New Risk • Apr 22
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 156% Cash payout ratio: 318% Dividend yield: 1.5% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough 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. 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 156% Cash payout ratio: 318% Earnings have declined by 32% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (9.6% average weekly change). Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$0.32 (vs NT$0.042 in FY 2024) Full year 2025 results: EPS: NT$0.32 (up from NT$0.042 in FY 2024). Revenue: NT$2.07b (up 11% from FY 2024). Net income: NT$33.8m (up NT$29.3m from FY 2024). Profit margin: 1.6% (up from 0.2% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Announcement • Mar 13
ABC Taiwan Electronics Corp., Annual General Meeting, Jun 09, 2026 ABC Taiwan Electronics Corp., Annual General Meeting, Jun 09, 2026. Location: 1 floor no,98 ln.298, huan tung rd., yangmei district, taoyuan city Taiwan Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: NT$0.31 (vs NT$0.059 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$0.31 (up from NT$0.059 loss in 3Q 2024). Revenue: NT$551.2m (up 5.3% from 3Q 2024). Net income: NT$32.9m (up NT$39.2m from 3Q 2024). Profit margin: 6.0% (up from net loss in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 108 percentage points per year, which is a significant difference in performance. New Risk • Oct 17
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 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 20% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Market cap is less than US$100m (NT$2.14b market cap, or US$69.8m). Reported Earnings • Aug 17
Second quarter 2025 earnings released: NT$0.19 loss per share (vs NT$0.13 profit in 2Q 2024) Second quarter 2025 results: NT$0.19 loss per share (down from NT$0.13 profit in 2Q 2024). Revenue: NT$527.5m (up 16% from 2Q 2024). Net loss: NT$20.2m (down 249% from profit in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Declared Dividend • Aug 11
Dividend increased to NT$0.35 Dividend of NT$0.35 is 59% higher than last year. Ex-date: 26th August 2025 Payment date: 24th September 2025 Dividend yield will be 2.1%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is not covered by earnings (185% 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 15% 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 106% to bring the payout ratio under control, which is more than the 14% EPS growth achieved over the last 5 years. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: NT$0 (vs NT$0.15 loss in 1Q 2024) First quarter 2025 results: EPS: NT$0 (improved from NT$0.15 loss in 1Q 2024). Revenue: NT$450.0m (up 1.5% from 1Q 2024). Net loss: NT$18.0k (loss narrowed 100% from 1Q 2024). Profit margin: 0% (up from net loss in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Announcement • May 01
ABC Taiwan Electronics Corp. to Report Q1, 2025 Results on May 09, 2025 ABC Taiwan Electronics Corp. announced that they will report Q1, 2025 results on May 09, 2025 New Risk • Apr 01
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Dividend per share is over 8x earnings per share. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.9% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough 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. 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 Risks Dividend is not well covered by earnings and cash flows. Dividend per share is over 8x earnings per share. Paying a dividend despite having no free cash flows. Earnings have declined by 3.5% 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 (0.2% net profit margin). Market cap is less than US$100m (NT$1.88b market cap, or US$56.5m). New Risk • Mar 19
New major risk - Revenue and earnings growth Earnings have declined by 3.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 3.5% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (0.2% net profit margin). Market cap is less than US$100m (NT$2.03b market cap, or US$61.3m). Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: NT$0.04 (vs NT$0.36 in FY 2023) Full year 2024 results: EPS: NT$0.04 (down from NT$0.36 in FY 2023). Revenue: NT$1.86b (down 6.4% from FY 2023). Net income: NT$4.45m (down 88% from FY 2023). Profit margin: 0.2% (down from 1.9% 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 61% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Mar 13
ABC Taiwan Electronics Corp., Annual General Meeting, Jun 05, 2025 ABC Taiwan Electronics Corp., Annual General Meeting, Jun 05, 2025, at 09:00 Taipei Standard Time. Location: 1 floor no,98 ln.298, huan tung rd., yangmei district, taoyuan city Taiwan Announcement • Feb 20
ABC Taiwan Electronics Corp. to Report Q4, 2024 Results on Mar 10, 2025 ABC Taiwan Electronics Corp. announced that they will report Q4, 2024 results on Mar 10, 2025 Reported Earnings • Nov 18
