New Risk • Mar 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 23% 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 Risk Earnings have declined by 33% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (NT$979.5m market cap, or US$30.6m). Announcement • Mar 12
T-Flex Techvest PCB Co., Ltd., Annual General Meeting, Jun 12, 2026 T-Flex Techvest PCB Co., Ltd., Annual General Meeting, Jun 12, 2026, at 09:00 Taipei Standard Time. Location: 2 floor no,12, kung yeh rd., pingjhen district, taoyuan city Taiwan Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: NT$0.21 (vs NT$0.14 loss in FY 2024) Full year 2025 results: EPS: NT$0.21 (up from NT$0.14 loss in FY 2024). Revenue: NT$505.1m (down 44% from FY 2024). Net income: NT$14.6m (up NT$24.3m from FY 2024). Profit margin: 2.9% (up from net loss in FY 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. New Risk • Nov 28
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (NT$1.00b market cap, or US$32.0m). Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: NT$0.09 (vs NT$0.07 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.09 (up from NT$0.07 in 3Q 2024). Revenue: NT$124.7m (down 33% from 3Q 2024). Net income: NT$6.22m (up 27% from 3Q 2024). Profit margin: 5.0% (up from 2.6% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. New Risk • Oct 30
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 7.1% 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: Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (NT$1.13b market cap, or US$36.9m). Reported Earnings • Aug 13
Second quarter 2025 earnings released: EPS: NT$0.04 (vs NT$0.13 loss in 2Q 2024) Second quarter 2025 results: EPS: NT$0.04 (up from NT$0.13 loss in 2Q 2024). Revenue: NT$120.1m (down 46% from 2Q 2024). Net income: NT$2.50m (up NT$11.4m from 2Q 2024). Profit margin: 2.1% (up from net loss in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Jul 17
Upcoming dividend of NT$0.02 per share Eligible shareholders must have bought the stock before 24 July 2025. Payment date: 21 August 2025. The company is not currently making a profit and is not cash flow positive. Trailing yield: 0.2%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (3.0%). Reported Earnings • May 18
First quarter 2025 earnings released: EPS: NT$0.01 (vs NT$0.12 loss in 1Q 2024) First quarter 2025 results: EPS: NT$0.01 (up from NT$0.12 loss in 1Q 2024). Revenue: NT$137.1m (down 60% from 1Q 2024). Net income: NT$865.0k (up NT$8.96m from 1Q 2024). Profit margin: 0.6% (up from net loss in 1Q 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Announcement • May 08
T-Flex Techvest PCB Co., Ltd. to Report Q1, 2025 Results on May 15, 2025 T-Flex Techvest PCB Co., Ltd. announced that they will report Q1, 2025 results on May 15, 2025 Reported Earnings • Mar 19
Full year 2024 earnings released: NT$0.14 loss per share (vs NT$0.79 profit in FY 2023) Full year 2024 results: NT$0.14 loss per share (down from NT$0.79 profit in FY 2023). Revenue: NT$894.0m (down 31% from FY 2023). Net loss: NT$9.63m (down 118% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 62% 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 • Mar 05
T-Flex Techvest PCB Co., Ltd. to Report Fiscal Year 2024 Results on Mar 12, 2025 T-Flex Techvest PCB Co., Ltd. announced that they will report fiscal year 2024 results on Mar 12, 2025 Announcement • Jan 23
T-Flex Techvest PCB Co., Ltd., Annual General Meeting, May 07, 2025 T-Flex Techvest PCB Co., Ltd., Annual General Meeting, May 07, 2025, at 09:00 Taipei Standard Time. Location: 2 floor no,12, kung yeh rd., pingjhen district, taoyuan city Taiwan Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.07 (vs NT$0.29 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.07 (down from NT$0.29 in 3Q 2023). Revenue: NT$185.9m (down 49% from 3Q 2023). Net income: NT$4.88m (down 76% from 3Q 2023). Profit margin: 2.6% (down from 5.7% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • Nov 06
T-Flex Techvest PCB Co., Ltd. to Report Q3, 2024 Results on Nov 13, 2024 T-Flex Techvest PCB Co., Ltd. announced that they will report Q3, 2024 results on Nov 13, 2024 New Risk • Aug 28
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 39% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.7% net profit margin). Market cap is less than US$100m (NT$1.15b market cap, or US$35.9m). Reported Earnings • Aug 17
Second quarter 2024 earnings released: NT$0.13 loss per share (vs NT$0.12 profit in 2Q 2023) Second quarter 2024 results: NT$0.13 loss per share (down from NT$0.12 profit in 2Q 2023). Revenue: NT$223.2m (down 5.0% from 2Q 2023). Net loss: NT$8.95m (down 204% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$14.55, the stock trades at a trailing P/E ratio of 24.5x. Average trailing P/E is 21x in the Electronic industry in Taiwan. Total returns to shareholders of 5.5% over the past three years. Announcement • Aug 03
T-Flex Techvest PCB Co., Ltd. to Report Q2, 2024 Results on Aug 12, 2024 T-Flex Techvest PCB Co., Ltd. announced that they will report Q2, 2024 results on Aug 12, 2024 Upcoming Dividend • Jun 26
