Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$124, the stock trades at a trailing P/E ratio of 29.7x. Average trailing P/E is 25x in the Software industry in Taiwan. Total returns to shareholders of 13% over the past three years. Upcoming Dividend • Apr 10
Upcoming dividend of NT$3.50 per share Eligible shareholders must have bought the stock before 16 April 2026. Payment date: 15 May 2026. Payout ratio is on the higher end at 84%, and the cash payout ratio is above 100%. Trailing yield: 3.5%. Lower than top quartile of Taiwanese dividend payers (5.2%). In line with average of industry peers (3.2%). Declared Dividend • Mar 27
Dividend increased to NT$3.50 Dividend of NT$3.50 is 0.6% higher than last year. Ex-date: 16th April 2026 Payment date: 15th May 2026 Dividend yield will be 3.5%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (86% earnings payout ratio) but not covered by cash flows (176% cash payout ratio). The dividend has increased by an average of 2.0% per year over the past 5 years and payments have been stable during that time. Earnings per share has grown by 2.6% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 18
Full year 2025 earnings released: EPS: NT$4.16 (vs NT$4.17 in FY 2024) Full year 2025 results: EPS: NT$4.16 (down from NT$4.17 in FY 2024). Revenue: NT$805.6m (up 19% from FY 2024). Net income: NT$86.8m (flat on FY 2024). Profit margin: 11% (down from 13% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Mar 16
Taiwan Auto-Design Co., Annual General Meeting, Jun 18, 2026 Taiwan Auto-Design Co., Annual General Meeting, Jun 18, 2026. Location: 2 floor no,1, sec.3 chung hsiao e. rd., da-an district, taipei city Taiwan New Risk • Nov 13
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 31% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.7% average weekly change). High level of non-cash earnings (31% accrual ratio). Minor Risks Dividend is not well covered by cash flows (285% cash payout ratio). Market cap is less than US$100m (NT$2.21b market cap, or US$71.1m). Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: NT$1.29 (vs NT$1.20 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.29 (up from NT$1.20 in 3Q 2024). Revenue: NT$215.3m (up 17% from 3Q 2024). Net income: NT$26.8m (up 6.9% from 3Q 2024). Profit margin: 13% (down from 14% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% 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 • Aug 29
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$153, the stock trades at a trailing P/E ratio of 38.5x. Average trailing P/E is 36x in the Software industry in Taiwan. Total returns to shareholders of 162% over the past three years. 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 6.1% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 91% Cash payout ratio: 109% Minor Risks Share price has been volatile over the past 3 months (6.1% average weekly change). Market cap is less than US$100m (NT$2.77b market cap, or US$92.2m). Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$126, the stock trades at a trailing P/E ratio of 31.6x. Average trailing P/E is 30x in the Software industry in Taiwan. Total returns to shareholders of 144% over the past three years. Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: NT$1.16 (vs NT$1.02 in 2Q 2024) Second quarter 2025 results: EPS: NT$1.16 (up from NT$1.02 in 2Q 2024). Revenue: NT$184.1m (up 18% from 2Q 2024). Net income: NT$24.2m (up 14% from 2Q 2024). Profit margin: 13% (in line with 2Q 2024). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Aug 05
Now 21% overvalued Over the last 90 days, the stock has fallen 8.0% to NT$103. The fair value is estimated to be NT$85.05, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years, while earnings per share has been flat. Buy Or Sell Opportunity • Jul 18
Now 22% overvalued Over the last 90 days, the stock has fallen 5.5% to NT$104. The fair value is estimated to be NT$85.03, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years, while earnings per share has been flat. Buy Or Sell Opportunity • Jun 24
Now 21% overvalued Over the last 90 days, the stock has fallen 29% to NT$104. The fair value is estimated to be NT$85.93, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years, while earnings per share has been flat. Buy Or Sell Opportunity • Jun 03
Now 20% overvalued Over the last 90 days, the stock has fallen 23% to NT$103. The fair value is estimated to be NT$85.65, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years, while earnings per share has been flat. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: NT$0.92 (vs NT$1.25 in 1Q 2024) First quarter 2025 results: EPS: NT$0.92 (down from NT$1.25 in 1Q 2024). Revenue: NT$181.2m (up 24% from 1Q 2024). Net income: NT$19.1m (down 26% from 1Q 2024). Profit margin: 11% (down from 18% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$117, the stock trades at a trailing P/E ratio of 28.1x. Average trailing P/E is 26x in the Software industry in Taiwan. Total returns to shareholders of 133% over the past three years. Upcoming Dividend • Apr 14