Third quarter 2024 earnings released: NT$0.06 loss per share (vs NT$0.12 profit in 3Q 2023) Third quarter 2024 results: NT$0.06 loss per share (down from NT$0.12 profit in 3Q 2023). Revenue: NT$523.4m (up 9.0% from 3Q 2023). Net loss: NT$6.20m (down 148% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Nov 01
ABC Taiwan Electronics Corp. to Report Q3, 2024 Results on Nov 08, 2024 ABC Taiwan Electronics Corp. announced that they will report Q3, 2024 results on Nov 08, 2024 Upcoming Dividend • Aug 20
Upcoming dividend of NT$0.22 per share Eligible shareholders must have bought the stock before 27 August 2024. Payment date: 26 September 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.1%. Lower than top quartile of Taiwanese dividend payers (4.4%). Lower than average of industry peers (2.8%). Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: NT$0.13 (vs NT$0.11 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.13 (up from NT$0.11 in 2Q 2023). Revenue: NT$456.6m (down 4.5% from 2Q 2023). Net income: NT$13.6m (up 19% from 2Q 2023). Profit margin: 3.0% (up from 2.4% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • Aug 08
ABC Taiwan Electronics Corp. to Report Q2, 2024 Results on Aug 09, 2024 ABC Taiwan Electronics Corp. announced that they will report Q2, 2024 results on Aug 09, 2024 Reported Earnings • May 19
First quarter 2024 earnings released: NT$0.15 loss per share (vs NT$0.31 profit in 1Q 2023) First quarter 2024 results: NT$0.15 loss per share (down from NT$0.31 profit in 1Q 2023). Revenue: NT$443.3m (down 30% from 1Q 2023). Net loss: NT$15.4m (down 147% from profit in 1Q 2023). 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 • May 02
ABC Taiwan Electronics Corp. to Report Q1, 2024 Results on May 09, 2024 ABC Taiwan Electronics Corp. announced that they will report Q1, 2024 results on May 09, 2024 Reported Earnings • Mar 14
Full year 2023 earnings released: EPS: NT$0.36 (vs NT$1.98 in FY 2022) Full year 2023 results: EPS: NT$0.36 (down from NT$1.98 in FY 2022). Revenue: NT$1.99b (down 34% from FY 2022). Net income: NT$37.4m (down 82% from FY 2022). Profit margin: 1.9% (down from 6.9% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Mar 12
ABC Taiwan Electronics Corp., Annual General Meeting, Jun 03, 2024 ABC Taiwan Electronics Corp., Annual General Meeting, Jun 03, 2024. Location: No. 422,Sec. 1, Yanghu Rd., Yangmei Dist., Taoyuan City, Taiwan (R.O.C.) Taoyuan City Taiwan Agenda: To discuss 2023 Business Report; to discuss Audit Committee's review of the 2023 annual final accounting books and statements; to discuss Report on 2023 employees' and directors remuneration; and to discuss other matters. Upcoming Dividend • Sep 18
Upcoming dividend of NT$0.24 per share at 0.9% yield Eligible shareholders must have bought the stock before 25 September 2023. Payment date: 26 October 2023. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (4.1%). Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: NT$0.12 (vs NT$0.48 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.12 (down from NT$0.48 in 2Q 2022). Revenue: NT$478.1m (down 38% from 2Q 2022). Net income: NT$11.5m (down 74% from 2Q 2022). Profit margin: 2.4% (down from 5.9% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jul 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 6.2%. The fair value is estimated to be NT$35.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 59%. Buying Opportunity • Jun 12
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 6.0%. The fair value is estimated to be NT$35.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 59%. Buying Opportunity • May 26
Now 21% undervalued Over the last 90 days, the stock is up 13%. The fair value is estimated to be NT$35.86, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 59%. Reported Earnings • Mar 24
Full year 2022 earnings released Full year 2022 results: Revenue: NT$3.03b (up 22% from FY 2021). Net income: NT$208.0m (up 120% from FY 2021). Profit margin: 6.9% (up from 3.8% in FY 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improved over the past week After last week's 16% share price gain to NT$24.85, the stock trades at a trailing P/E ratio of 18.4x. Average trailing P/E is 11x in the Electronic industry in Taiwan. Total returns to shareholders of 28% over the past three years. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment improved over the past week After last week's 21% share price gain to NT$24.20, the stock trades at a trailing P/E ratio of 18x. Average trailing P/E is 11x in the Electronic industry in Taiwan. Total returns to shareholders of 15% over the past three years. Upcoming Dividend • Aug 19