Upcoming dividend of NT$0.20 per share Eligible shareholders must have bought the stock before 03 July 2024. Payment date: 26 July 2024. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 1.1%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (2.6%). Reported Earnings • May 19
First quarter 2024 earnings released First quarter 2024 results: Revenue: NT$343.4m (up 37% from 1Q 2023). Net loss: NT$8.10m (down 253% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • May 05
T-Flex Techvest PCB Co., Ltd. to Report Q1, 2024 Results on May 13, 2024 T-Flex Techvest PCB Co., Ltd. announced that they will report Q1, 2024 results on May 13, 2024 Reported Earnings • Apr 03
Full year 2023 earnings released: EPS: NT$0.79 (vs NT$0.87 in FY 2022) Full year 2023 results: EPS: NT$0.79 (down from NT$0.87 in FY 2022). Revenue: NT$1.29b (down 3.2% from FY 2022). Net income: NT$54.8m (down 9.2% from FY 2022). Profit margin: 4.3% (down from 4.5% in FY 2022). The decrease in margin was driven by lower revenue. 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 2% per year, which means it is well ahead of earnings. Announcement • Mar 16
T-Flex Techvest PCB Co., Ltd., Annual General Meeting, Jun 21, 2024 T-Flex Techvest PCB Co., Ltd., Annual General Meeting, Jun 21, 2024. Location: Pingzhen Industrial Park Service Center(2F., No. 261, Nanfeng Rd., Pingzhen Dist) Taoyuan City Taiwan Agenda: To consider and report the business of 2023; to consider 2023 Audit Committee Audit Report; to consider and report 2023 employees' profit sharing and directors' compensation; and to transact such other business matters. Announcement • Mar 14
T-Flex Techvest PCB Co., Ltd., Annual General Meeting, May 27, 2024 T-Flex Techvest PCB Co., Ltd., Annual General Meeting, May 27, 2024. Location: NO.12, INDUSTRIAL 2 RD.,PINGZHEN DIST Taoyuan City Taiwan Agenda: To consider report the business of 2023; to consider the supervisor examines the 2023 annual business report; to consider 2023 annual business report and financial statements; and to consider other business matters. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: NT$0.30 (vs NT$0.044 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.30 (up from NT$0.044 in 3Q 2022). Revenue: NT$360.9m (up 94% from 3Q 2022). Net income: NT$20.6m (up NT$17.5m from 3Q 2022). Profit margin: 5.7% (up from 1.6% 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 14% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$26.60, the stock trades at a trailing P/E ratio of 72.6x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 184% over the past three years. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$20.20, the stock trades at a trailing P/E ratio of 55.2x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 125% over the past three years. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to NT$18.40, the stock trades at a trailing P/E ratio of 50.3x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 107% over the past three years. Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: NT$0.12 (vs NT$0.28 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.12 (down from NT$0.28 in 2Q 2022). Revenue: NT$235.0m (down 51% from 2Q 2022). Net income: NT$8.57m (down 57% from 2Q 2022). Profit margin: 3.6% (down from 4.1% 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 38% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. New Risk • Jun 20
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.3% Last year net profit margin: 5.9% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (94% payout ratio). Profit margins are more than 30% lower than last year (3.3% net profit margin). Market cap is less than US$100m (NT$1.01b market cap, or US$32.8m). Upcoming Dividend • Jun 20
Upcoming dividend of NT$0.50 per share at 3.5% yield Eligible shareholders must have bought the stock before 27 June 2023. Payment date: 19 July 2023. Payout ratio is on the higher end at 94%, however this is supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (4.2%). Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$14.75, the stock trades at a trailing P/E ratio of 13.3x. Average trailing P/E is 12x in the Electronic 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 No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. 2 independent directors (5 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. Reported Earnings • Nov 10
Third quarter 2022 earnings released: EPS: NT$0.04 (vs NT$0.36 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.04 (down from NT$0.36 in 3Q 2021). Revenue: NT$185.8m (down 60% from 3Q 2021). Net income: NT$3.06m (down 88% from 3Q 2021). Profit margin: 1.6% (down from 5.4% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 08
Second quarter 2022 earnings released: EPS: NT$0.28 (vs NT$0.35 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.28 (down from NT$0.35 in 2Q 2021). Revenue: NT$478.3m (up 22% from 2Q 2021). Net income: NT$19.8m (down 19% from 2Q 2021). Profit margin: 4.1% (down from 6.2% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$13.80, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 12x in the Electronic industry in Taiwan. Total returns to shareholders of 52% over the past three years. Upcoming Dividend • Jun 14