Upcoming dividend of NT$3.48 per share Eligible shareholders must have bought the stock before 18 April 2025. Payment date: 14 May 2025. Payout ratio is on the higher end at 84%, and the cash payout ratio is above 100%. Trailing yield: 3.3%. Lower than top quartile of Taiwanese dividend payers (5.6%). Higher than average of industry peers (2.8%). Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$121, the stock trades at a trailing P/E ratio of 29.1x. Average trailing P/E is 22x in the Software industry in Taiwan. Total returns to shareholders of 134% over the past three years. Declared Dividend • Mar 31
Dividend increased to NT$3.48 Dividend of NT$3.48 is 0.3% higher than last year. Ex-date: 18th April 2025 Payment date: 14th May 2025 Dividend yield will be 2.9%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (78% earnings payout ratio) but not covered by cash flows (105% cash payout ratio). The dividend has increased by an average of 2.4% per year over the past 4 years and payments have been stable during that time. Earnings per share has grown by 14% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: NT$4.16 (vs NT$3.87 in FY 2023) Full year 2024 results: EPS: NT$4.16 (up from NT$3.87 in FY 2023). Revenue: NT$675.5m (up 12% from FY 2023). Net income: NT$86.8m (up 7.7% from FY 2023). Profit margin: 13% (in line with FY 2023). 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 33% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 17
Taiwan Auto-Design Co., Annual General Meeting, Jun 20, 2025 Taiwan Auto-Design Co., Annual General Meeting, Jun 20, 2025. Location: 2 floor no,1, sec.3 chung hsiao e. rd., da-an district, taipei city Taiwan Valuation Update With 7 Day Price Move • Jan 03
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$153, the stock trades at a trailing P/E ratio of 34.5x. Average trailing P/E is 22x in the Software industry in Taiwan. Total returns to shareholders of 181% over the past three years. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to NT$158, the stock trades at a trailing P/E ratio of 35.7x. Average trailing P/E is 22x in the Software industry in Taiwan. Total returns to shareholders of 190% over the past three years. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$1.20 (vs NT$0.99 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.20 (up from NT$0.99 in 3Q 2023). Revenue: NT$183.4m (up 16% from 3Q 2023). Net income: NT$25.1m (up 22% from 3Q 2023). Profit margin: 14% (in line with 3Q 2023). 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 25% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment deteriorates as stock falls 27% After last week's 27% share price decline to NT$123, the stock trades at a trailing P/E ratio of 29.1x. Average trailing P/E is 24x in the Software industry in Taiwan. Total returns to shareholders of 130% over the past three years. Valuation Update With 7 Day Price Move • Oct 23
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$112, the stock trades at a trailing P/E ratio of 26.5x. Average trailing P/E is 23x in the Software industry in Taiwan. Total returns to shareholders of 90% over the past three years. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$1.03 (vs NT$0.99 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.03 (up from NT$0.99 in 2Q 2023). Revenue: NT$155.7m (up 13% from 2Q 2023). Net income: NT$21.3m (up 2.9% from 2Q 2023). Profit margin: 14% (down from 15% in 2Q 2023). The decrease in margin was driven by higher expenses. 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 10% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Aug 07
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 6.2% to NT$86.00. The fair value is estimated to be NT$69.65, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 3.6%. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$100.00, the stock trades at a trailing P/E ratio of 23.9x. Average trailing P/E is 26x in the Software industry in Taiwan. Total returns to shareholders of 59% over the past three years. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$1.24 (vs NT$0.93 in 1Q 2023) First quarter 2024 results: EPS: NT$1.24 (up from NT$0.93 in 1Q 2023). Revenue: NT$146.6m (up 14% from 1Q 2023). Net income: NT$25.9m (up 35% from 1Q 2023). Profit margin: 18% (up from 15% 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 4% per year and the company’s share price has also increased by 4% per year. Upcoming Dividend • Apr 12
Upcoming dividend of NT$3.47 per share Eligible shareholders must have bought the stock before 19 April 2024. Payment date: 15 May 2024. Payout ratio is on the higher end at 90%, and the cash payout ratio is above 100%. Trailing yield: 4.0%. Lower than top quartile of Taiwanese dividend payers (4.5%). Higher than average of industry peers (2.4%). Announcement • Mar 31
