Valuation Update With 7 Day Price Move • 3h
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$59.40, the stock trades at a trailing P/E ratio of 31.9x. Average trailing P/E is 29x in the Electronic industry in Taiwan. Total returns to shareholders of 5.3% over the past three years. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$52.80, the stock trades at a trailing P/E ratio of 28.4x. Average trailing P/E is 28x in the Electronic industry in Taiwan. Total loss to shareholders of 23% over the past three years. Reported Earnings • Mar 11
Full year 2025 earnings released: EPS: NT$1.86 (vs NT$2.06 in FY 2024) Full year 2025 results: EPS: NT$1.86 (down from NT$2.06 in FY 2024). Revenue: NT$2.68b (up 3.7% from FY 2024). Net income: NT$218.2m (down 9.9% from FY 2024). Profit margin: 8.2% (down from 9.4% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Announcement • Mar 09
Viking Tech Corporation, Annual General Meeting, Jun 16, 2026 Viking Tech Corporation, Annual General Meeting, Jun 16, 2026, at 09:00 Taipei Standard Time. Location: no,70, kuang fu n. rd., hukou township, hsinchu county Taiwan Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$63.00, the stock trades at a trailing P/E ratio of 39.1x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 21% over the past three years. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$64.20, the stock trades at a trailing P/E ratio of 39.8x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 78% over the past three years. New Risk • Nov 28
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 8.7% 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 Share price has been highly volatile over the past 3 months (8.7% average weekly change). Earnings have declined by 7.4% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$46.80, the stock trades at a trailing P/E ratio of 34.6x. Average trailing P/E is 21x in the Electronic industry in Taiwan. Total returns to shareholders of 16% over the past three years. New Risk • Oct 20
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 6.9% 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 0.7% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (91% payout ratio). Share price has been volatile over the past 3 months (6.9% average weekly change). Profit margins are more than 30% lower than last year (6.1% net profit margin). Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$44.65, the stock trades at a trailing P/E ratio of 33x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 24% over the past three years. Reported Earnings • Aug 13
Second quarter 2025 earnings released: NT$0.01 loss per share (vs NT$0.76 profit in 2Q 2024) Second quarter 2025 results: NT$0.01 loss per share (down from NT$0.76 profit in 2Q 2024). Revenue: NT$705.7m (flat on 2Q 2024). Net loss: NT$1.72m (down 102% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Aug 01
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 33% to NT$42.00. The fair value is estimated to be NT$34.70, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Earnings per share has declined by 41%. Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$38.50, the stock trades at a trailing P/E ratio of 18.1x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total loss to shareholders of 19% over the past three years. Board Change • Jul 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 4 highly experienced directors. Representative Director Chang Hsiang Chou was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Declared Dividend • Jun 30
Dividend increased to NT$1.23 Dividend of NT$1.23 is 2.5% higher than last year. Ex-date: 16th July 2025 Payment date: 15th August 2025 Dividend yield will be 4.0%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (58% earnings payout ratio) and cash flows (45% cash payout ratio). The dividend has increased by an average of 2.1% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 35% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 06
First quarter 2025 earnings released: EPS: NT$0.54 (vs NT$0.48 in 1Q 2024) First quarter 2025 results: EPS: NT$0.54 (up from NT$0.48 in 1Q 2024). Revenue: NT$619.0m (up 4.5% from 1Q 2024). Net income: NT$63.3m (up 13% from 1Q 2024). Profit margin: 10% (in line with 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings. Announcement • Apr 23
Viking Tech Corporation to Report Q1, 2025 Results on May 02, 2025 Viking Tech Corporation announced that they will report Q1, 2025 results on May 02, 2025 New Risk • Apr 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.29b (US$99.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (94% cash payout ratio). Market cap is less than US$100m (NT$3.29b market cap, or US$99.4m). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$27.80, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total loss to shareholders of 65% over the past three years. Reported Earnings • Mar 15