Upcoming dividend of NT$0.40 per share Eligible shareholders must have bought the stock before 21 June 2022. Payment date: 15 July 2022. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (6.0%). Lower than average of industry peers (4.3%). Reported Earnings • May 10
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: NT$0.42 (up from NT$0.10 in 1Q 2021). Revenue: NT$461.2m (up 42% from 1Q 2021). Net income: NT$29.0m (up 312% from 1Q 2021). Profit margin: 6.3% (up from 2.2% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 13%. Earnings per share (EPS) also missed analyst estimates by 80%. Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. 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. 10 experienced directors. No highly experienced directors. 2 independent directors (5 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. Reported Earnings • Mar 28
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: NT$1.18 (up from NT$0.18 in FY 2020). Revenue: NT$1.62b (up 29% from FY 2020). Net income: NT$82.2m (up NT$69.3m from FY 2020). Profit margin: 5.1% (up from 1.0% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 13%. Earnings per share (EPS) also missed analyst estimates by 80%. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment improved over the past week After last week's 18% share price gain to NT$21.15, the stock trades at a trailing P/E ratio of 17.3x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 87% over the past three years. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.36 (vs NT$0.036 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$464.8m (up 49% from 3Q 2020). Net income: NT$25.2m (up NT$22.7m from 3Q 2020). Profit margin: 5.4% (up from 0.8% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improved over the past week After last week's 26% share price gain to NT$18.10, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 48% over the past three years. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improved over the past week After last week's 23% share price gain to NT$17.80, the stock trades at a trailing P/E ratio of 19.7x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 45% over the past three years. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS NT$0.35 (vs NT$0.06 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$392.8m (up 13% from 2Q 2020). Net income: NT$24.4m (up 487% from 2Q 2020). Profit margin: 6.2% (up from 1.2% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improved over the past week After last week's 26% share price gain to NT$15.35, the stock trades at a trailing P/E ratio of 25.3x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 16% over the past three years. Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorated over the past week After last week's 27% share price decline to NT$11.25, the stock trades at a trailing P/E ratio of 18.5x. Average trailing P/E is 15x in the Electronic industry in Taiwan. Total loss to shareholders of 18% over the past three years. Reported Earnings • May 14
First quarter 2021 earnings released: EPS NT$0.10 (vs NT$0.32 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$325.5m (up 41% from 1Q 2020). Net income: NT$7.03m (up NT$29.5m from 1Q 2020). Profit margin: 2.2% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 13% 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 19
T-Flex Techvest PCB Co., Ltd., Annual General Meeting, Jun 17, 2021 T-Flex Techvest PCB Co., Ltd., Annual General Meeting, Jun 17, 2021. Reported Earnings • Mar 17
Full year 2020 earnings released: EPS NT$0.18 (vs NT$0.89 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$1.26b (up 60% from FY 2019). Net income: NT$12.8m (up NT$74.6m from FY 2019). Profit margin: 1.0% (up from net loss in FY 2019). The move to profitability 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 1% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 23
New 90-day high: NT$13.40 The company is up 36% from its price of NT$9.82 on 25 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 25% over the same period. Is New 90 Day High Low • Feb 04
New 90-day high: NT$10.95 The company is up 10.0% from its price of NT$9.98 on 06 November 2020. The Taiwanese market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 26% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.04 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$311.7m (up 36% from 3Q 2019). Net income: NT$2.51m (up NT$20.8m from 3Q 2019). Profit margin: 0.8% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 90% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 09
New 90-day high: NT$10.35 The company is up 5.0% from its price of NT$9.86 on 11 August 2020. The Taiwanese market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is down 4.0% over the same period.