Announcement • Jun 12
AIC Inc. Showcases AI Storage And Computing Solutions For HPC And AI Workloads At ISC 2026 AIC Inc. showcased its latest AI storage and computing platforms at ISC High Performance 2026, taking place in Hamburg, Germany. Visitors are invited to visit Booth Z08 to explore AIC's comprehensive portfolio of AI infrastructure solutions designed to support HPC, AI, and data-intensive workloads. At ISC 2026, AIC showcased several key solution categories: GPU Server Solutions, AI Storage Solutions, High Availability Storage Servers, and All-Flash Storage Appliances. AIC's GPU-optimized server platforms deliver the computing performance required for AI training, AI inference, and HPC applications. Designed with flexibility and scalability in mind, these systems support accelerated computing environments across enterprise, research, and cloud deployments. Built to address the increasing demands of AI data pipelines, AIC's AI storage platforms provide high-throughput data access and scalable storage architectures for large-scale datasets, helping organizations maximize AI performance and productivity. AIC's dual-node storage systems are engineered for mission-critical environments where reliability and uptime are essential. These high-availability platforms support continuous operation for AI, HPC, and enterprise workloads. Leveraging high-performance NVMe flash technologies, AIC's all-flash storage solutions deliver ultra-low latency and exceptional throughput, enabling faster data processing and accelerated AI workflows. By integrating advanced computing, storage, and system design expertise, AIC delivers comprehensive infrastructure solutions that help organizations efficiently manage growing AI and HPC demands while preparing for future technological advancements. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$499, the stock trades at a trailing P/E ratio of 57.9x. Average trailing P/E is 23x in the Tech industry in Taiwan. Total returns to shareholders of 122% over the past three years. Valuation Update With 7 Day Price Move • May 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$586, the stock trades at a trailing P/E ratio of 68x. Average trailing P/E is 23x in the Tech industry in Taiwan. Total returns to shareholders of 190% over the past three years. Reported Earnings • May 14
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$8.43 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00 (down from NT$8.43 in 1Q 2025). Revenue: NT$1.56b (down 37% from 1Q 2025). Net income: NT$66.4m (down 82% from 1Q 2025). Profit margin: 4.3% (down from 15% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 42% per year, which means it is well ahead of earnings. Announcement • Apr 18
Aic Inc. Showcases Storage Platforms for Media Production Workflows AIC Inc. announced its participation at NAB Show 2026 in Las Vegas. AIC will exhibit at Booth N1158 and showcase storage platforms designed to support media production workflows across ingest, editing, processing, and content management environments. At the show, AIC will highlight storage architectures optimized for high-throughput, low-latency data access, enabling teams to handle high-resolution video, multi-stream editing, and real-time production pipelines. These platforms are built to deliver consistent performance under sustained workloads, where bandwidth, responsiveness, and reliability are critical. AIC's solutions are designed to support a range of production requirements, including: High-bandwidth storage for real-time ingest, playback, and multi-stream editing; Low-latency NVMe architectures for post-production and rendering workflows; Scalable infrastructure for media asset management and content distribution; High-capacity platforms for backup, nearline storage, and long-term retention. The platforms on display are designed with flexible configurations to support different workflow tiers, allowing organizations to align performance and capacity based on specific production requirements. Attendees are invited to visit Booth N1158 to learn more about AIC's storage platforms for media and entertainment applications. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$556, the stock trades at a trailing P/E ratio of 35.9x. Average forward P/E is 13x in the Tech industry in Taiwan. Total returns to shareholders of 246% over the past three years. Announcement • Mar 23
Aic Inc. Showcases Ai Infrastructure Platforms for Next-Generation Ai Data Centers AIC Inc. showcased its latest AI infrastructure platforms at CloudFest 2026, taking place March 23–26, 2026, at Europa-Park, Germany. Visitors are invited to explore AIC's GPU computing servers and AI storage infrastructure at Booth C05, designed to support modern AI data centers and high-performance computing environments. The rapid growth of AI is transforming the architecture of modern data centers. As AI workloads scale across industries—from large language models to real-time inference—organizations require infrastructure capable of supporting accelerated computing, high-throughput storage, and massive data processing. At CloudFest 2026, AIC will demonstrate how its scalable AI infrastructure solutions enable enterprises and cloud providers to deploy high-performance platforms optimized for AI training, inference, and high-performance computing (HPC) workloads. At the AIC booth, visitors will have the opportunity to explore several key technology solutions: AI-Optimized Storage Infrastructure: AIC's AI storage platforms are engineered for high-throughput data pipelines and large-scale AI datasets. Built with scalable and modular architectures, these systems enable organizations to efficiently manage rapidly growing data volumes required by AI applications. High Availability Storage Servers: AIC's dual-node storage servers provide enterprise-grade reliability and continuous operation for mission-critical workloads. These high-availability systems are ideal for AI, HPC, and other data-intensive applications that require minimal downtime. GPU Server Platforms for AI Computing: AIC's high-performance GPU server platform is designed for AI training, AI inference, and HPC workloads. These systems provide flexible configurations and high compute density to support accelerated computing infrastructure across enterprise, research, and cloud environments. Server Motherboards: AIC will also introduce its latest AMD Zelus motherboard, designed to support AI workloads, HPC environments, and high data-intensity computing. In addition, AIC offers a comprehensive lineup of server motherboards for modern data center deployments. By combining computing platforms, AI-optimized storage systems, and scalable infrastructure architectures, AIC enables organizations to build flexible environments capable of supporting the next generation of AI-driven data center workloads. Customers, partners, and industry professionals are invited to visit Booth C05 at CloudFest 2026 to learn how AIC's infrastructure solutions can help accelerate AI adoption and power the future of intelligent data centers. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improves as stock rises 40% After last week's 40% share price gain to NT$583, the stock trades at a trailing P/E ratio of 37.6x. Average forward P/E is 14x in the Tech industry in Taiwan. Total returns to shareholders of 401% over the past three years. Announcement • Mar 18
AIC Exhibits AI Storage Platforms At NVIDIA GTC 2026 AIC will exhibit at NVIDIA GTC 2026, taking place March 16-19 at the San Jose McEnery Convention Center. At booth #140, AIC will present its latest AI storage platforms designed to support CMX-aligned architectures for large-scale inference, enabling shared NVMe tiers that extend GPU memory for long-context and agent-based workloads. AI inference requires high-density, low-latency storage to support KV cache, vector databases, and continuous data streams. AIC's NVMe and DPU-enabled platforms provide the flash capacity and bandwidth needed to keep GPUs supplied with data across rack-scale deployments. In parallel, AIC is showcasing system designs that support GPU-initiated storage access models, where data is delivered directly from NVMe to accelerated compute to reduce CPU overhead and improve I/O efficiency for data-intensive workloads. Featured Demonstrations at AIC's Booth #140: F2026-G5 JBOF with BlueField integration A high-density, DPU-accelerated NVMe platform designed to support CMX-aligned shared flash tiers, enabling scalable NVMe-oF architectures for large-scale AI inference deployments. CMX, 2U 24-bay Bluefield DPU Solution. A compact, high-performance NVMe platform populated with Solidigm PCIe Gen5 enterprise NVMe SSDs and powered by the NVIDIA BlueField DPU to accelerate KV cache access, enabling higher-performance and more efficient AI inference. The platform is optimized for high-capacity flash configurations that support KV cache expansion, vector database workloads, and CMX-aligned inference environments. 3U SCADA-Optimized System A 3U system configured to support GPU-driven storage access models, enabling accelerated data delivery for data-intensive AI workloads such as vector search and graph processing. VAST Data CERES Platform High-throughput NVMe storage supporting AI data pipelines, retrieval-augmented generation, and real-time analytics environments. Utilizing VAST's Disaggregated Shared Everything (DASE) architecture. In addition to the 2U 24-bay NVMe Storage System populated with Solidigm enterprise SSDs on display at AIC's booth, an AIC F2032 platform will be featured in Micron Technology's booth (#1407) as part of their SSD showcase. These collaborations reflect AIC's continued work with leading flash vendors to deliver scalable NVMe platforms for next-generation AI infrastructure. Announcement • Mar 13