Full year 2024 earnings released: EPS: NT$2.06 (vs NT$2.23 in FY 2023) Full year 2024 results: EPS: NT$2.06 (down from NT$2.23 in FY 2023). Revenue: NT$2.58b (up 1.1% from FY 2023). Net income: NT$242.1m (down 7.5% from FY 2023). Profit margin: 9.4% (in line with FY 2023). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Announcement • Mar 11
Viking Tech Corporation, Annual General Meeting, Jun 17, 2025 Viking Tech Corporation, Annual General Meeting, Jun 17, 2025, at 09:00 Taipei Standard Time. Location: no,70, kuang fu n. rd., hukou township, hsinchu county Taiwan Announcement • Feb 27
Viking Tech Corporation to Report Q4, 2024 Results on Mar 07, 2025 Viking Tech Corporation announced that they will report Q4, 2024 results on Mar 07, 2025 Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$0.43 (vs NT$0.62 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.43 (down from NT$0.62 in 3Q 2023). Revenue: NT$694.2m (up 8.7% from 3Q 2023). Net income: NT$49.9m (down 32% from 3Q 2023). Profit margin: 7.2% (down from 12% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has remained flat, which means it is well ahead of earnings. New Risk • Sep 06
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 7.5% 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 Dividend is not well covered by cash flows (303% cash payout ratio). Share price has been volatile over the past 3 months (7.5% average weekly change). Profit margins are more than 30% lower than last year (9.4% net profit margin). Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.76 (vs NT$0.74 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.76 (up from NT$0.74 in 2Q 2023). Revenue: NT$708.0m (up 7.6% from 2Q 2023). Net income: NT$89.1m (up 2.7% from 2Q 2023). Profit margin: 13% (in line with 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Announcement • Aug 09
Viking Tech Corporation to Report Q2, 2024 Results on Aug 09, 2024 Viking Tech Corporation announced that they will report Q2, 2024 results on Aug 09, 2024 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$45.35, the stock trades at a trailing P/E ratio of 22.6x. Average trailing P/E is 21x in the Electronic industry in Taiwan. Total returns to shareholders of 19% over the past three years. New Risk • Aug 05
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 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.8% average weekly change). Profit margins are more than 30% lower than last year (9.5% net profit margin). Buy Or Sell Opportunity • Jul 31
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to NT$54.10. The fair value is estimated to be NT$44.38, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 4.2%. Buy Or Sell Opportunity • Jul 16
Now 30% overvalued after recent price rise Over the last 90 days, the stock has risen 18% to NT$57.50. The fair value is estimated to be NT$44.25, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 4.2%. Declared Dividend • Jun 27
Dividend reduced to NT$1.20 Dividend of NT$1.20 is 54% lower than last year. Ex-date: 12th July 2024 Payment date: 8th August 2024 Dividend yield will be 2.2%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (60% earnings payout ratio) and cash flows (40% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 34% to shift the payout ratio to a potentially unsustainable range, which is more than the 6.5% EPS decline seen over the last 5 years. Announcement • Jun 26
Viking Tech Corporation Approves Cash Dividend, Payable on August 8, 2024 Viking Tech Corporation at its board of directors or shareholders meeting held on June 25, 2024, approved cash dividend to common shareholders of TWD 140,809,010 (TWD 1.2 per share). Ex-rights (Ex-dividend) date is July 12, 2024. Ex-rights (Ex-dividend) record date is July 20, 2024. Payment date of cash dividend distribution is August 8, 2024. Buy Or Sell Opportunity • May 24
Now 20% overvalued Over the last 90 days, the stock has fallen 2.8% to NT$52.00. The fair value is estimated to be NT$43.23, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 4.2%. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.48 (vs NT$0.70 in 1Q 2023) First quarter 2024 results: EPS: NT$0.48 (down from NT$0.70 in 1Q 2023). Revenue: NT$592.1m (down 12% from 1Q 2023). Net income: NT$56.0m (down 32% from 1Q 2023). Profit margin: 9.4% (down from 12% in 1Q 2023). 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 20% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • May 03
Now 20% overvalued Over the last 90 days, the stock has fallen 4.2% to NT$50.10. The fair value is estimated to be NT$41.69, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.2% over the last 3 years. Earnings per share has grown by 11%. Buy Or Sell Opportunity • Apr 10
Now 21% overvalued Over the last 90 days, the stock has fallen 2.1% to NT$50.50. The fair value is estimated to be NT$41.90, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.2% over the last 3 years. Earnings per share has grown by 11%. Buy Or Sell Opportunity • Mar 22
Now 20% overvalued Over the last 90 days, the stock has fallen 14% to NT$50.50. The fair value is estimated to be NT$41.92, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.2% over the last 3 years. Earnings per share has grown by 11%. Reported Earnings • Mar 16
Full year 2023 earnings released: EPS: NT$2.23 (vs NT$4.99 in FY 2022) Full year 2023 results: EPS: NT$2.23 (down from NT$4.99 in FY 2022). Revenue: NT$2.55b (down 19% from FY 2022). Net income: NT$261.8m (down 55% from FY 2022). Profit margin: 10% (down from 19% 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 11% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 12
Viking Announces First-Of-Their-Kind China Voyages Viking announced three new, first-of-their-kind itineraries that will provide guests with exclusive access to China in 2024. The new voyages range from 10 to 20 days and explore iconic cities, such as Beijing, Shanghai and Hong Kong. Each itinerary also includes a domestic sailing of China's coast that highlights rarely-seen destinations and ports to which only Viking has access—something that has never before been offered for international visitors. The new voyages will operate from September to November on the Viking Yi Dun—formerly the Viking Sun—a sister ship featuring the same award-winning design and service as all other ocean ships in Viking's fleet. The Chinese-flagged Viking Yi Dun will be the first ship dedicated specifically to the foreign market to operate domestic sailings in China. Each voyage will offer The Viking Way of exploration, with immersive experiences to introduce guests to the people, history and culture of China, including insightful lectures, Chinese-inspired cuisine and destination experts. New ChinaVoyages: Wonders of China — 20 days; Beijing roundtrip — This comprehensive 20-day cruisetour itinerary delivers China's main highlights. Guests can meet a Tibetan family at their home, walk on the Great Wall and see the Terra Cotta Warriors. Additionally, guests experience the scenic coast of Dongtou and have opportunities to explore Gulangyu Island in Xiamen, a UNESCO World Heritage Site, and Shenzhen, a UNESCO city of design. Classic China & the Coast — 15 days; Beijing, Xian – Hong Kong (Shenzhen) — This voyage combines the experiences of Viking's 10-day China Discovery voyage with opportunity to see the Great Wall, the Forbidden City, the Terra Cotta Warriors and other iconic landmarks. While sailing China's coastline, guests can experience a phenomenal diversity in languages, cultures and cuisines. China Discovery — 10 days; Shanghai – Hong Kong (Shenzhen) — This 10-day itinerary allows guests to experience the Buddhist shrines of Zhoushan and the cliffs of Dongtou, follow the steps of 19th-century European diplomats on Gulangyu Island in Xiamen, or try Cantonese dim sum in Shenzhen. Dedicated specifically to exploring destinations in China, with an onboard experience that complements guests' discoveries ashore, the Viking Yi Dun is a sister ship in Viking's award-winning ocean fleet. Classified by Cruise Critic as "small ships," Viking's ocean vessels have a gross tonnage of 47,800 tons, with 465 staterooms that host 930 guests; the ships feature all veranda staterooms, Scandinavian design, light-filled public spaces and abundant al fresco dining options. New Risk • Nov 15
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: 12% Last year net profit margin: 19% 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: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 95% Cash payout ratio: 118% Minor Risk Profit margins are more than 30% lower than last year (12% net profit margin). Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: NT$0.62 (vs NT$1.24 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.62 (down from NT$1.24 in 3Q 2022). Revenue: NT$638.5m (down 17% from 3Q 2022). Net income: NT$73.3m (down 50% from 3Q 2022). Profit margin: 12% (down from 19% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 9.3% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Price Target Changed • Sep 08