Upcoming dividend of NT$0.60 per share Eligible shareholders must have bought the stock before 26 August 2022. Payment date: 28 September 2022. Payout ratio is a comfortable 44% but the company is not cash flow positive. Trailing yield: 2.5%. Lower than top quartile of Taiwanese dividend payers (6.5%). Lower than average of industry peers (4.4%). Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.48 (vs NT$0.28 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.48 (up from NT$0.28 in 2Q 2021). Revenue: NT$759.2m (up 23% from 2Q 2021). Net income: NT$44.8m (up 69% from 2Q 2021). Profit margin: 5.9% (up from 4.3% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 13
Investor sentiment improved over the past week After last week's 15% share price gain to NT$20.25, the stock trades at a trailing P/E ratio of 17.6x. Average trailing P/E is 12x in the Electronic industry in Taiwan. Total returns to shareholders of 10.0% over the past three years. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.27 (vs NT$0.44 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: NT$647.0m (up 5.4% from 3Q 2020). Net income: NT$25.3m (down 38% from 3Q 2020). Profit margin: 3.9% (down from 6.6% in 3Q 2020). The decrease in margin was driven by higher expenses. 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 • Oct 28
Investor sentiment improved over the past week After last week's 18% share price gain to NT$26.80, the stock trades at a trailing P/E ratio of 26.1x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 35% over the past three years. Upcoming Dividend • Aug 23
Upcoming dividend of NT$0.65 per share Eligible shareholders must have bought the stock before 30 August 2021. Payment date: 30 September 2021. Trailing yield: 2.6%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (3.3%). Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.28 (vs NT$0.35 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: NT$618.5m (up 9.3% from 2Q 2020). Net income: NT$26.5m (down 19% from 2Q 2020). Profit margin: 4.3% (down from 5.8% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improved over the past week After last week's 21% share price gain to NT$30.80, the stock trades at a trailing P/E ratio of 28.2x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total loss to shareholders of 32% over the past three years. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorated over the past week After last week's 22% share price decline to NT$25.05, the stock trades at a trailing P/E ratio of 31.5x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total loss to shareholders of 32% over the past three years. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improved over the past week After last week's 20% share price gain to NT$32.20, the stock trades at a trailing P/E ratio of 40.5x. Average trailing P/E is 20x in the Electronic industry in Taiwan. Total loss to shareholders of 20% over the past three years. Reported Earnings • Mar 28
Full year 2020 earnings released: EPS NT$0.79 (vs NT$0.46 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$2.02b (up 11% from FY 2019). Net income: NT$73.9m (up 72% from FY 2019). Profit margin: 3.7% (up from 2.4% 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 56% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Announcement • Mar 12
ABC Taiwan Electronics Corp., Annual General Meeting, May 31, 2021 ABC Taiwan Electronics Corp., Annual General Meeting, May 31, 2021. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improved over the past week After last week's 17% share price gain to NT$27.40, the stock is trading at a trailing P/E ratio of 46.3x, up from the previous P/E ratio of 39.5x. This compares to an average P/E of 19x in the Electronic industry in Taiwan. Total return to shareholders over the past three years is a loss of 22%. Is New 90 Day High Low • Dec 30
New 90-day high: NT$27.45 The company is up 31% from its price of NT$21.00 on 30 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 16% over the same period. Is New 90 Day High Low • Nov 24
New 90-day high: NT$25.30 The company is up 14% from its price of NT$22.15 on 26 August 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 4.0% over the same period. Valuation Update With 7 Day Price Move • Nov 24
Market bids up stock over the past week After last week's 20% share price gain to NT$25.30, the stock is trading at a trailing P/E ratio of 42.7x, up from the previous P/E ratio of 35.6x. This compares to an average P/E of 16x in the Electronic industry in Taiwan. Total return to shareholders over the past three years is a loss of 25%. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$0.44 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$613.9m (up 42% from 3Q 2019). Net income: NT$40.8m (up NT$34.7m from 3Q 2019). Profit margin: 6.6% (up from 1.4% 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 55% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings.