Declared Dividend • Jul 02
Dividend increased to NT$1.65 Dividend of NT$1.65 is 175% higher than last year. Ex-date: 16th July 2026 Payment date: 14th August 2026 Dividend yield will be 3.7%, which is about the same as the industry average. Sustainability & Growth Dividend is not adequately covered by earnings (97% 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 3.9% 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 8.1% to bring the payout ratio under control. However, EPS has declined by 13% over the last 5 years so the company would need to reverse this trend. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$48.95, the stock trades at a trailing P/E ratio of 28.9x. Average trailing P/E is 18x in the IT industry in Taiwan. Total loss to shareholders of 23% over the past three years. New Risk • May 07
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 97% Paying a dividend despite having no free cash flows. Earnings have declined by 23% per year over the past 5 years. High level of non-cash earnings (21% accrual ratio). Reported Earnings • May 07
First quarter 2026 earnings released: EPS: NT$0.17 (vs NT$0.30 in 1Q 2025) First quarter 2026 results: EPS: NT$0.17 (down from NT$0.30 in 1Q 2025). Revenue: NT$6.02b (up 27% from 1Q 2025). Net income: NT$32.8m (down 41% from 1Q 2025). Profit margin: 0.5% (down from 1.2% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 50% 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. New Risk • Mar 21
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 91% Dividend yield: 3.4% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 23% per year over the past 5 years. Minor Risk Dividend is not well covered by earnings (91% payout ratio). Reported Earnings • Mar 05
Full year 2025 earnings released: EPS: NT$1.82 (vs NT$0.60 in FY 2024) Full year 2025 results: EPS: NT$1.82 (up from NT$0.60 in FY 2024). Revenue: NT$21.8b (up 19% from FY 2024). Net income: NT$342.7m (up 202% from FY 2024). Profit margin: 1.6% (up from 0.6% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Mar 05
Metaage Corporation, Annual General Meeting, May 26, 2026 Metaage Corporation, Annual General Meeting, May 26, 2026. Location: 3 floor no,168, ching yeh 4th rd., jhongshan district, taipei city Taiwan Reported Earnings • Oct 28
Third quarter 2025 earnings released: EPS: NT$0.77 (vs NT$0.22 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.77 (up from NT$0.22 in 3Q 2024). Revenue: NT$5.64b (up 31% from 3Q 2024). Net income: NT$145.9m (up 256% from 3Q 2024). Profit margin: 2.6% (up from 1.0% in 3Q 2024). 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 17% per year, which means it is well ahead of earnings. Reported Earnings • Jul 29
Second quarter 2025 earnings released: EPS: NT$0.13 (vs NT$0.005 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.13 (up from NT$0.005 in 2Q 2024). Revenue: NT$5.86b (up 33% from 2Q 2024). Net income: NT$25.1m (up NT$24.3m from 2Q 2024). Profit margin: 0.4% (up from 0% in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Declared Dividend • Jul 03
Dividend reduced to NT$0.60 Dividend of NT$0.60 is 78% lower than last year. Ex-date: 17th July 2025 Payment date: 13th August 2025 Dividend yield will be 1.1%, which is lower than the industry average of 3.6%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (13% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Announcement • Apr 23
Metaage Corporation to Report Q1, 2025 Results on Apr 28, 2025 Metaage Corporation announced that they will report Q1, 2025 results on Apr 28, 2025 Buy Or Sell Opportunity • Apr 09
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 34% to NT$35.75. The fair value is estimated to be NT$47.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has declined by 13%. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$48.10, the stock trades at a trailing P/E ratio of 79.8x. Average trailing P/E is 21x in the IT industry in Taiwan. Total returns to shareholders of 41% over the past three years. New Risk • Mar 04
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 45% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (9.5% average weekly change). Earnings have declined by 4.3% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.6% net profit margin). Reported Earnings • Mar 03
Full year 2024 earnings released: EPS: NT$0.60 (vs NT$3.15 in FY 2023) Full year 2024 results: EPS: NT$0.60 (down from NT$3.15 in FY 2023). Revenue: NT$18.4b (down 7.2% from FY 2023). Net income: NT$113.6m (down 81% from FY 2023). Profit margin: 0.6% (down from 3.0% in FY 2023). The decrease in margin was driven by lower revenue. 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 16% per year, which means it is well ahead of earnings. Announcement • Feb 27
Metaage Corporation, Annual General Meeting, May 27, 2025 Metaage Corporation, Annual General Meeting, May 27, 2025. Location: 3 floor no,168, ching yeh 4th rd., jhongshan district, taipei city Taiwan Announcement • Feb 19
Metaage Corporation to Report Fiscal Year 2024 Results on Feb 26, 2025 Metaage Corporation announced that they will report fiscal year 2024 results on Feb 26, 2025 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$67.70, the stock trades at a trailing P/E ratio of 41.4x. Average trailing P/E is 22x in the IT industry in Taiwan. Total returns to shareholders of 97% over the past three years. New Risk • Feb 03
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 8.0% 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 Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (8.0% average weekly change). Minor Risks Dividend is not well covered by earnings (168% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.7% net profit margin). Announcement • Jan 14
Metaage Corporation Announces Change in President On January 13, 2025, Metaage Corporation Announced Change in President. Name of the previous position holder: Joshua Tzeng. Resume of the previous position holder: Chairperson and President of Metaage Corporation. Name of the new position holder: Jason Shih. Resume of the new position holder: President of Product Center of Metaage Corporation. Reason for the change: New appointment. Effective date of the new appointment: February 1, 2025.