Price target decreased by 11% to NT$50.00 Down from NT$56.00, the current price target is provided by 1 analyst. New target price is 12% below last closing price of NT$56.60. Stock is up 18% over the past year. The company posted earnings per share of NT$4.99 last year. Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: NT$0.74 (vs NT$1.50 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.74 (down from NT$1.50 in 2Q 2022). Revenue: NT$658.1m (down 24% from 2Q 2022). Net income: NT$86.7m (down 51% from 2Q 2022). Profit margin: 13% (down from 21% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 8.1% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Announcement • Aug 05
Viking Tech Corporation Announces Financial Officer and Accounting Officer Changes, Effective September 1, 2023 Viking Tech Corporation announced the change of financial officer, accounting officer. Name, title, and resume of the previous position holder: LI, SHUN-HO, the financial officer, accounting officer. Name, title, and resume of the new position holder: Cheng, Chia-Lien, the financials' Office manager. Reason for the change: Position adjustment. Effective date: September 1, 2023. Date of occurrence of the change: August 4, 2023. Upcoming Dividend • Jul 07
Upcoming dividend of NT$2.60 per share at 4.4% yield Eligible shareholders must have bought the stock before 14 July 2023. Payment date: 10 August 2023. Payout ratio is a comfortable 63% but the company is not cash flow positive. Trailing yield: 4.4%. Lower than top quartile of Taiwanese dividend payers (5.4%). In line with average of industry peers (4.2%). Announcement • Jun 28
Viking Tech Corporation Approves Cash Dividend for 2022, Payable on August 10, 2023 Viking Tech Corporation at its board of directors or shareholders meeting held on June 27, 2023, approved cash dividend of TWD 305,086,189. (TWD 2.6 per share) for 2022. Record date is July 22, 2023, payment date is August 10, 2023. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: NT$0.70 (vs NT$1.56 in 1Q 2022) First quarter 2023 results: EPS: NT$0.70 (down from NT$1.56 in 1Q 2022). Revenue: NT$672.9m (down 23% from 1Q 2022). Net income: NT$82.3m (down 55% from 1Q 2022). Profit margin: 12% (down from 21% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$63.00, the stock trades at a trailing P/E ratio of 12.6x. Average forward P/E is 14x in the Electronic industry in Taiwan. Total returns to shareholders of 145% over the past three years. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$66.20, the stock trades at a trailing P/E ratio of 13.3x. Average forward P/E is 11x in the Electronic industry in Taiwan. Total returns to shareholders of 167% over the past three years. Reported Earnings • Mar 02
Full year 2022 earnings released: EPS: NT$4.99 (vs NT$4.04 in FY 2021) Full year 2022 results: EPS: NT$4.99 (up from NT$4.04 in FY 2021). Revenue: NT$3.16b (up 1.8% from FY 2021). Net income: NT$585.5m (up 23% from FY 2021). Profit margin: 19% (up from 15% in FY 2021). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$52.70, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 12x in the Electronic industry in Taiwan. Total returns to shareholders of 87% over the past three years. Price Target Changed • Nov 16
Price target decreased to NT$56.00 Down from NT$84.00, the current price target is provided by 1 analyst. New target price is 25% above last closing price of NT$44.80. Stock is up 4.2% over the past year. The company posted earnings per share of NT$4.04 last year. 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. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Yi-Wen Lin was the last independent director to join the board, commencing their role in 2016. 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$1.24 (vs NT$1.10 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.24 (up from NT$1.10 in 3Q 2021). Revenue: NT$770.7m (down 7.9% from 3Q 2021). Net income: NT$145.5m (up 13% from 3Q 2021). Profit margin: 19% (up from 15% in 3Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$46.85, the stock trades at a trailing P/E ratio of 8.6x. Average forward P/E is 9x in the Electronic industry in Taiwan. Total returns to shareholders of 91% over the past three years. Upcoming Dividend • Aug 09
Upcoming dividend of NT$2.20 per share Eligible shareholders must have bought the stock before 16 August 2022. Payment date: 08 September 2022. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 3.9%. Lower than top quartile of Taiwanese dividend payers (6.6%). Lower than average of industry peers (4.6%). Reported Earnings • Aug 07
Second quarter 2022 earnings released: EPS: NT$1.50 (vs NT$0.95 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.50 (up from NT$0.95 in 2Q 2021). Revenue: NT$861.3m (up 12% from 2Q 2021). Net income: NT$176.2m (up 59% from 2Q 2021). Profit margin: 21% (up from 14% 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 53% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Announcement • Jul 30