Taiwan Auto-Design Co., Annual General Meeting, Jun 21, 2024 Taiwan Auto-Design Co., Annual General Meeting, Jun 21, 2024. Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: NT$3.87 (vs NT$3.87 in FY 2022) Full year 2023 results: EPS: NT$3.87 (up from NT$3.87 in FY 2022). Revenue: NT$602.3m (up 13% from FY 2022). Net income: NT$80.6m (up 11% from FY 2022). Profit margin: 13% (in line with FY 2022). Valuation Update With 7 Day Price Move • Nov 23
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$95.60, the stock trades at a trailing P/E ratio of 24x. Average trailing P/E is 34x in the Software industry in Taiwan. Total returns to shareholders of 105% over the past year. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: NT$0.99 (vs NT$1.15 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.99 (down from NT$1.15 in 3Q 2022). Revenue: NT$158.7m (up 11% from 3Q 2022). Net income: NT$20.6m (down 2.3% from 3Q 2022). Profit margin: 13% (down from 15% in 3Q 2022). The decrease in margin was driven by higher expenses. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: NT$1.00 (vs NT$0.92 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.00 (up from NT$0.92 in 2Q 2022). Revenue: NT$137.8m (up 14% from 2Q 2022). Net income: NT$20.7m (up 22% from 2Q 2022). Profit margin: 15% (in line with 2Q 2022). Upcoming Dividend • Jul 03
Upcoming dividend of NT$3.18 per share at 2.7% yield Eligible shareholders must have bought the stock before 10 July 2023. Payment date: 31 July 2023. Payout ratio and cash payout ratio are on the higher end at 77% and 97% respectively. Trailing yield: 2.7%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (2.4%). Valuation Update With 7 Day Price Move • May 25
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$117, the stock trades at a trailing P/E ratio of 33.7x. Average trailing P/E is 30x in the Software industry in Taiwan. Total returns to shareholders of 102% over the past year. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$144, the stock trades at a trailing P/E ratio of 41.4x. Average trailing P/E is 23x in the Software industry in Taiwan. Total returns to shareholders of 150% over the past year. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$96.80, the stock trades at a trailing P/E ratio of 27.9x. Average trailing P/E is 18x in the Software industry in Taiwan. Total returns to shareholders of 66% over the past year. Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: NT$3.87 (vs NT$3.85 in FY 2021) Full year 2022 results: EPS: NT$3.87 (up from NT$3.85 in FY 2021). Revenue: NT$535.6m (up 14% from FY 2021). Net income: NT$72.5m (up 2.3% from FY 2021). Profit margin: 14% (down from 15% in FY 2021). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$91.60, the stock trades at a trailing P/E ratio of 27.1x. Average trailing P/E is 18x in the Software industry in Taiwan. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$65.50, the stock trades at a trailing P/E ratio of 19.4x. Average trailing P/E is 15x in the Software industry in Taiwan. Total returns to shareholders of 18% over the past year. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment improved over the past week After last week's 18% share price gain to NT$67.00, the stock trades at a trailing P/E ratio of 16x. Average trailing P/E is 16x in the Software industry in Taiwan. Total returns to shareholders of 11% over the past year. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.93 (vs NT$0.76 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.93 (up from NT$0.76 in 2Q 2021). Revenue: NT$121.0m (up 43% from 2Q 2021). Net income: NT$17.0m (up 21% from 2Q 2021). Profit margin: 14% (down from 17% in 2Q 2021). The decrease in margin was driven by higher expenses. Upcoming Dividend • Jun 20
Upcoming dividend of NT$3.46 per share Eligible shareholders must have bought the stock before 27 June 2022. Payment date: 19 July 2022. Payout ratio is on the higher end at 86%, however this is supported by cash flows. Trailing yield: 5.8%. Lower than top quartile of Taiwanese dividend payers (6.2%). Higher than average of industry peers (2.9%). Reported Earnings • Jun 15
First quarter 2022 earnings released: EPS: NT$0.64 (vs NT$0.47 in 1Q 2021) First quarter 2022 results: EPS: NT$0.64 (up from NT$0.47 in 1Q 2021). Revenue: NT$111.2m (up 30% from 1Q 2021). Net income: NT$11.8m (up 37% from 1Q 2021). Profit margin: 11% (in line with 1Q 2021). Reported Earnings • Apr 27
Full year 2021 earnings released: EPS: NT$3.85 (vs NT$3.66 in FY 2020) Full year 2021 results: EPS: NT$3.85 (up from NT$3.66 in FY 2020). Revenue: NT$471.8m (up 3.8% from FY 2020). Net income: NT$70.8m (up 9.6% from FY 2020). Profit margin: 15% (in line with FY 2020). Announcement • Feb 26
Taiwan Auto-Design Co., Annual General Meeting, Jun 09, 2022 Taiwan Auto-Design Co., Annual General Meeting, Jun 09, 2022.