The Board of Directors approved the appointment of president of the company on January 13, 2025. Valuation Update With 7 Day Price Move • Jan 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$56.90, the stock trades at a trailing P/E ratio of 34.8x. Average trailing P/E is 21x in the IT industry in Taiwan. Total returns to shareholders of 70% over the past three years. New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. 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 (6.8% average weekly change). New Risk • Dec 09
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 Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Minor Risks Dividend is not well covered by earnings (168% payout ratio). Share price has been volatile over the past 3 months (6.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.7% net profit margin). Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$59.90, the stock trades at a trailing P/E ratio of 36.6x. Average trailing P/E is 21x in the IT industry in Taiwan. Total returns to shareholders of 77% over the past three years. Reported Earnings • Nov 06
Third quarter 2024 earnings released: EPS: NT$0.22 (vs NT$0.71 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.22 (down from NT$0.71 in 3Q 2023). Revenue: NT$4.30b (up 19% from 3Q 2023). Net income: NT$40.9m (down 70% from 3Q 2023). Profit margin: 1.0% (down from 3.7% in 3Q 2023). 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 6% per year, which means it is well ahead of earnings. Announcement • Oct 26
Metaage Corporation to Report Q3, 2024 Results on Nov 04, 2024 Metaage Corporation announced that they will report Q3, 2024 results on Nov 04, 2024 Reported Earnings • Aug 03
Second quarter 2024 earnings released: EPS: NT$0.005 (vs NT$0.87 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.005 (down from NT$0.87 in 2Q 2023). Revenue: NT$4.42b (up 24% from 2Q 2023). Net income: NT$870.0k (down 100% from 2Q 2023). Profit margin: 0% (down from 4.6% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Aug 01
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 2.9% to NT$60.00. The fair value is estimated to be NT$48.71, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years, while earnings per share has been flat. Announcement • Jul 25
Metaage Corporation to Report Q2, 2024 Results on Aug 01, 2024 Metaage Corporation announced that they will report Q2, 2024 results on Aug 01, 2024 Declared Dividend • Jul 03
Dividend increased to NT$2.75 Dividend of NT$2.75 is 38% higher than last year. Ex-date: 17th July 2024 Payment date: 13th August 2024 Dividend yield will be 4.0%, which is higher than the industry average of 3.6%. Sustainability & Growth Dividend is not adequately covered by earnings (92% earnings payout ratio) nor is it covered by cash flows (448% cash payout ratio). The dividend has increased by an average of 7.3% 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 2.0% to bring the payout ratio under control, which is less than the 3.4% EPS growth achieved over the last 5 years. Announcement • Jul 02
Metaage Corporation Approves Cash Dividend, Payable on August 13, 2024 Metaage Corporation approved cash dividends to common shareholders of TWD 517,982,674 by earnings distribution (TWD 2.75 per share). Date of the resolution by the board of directors or shareholders meeting or decision by the company is July 1, 2024. Ex-rights (ex-dividend) trading date is July 7, 2024. Ex-rights (ex-dividend) record date is July 23, 2024. Payment date of common stock cash dividend distribution is August 13, 2024. New Risk • May 21
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 4.9% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (4.9% operating cash flow to total debt). Minor Risk Dividend is not well covered by cash flows (448% cash payout ratio). Buy Or Sell Opportunity • May 16
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 20% to NT$58.40. The fair value is estimated to be NT$73.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years, while earnings per share has been flat. Reported Earnings • May 02
First quarter 2024 earnings released: EPS: NT$1.02 (vs NT$1.17 in 1Q 2023) First quarter 2024 results: EPS: NT$1.02 (down from NT$1.17 in 1Q 2023). Revenue: NT$4.75b (up 40% from 1Q 2023). Net income: NT$191.6m (down 13% from 1Q 2023). Profit margin: 4.0% (down from 6.5% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Announcement • Apr 25
Metaage Corporation to Report Q1, 2024 Results on Apr 30, 2024 Metaage Corporation announced that they will report Q1, 2024 results on Apr 30, 2024 Reported Earnings • Mar 05
Full year 2023 earnings released: EPS: NT$3.14 (vs NT$2.19 in FY 2022) Full year 2023 results: EPS: NT$3.14 (up from NT$2.19 in FY 2022). Revenue: NT$19.8b (up 64% from FY 2022). Net income: NT$586.6m (up 42% from FY 2022). Profit margin: 3.0% (down from 3.4% in FY 2022). The decrease in margin was driven by higher expenses. 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 15% per year, which means it is well ahead of earnings. Announcement • Mar 01
Metaage Corporation, Annual General Meeting, May 31, 2024 Metaage Corporation, Annual General Meeting, May 31, 2024. Location: 3F, No. 168, Jingye 4th Rd., Zhongshan Dist (Area C of Grand Victoria Hotel) Taipei City Taiwan Agenda: To consider Report of 2023 business; to consider Audit Committee's review report; to consider the 2023 Distribution of employees & board of directors' remuneration; to consider the 2023 Distribution of 2023 profits in cash dividends; to accept the 2023 Business Report and Financial Statements; to accept the proposal for distribution of 2023 profits; and to consider other matters. New Risk • Feb 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). 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 (5.9% average weekly change). New Risk • Dec 07
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 5.7% 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: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.7% average weekly change). 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$77.00, the stock trades at a trailing P/E ratio of 23.8x. Average trailing P/E is 19x in the IT industry in Taiwan. Total returns to shareholders of 108% over the past three years. Reported Earnings • Aug 02
Second quarter 2023 earnings released: EPS: NT$0.87 (vs NT$0.52 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.87 (up from NT$0.52 in 2Q 2022). Revenue: NT$3.57b (up 18% from 2Q 2022). Net income: NT$163.4m (up 68% from 2Q 2022). Profit margin: 4.6% (up from 3.2% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$78.10, the stock trades at a trailing P/E ratio of 26.9x. Average trailing P/E is 22x in the IT industry in Taiwan. Total returns to shareholders of 128% over the past three years. Upcoming Dividend • Jul 12
Upcoming dividend of NT$2.00 per share at 2.9% yield Eligible shareholders must have bought the stock before 19 July 2023. Payment date: 15 August 2023. Payout ratio is a comfortable 69% but the company is paying out more than the cash it is generating. Trailing yield: 2.9%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (3.8%). Announcement • Jul 04
Metaage Corporation Announces Dividend for the Year Ended December 31, 2022, Payable on August 15, 2023 Metaage Corporation announced cash dividend of TWD 376,714,672 by earnings distribution (TWD 2 per share). Payment date of cash dividend distribution is August 15, 2023. Ex-rights (ex-dividend) record date: July 25, 2023. Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$79.70, the stock trades at a trailing P/E ratio of 27.4x. Average trailing P/E is 23x in the IT industry in Taiwan. Total returns to shareholders of 104% over the past three years. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$70.10, the stock trades at a trailing P/E ratio of 32x. Average trailing P/E is 25x in the IT industry in Taiwan. Total returns to shareholders of 114% over the past three years. Valuation Update With 7 Day Price Move • May 02
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$53.00, the stock trades at a trailing P/E ratio of 24.2x. Average trailing P/E is 22x in the IT industry in Taiwan. Total returns to shareholders of 79% over the past three years. Reported Earnings • Feb 25
Full year 2022 earnings released: EPS: NT$2.19 (vs NT$3.07 in FY 2021) Full year 2022 results: EPS: NT$2.19 (down from NT$3.07 in FY 2021). Revenue: NT$12.1b (up 1.3% from FY 2021). Net income: NT$418.2m (down 28% from FY 2021). Profit margin: 3.5% (down from 4.8% in FY 2021). The decrease in margin was driven by higher expenses. 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 5% per year, which means it is well ahead of 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 not an independent director. The company's board is composed of: 1 new director. 7 experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Wen-Tsung Wang was the last independent director to join the board, commencing their role in 2019. 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 03
Third quarter 2022 earnings released: EPS: NT$0.73 (vs NT$0.71 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.73 (up from NT$0.71 in 3Q 2021). Revenue: NT$3.21b (up 1.4% from 3Q 2021). Net income: NT$138.3m (up 2.8% from 3Q 2021). Profit margin: 4.3% (in line with 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 2% per year and the company’s share price has also fallen by 2% per year. Reported Earnings • Aug 04
Second quarter 2022 earnings released: EPS: NT$0.52 (vs NT$0.48 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.52 (up from NT$0.48 in 2Q 2021). Revenue: NT$3.03b (up 10% from 2Q 2021). Net income: NT$97.4m (up 8.6% from 2Q 2021). Profit margin: 3.2% (down from 3.3% in 2Q 2021). Over the last 3 years on average, earnings per share has remained flat and the company’s share price has also remained flat. Upcoming Dividend • Jul 04
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 11 July 2022. Payment date: 05 August 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 6.9%. Within top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (5.1%). Buying Opportunity • May 09
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 8.0%. The fair value is estimated to be NT$47.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 4.0%. Reported Earnings • May 07
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: NT$0.45 (down from NT$1.18 in 1Q 2021). Revenue: NT$2.81b (down 6.1% from 1Q 2021). Net income: NT$85.1m (down 62% from 1Q 2021). Profit margin: 3.0% (down from 7.4% in 1Q 2021). Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) exceeded analyst estimates by 2.8%. 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. Board Change • Apr 27
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 7 new directors. 1 experienced director. No highly experienced directors. 3 independent directors (5 non-independent directors). Director Shu-Erh Kuo is the most experienced director on the board, commencing their role in 2016. Independent Director Wen-Tsung Wang was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Feb 28
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: NT$3.07 (up from NT$2.92 in FY 2020). Revenue: NT$12.0b (down 12% from FY 2020). Net income: NT$577.6m (up 5.2% from FY 2020). Profit margin: 4.8% (up from 4.1% in FY 2020). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) exceeded analyst estimates by 2.8%. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 9% per year. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$0.71 (vs NT$0.73 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2021 results: Revenue: NT$3.16b (down 7.5% from 3Q 2020). Net income: NT$134.5m (down 2.4% from 3Q 2020). Profit margin: 4.3% (up from 4.0% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$0.48 (vs NT$0.85 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$2.75b (down 28% from 2Q 2020). Net income: NT$89.7m (down 44% from 2Q 2020). Profit margin: 3.3% (down from 4.2% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 12% per year. Upcoming Dividend • Jul 22
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 29 July 2021. Payment date: 17 August 2021. Trailing yield: 5.8%. Within top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (3.2%). Reported Earnings • May 07
First quarter 2021 earnings released: EPS NT$1.18 (vs NT$0.63 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: NT$2.99b (down 7.4% from 1Q 2020). Net income: NT$223.0m (up 88% from 1Q 2020). Profit margin: 7.4% (up from 3.7% in 1Q 2020). The increase in margin was driven by lower expenses. 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 16% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 10
SYSAGE Technology Co., Ltd., Annual General Meeting, May 28, 2021 SYSAGE Technology Co., Ltd., Annual General Meeting, May 28, 2021. Analyst Estimate Surprise Post Earnings • Feb 27
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) exceeded analyst estimates by 2.8%. Over the next year, revenue is forecast to grow 12%, compared to a 14% growth forecast for the IT industry in Taiwan. Reported Earnings • Feb 26
Full year 2020 earnings released: EPS NT$2.91 (vs NT$2.58 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$13.5b (up 9.8% from FY 2019). Net income: NT$549.0m (up 45% from FY 2019). Profit margin: 4.1% (up from 3.1% 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 4% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Feb 26
New 90-day high: NT$44.70 The company is up 11% from its price of NT$40.30 on 27 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the IT industry, which is up 5.0% over the same period. Is New 90 Day High Low • Jan 11
New 90-day high: NT$43.95 The company is up 14% from its price of NT$38.65 on 13 October 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the IT industry, which is up 6.0% over the same period. Is New 90 Day High Low • Dec 25
New 90-day high: NT$43.80 The company is up 18% from its price of NT$37.10 on 25 September 2020. The Taiwanese market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 8.0% over the same period. Is New 90 Day High Low • Dec 07
New 90-day high: NT$41.50 The company is up 6.0% from its price of NT$39.25 on 08 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the IT industry, which is flat over the same period. Analyst Estimate Surprise Post Earnings • Nov 06
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Over the next year, revenue is forecast to grow 10%, compared to a 11% growth forecast for the IT industry in Taiwan. Reported Earnings • Nov 06
Third quarter 2020 earnings released: EPS NT$0.73 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$3.42b (up 7.7% from 3Q 2019). Net income: NT$137.8m (up 24% from 3Q 2019). Profit margin: 4.0% (up from 3.5% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Sep 22
New 90-day low: NT$39.05 The company is down 5.0% from its price of NT$40.95 on 24 June 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 3.0% over the same period.