Viking Tech Corporation Announces Cash Dividend, Payable on September 8, 2022 Viking Tech Corporation announced cash dividend to common shareholders of TWD 258,149,852. (TWD 2.2 per share). Ex-rights (Ex-dividend) date is August 16, 2022. Ex-rights (Ex-dividend) record date is August 22, 2022. Payment date of cash dividend distribution is September 8, 2022. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment deteriorated over the past week After last week's 21% share price decline to NT$54.00, the stock trades at a trailing P/E ratio of 11x. Average forward P/E is 9x in the Electronic industry in Taiwan. Total returns to shareholders of 105% over the past three years. Announcement • Jun 29
Viking Tech Corporation Approves Board Changes Viking Tech Corporation at its AGM held on June 27, 2022 approved board changes. Title and name of the previous position holder: Guangdong Fenghua Semiconductor Technology Co. Ltd. (China) Representative: Liao Wei-Qiang. Resume of the previous position holder: Guangdong Fenghua Semiconductor Technology Co. Ltd. (China) Representative: Liao Wei-Qiang: VIKING-Director. Title and name of the new position holder: Director: Guangdong Fenghua Semiconductor Technology Co. Ltd. (China) Representative: Mo Xue-Qiong, Jetbond Technology Co. Ltd. Representative: Wei Guo-Feng, Jetbond Technology Co. Ltd. Representative: Zhou Chang-Sean. Resume of the new position holder: Guangdong Fenghua Semiconductor Technology Co. Ltd. (China) Representative: Mo Xue-Qiong: Guangdong Fenghua Advanced Technology (Holding) Co. Ltd., Duanhua Branch Executive Vice President. Jetbond Technology Co. Ltd. Representative: Wei Guo-Feng: Sales Junior VP of Jetbond Technology Co. Ltd. Jetbond Technology Co. Ltd. Representative: Zhou Chang-Sean: President of Rui Zhe Management Consultant Co. Ltd.¡B Independent Director of WW Holding Inc. Effective date of the new appointment is June 27, 2022. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorated over the past week After last week's 22% share price decline to NT$69.00, the stock trades at a trailing P/E ratio of 14.1x. Average forward P/E is 10x in the Electronic industry in Taiwan. Total returns to shareholders of 165% over the past three years. Reported Earnings • May 09
First quarter 2022 earnings released: EPS: NT$1.56 (vs NT$0.72 in 1Q 2021) First quarter 2022 results: EPS: NT$1.56 (up from NT$0.72 in 1Q 2021). Revenue: NT$875.1m (up 39% from 1Q 2021). Net income: NT$183.3m (up 118% from 1Q 2021). Profit margin: 21% (up from 13% in 1Q 2021). 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 increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$70.80, the stock trades at a trailing P/E ratio of 17.5x. Average forward P/E is 11x in the Electronic industry in Taiwan. Total returns to shareholders of 147% over the past three years. Price Target Changed • Apr 27
Price target increased to NT$84.00 Up from NT$59.00, the current price target is provided by 1 analyst. New target price is 17% above last closing price of NT$71.50. Stock is up 102% over the past year. The company posted earnings per share of NT$4.04 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Yi-Wen Lin was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 19
Viking Tech Corporation Announces Management Changes Viking Tech Corporation announced the dismissal of Chen, Li-Ming and Li, Mao-Shen as institutional director. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improved over the past week After last week's 17% share price gain to NT$84.00, the stock trades at a trailing P/E ratio of 20.8x. Average forward P/E is 11x in the Electronic industry in Taiwan. Total returns to shareholders of 188% over the past three years. Announcement • Mar 06
Viking Tech Corporation, Annual General Meeting, Jun 27, 2022 Viking Tech Corporation, Annual General Meeting, Jun 27, 2022. Reported Earnings • Mar 03
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: NT$4.04 (up from NT$1.44 in FY 2020). Revenue: NT$3.11b (up 46% from FY 2020). Net income: NT$474.5m (up 181% from FY 2020). Profit margin: 15% (up from 7.9% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.7%. Over the next year, revenue is forecast to grow 11%, compared to a 9.2% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improved over the past week After last week's 21% share price gain to NT$90.00, the stock trades at a trailing P/E ratio of 28x. Average forward P/E is 12x in the Electronic industry in Taiwan. Total returns to shareholders of 208% over the past three years. Valuation Update With 7 Day Price Move • Dec 25
