ratio of 19.4x. This compares to an average P/E of 14x in the IT industry in Taiwan. Total returns to shareholders over the past three years are 454%. Is New 90 Day High Low • Oct 21
New 90-day high: NT$20.20 The company is up 94% from its price of NT$10.40 on 23 July 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is flat over the same period. Valuation Update With 7 Day Price Move • Oct 14
Market bids up stock over the past week After last week's 24% share price gain to NT$16.60, the stock is trading at a trailing P/E ratio of 19.4x, up from the previous P/E ratio of 15.6x. This compares to an average P/E of 14x in the IT industry in Taiwan. Total returns to shareholders over the past three years are 348%. Is New 90 Day High Low • Sep 21
New 90-day high: NT$17.95 The company is up 78% from its price of NT$10.10 on 23 June 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 5.0% over the same period.