Investor sentiment improved over the past week After last week's 16% share price gain to NT$66.70, the stock trades at a trailing P/E ratio of 20.8x. Average forward P/E is 12x in the Electronic industry in Taiwan. Total returns to shareholders of 136% over the past three years. Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment improved over the past week After last week's 17% share price gain to NT$58.50, the stock trades at a trailing P/E ratio of 18.2x. Average forward P/E is 12x in the Electronic industry in Taiwan. Total returns to shareholders of 96% over the past three years. Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment improved over the past week After last week's 22% share price gain to NT$51.00, the stock trades at a trailing P/E ratio of 15.9x. Average forward P/E is 12x in the Electronic industry in Taiwan. Total returns to shareholders of 83% over the past three years. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$1.10 (vs NT$0.32 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$836.6m (up 46% from 3Q 2020). Net income: NT$128.8m (up 248% from 3Q 2020). Profit margin: 15% (up from 6.5% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 06
Upcoming dividend of NT$0.80 per share Eligible shareholders must have bought the stock before 13 August 2021. Payment date: 02 September 2021. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (3.0%). Reported Earnings • Jul 28
Second quarter 2021 earnings released: EPS NT$0.94 (vs NT$0.53 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$768.3m (up 42% from 2Q 2020). Net income: NT$111.0m (up 78% from 2Q 2020). Profit margin: 14% (up from 12% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment improved over the past week After last week's 20% share price gain to NT$40.05, the stock trades at a trailing P/E ratio of 19.9x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total loss to shareholders of 32% over the past three years. Announcement • May 18
Viking's Newest Ocean Ship Officially Named By Iconic British Broadcast Journalist Anne Diamond Viking named its newest ocean ship, Viking Venus®, with a celebration at sea in the English Channel as the ship set sail for her inaugural voyage. As part of the intimate event, the ship's ceremonial godmother, revered British journalist and broadcaster Anne Diamond, offered a blessing of good fortune and safe sailing for the ship—a naval tradition that dates back thousands of years. Reported Earnings • May 08
First quarter 2021 earnings released: EPS NT$0.72 (vs NT$0.14 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$629.5m (up 46% from 1Q 2020). Net income: NT$84.1m (up 411% from 1Q 2020). Profit margin: 13% (up from 3.8% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improved over the past week After last week's 16% share price gain to NT$34.75, the stock trades at a trailing P/E ratio of 24.1x. Average trailing P/E is 20x in the Electronic industry in Taiwan. Total returns to shareholders of 7.6% over the past three years. Reported Earnings • Mar 20
Full year 2020 earnings released: EPS NT$1.44 (vs NT$1.23 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: NT$2.13b (flat on FY 2019). Net income: NT$169.0m (up 18% from FY 2019). Profit margin: 7.9% (up from 6.7% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 17% 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 • Feb 27
Viking Tech Corporation, Annual General Meeting, Jun 28, 2021 Viking Tech Corporation, Annual General Meeting, Jun 28, 2021. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS NT$1.44 (vs NT$1.23 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: NT$2.13b (flat on FY 2019). Net income: NT$169.0m (up 18% from FY 2019). Profit margin: 7.9% (up from 6.7% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 17% 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. Is New 90 Day High Low • Feb 01
New 90-day low: NT$26.30 The company is down 5.0% from its price of NT$27.80 on 04 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 26% over the same period. Is New 90 Day High Low • Nov 21
New 90-day high: NT$29.25 The company is up 23% from its price of NT$23.75 on 21 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 5.0% over the same period. Reported Earnings • Nov 12
Third quarter 2020 earnings released: EPS NT$0.32 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$573.7m (up 24% from 3Q 2019). Net income: NT$37.1m (up 143% from 3Q 2019). Profit margin: 6.5% (up from 3.3% 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 9% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Oct 15
New 90-day high: NT$26.40 The company is up 8.0% from its price of NT$24.40 on 17 July 2020. The Taiwanese market is up 5.0% 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.