AIC Inc., Annual General Meeting, Jun 25, 2026 AIC Inc., Annual General Meeting, Jun 25, 2026. Location: no,152, sec.4 ling hang n. rd., heng feng li, dayuan dist., taoyuan city Taiwan Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: NT$15.50 (vs NT$27.30 in FY 2024) Full year 2025 results: EPS: NT$15.50 (down from NT$27.30 in FY 2024). Revenue: NT$7.52b (down 12% from FY 2024). Net income: NT$666.2m (down 39% from FY 2024). Profit margin: 8.9% (down from 13% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Mar 13
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 75% to NT$459. The fair value is estimated to be NT$369, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.4% over the last 3 years. Earnings per share has grown by 7.5%. Valuation Update With 7 Day Price Move • Feb 27
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to NT$454, the stock trades at a trailing P/E ratio of 25.6x. Average forward P/E is 15x in the Tech industry in Taiwan. Total returns to shareholders of 282% over the past three years. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$359, the stock trades at a trailing P/E ratio of 20.2x. Average forward P/E is 14x in the Tech industry in Taiwan. Total returns to shareholders of 202% over the past three years. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$392, the stock trades at a trailing P/E ratio of 22x. Average forward P/E is 15x in the Tech industry in Taiwan. Total returns to shareholders of 235% over the past three years. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$324, the stock trades at a trailing P/E ratio of 18.2x. Average forward P/E is 14x in the Tech industry in Taiwan. Total returns to shareholders of 233% over the past three years. Announcement • Jan 06
AIC Inc. Expands Nvidia Bluefield-Accelerated Storage Portfolio with New F2032-G6 JBOF Storage System to Accelerate AI Inference AIC Inc. announced the expansion of its NVIDIA BlueField accelerated storage portfolio with the introduction of the F2032-G6 2U JBOF storage system, optimized for accelerating AI inference by storing KV cache context. Featuring a High Availability, dual-active node architecture that provides full resiliency for mission-critical workloads, the platforms deliver next-generation performance, capacity, and availability for flash-based storage deployments. The F2032-G6 JBOF integrates two or four NVIDIA BlueField-4 DPUs, each with 800Gb/s throughput, and can also support NVIDIA ConnectX-9 SuperNICs. It supports NVIDIA DOCA microservices to deliver breakthrough acceleration for the NVIDIA Inference Context Memory Storage Platform. A dual-port design enables link redundancy and continuous operation for high-throughput storage services in scalable, distributed environments. Designed for extremely efficient flash configurations, the platform supports up to 32 E3.S/L NVMe drives, enabling up to 8 PB of storage in a single 2U chassis using 15, 30, 60, 122 or 256 TB SSDs. This compact system architecture provides enterprises and cloud operators a scalable building block for high-performance, power-efficient flash tiers. These new systems are ideal for modern workloads, including: KV cache context storage for AI inference; Parallel and scale-out file systems; Large-scale object storage; Mission-critical enterprise flash tiers. AIC continues to strengthen its collaboration and product alignment with NVIDIA and remains committed to full support of the BlueField-4 ecosystem across future platforms. Buy Or Sell Opportunity • Dec 23
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to NT$287. The fair value is estimated to be NT$238, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 21%. New Risk • Dec 09
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 8.5% 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 Risk Share price has been highly volatile over the past 3 months (8.5% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Nov 19
AIC to Showcase AI Optimized Server and Storage Solutions at SC25 AIC will showcase its latest server and AI storage platforms this week at Supercomputing 2025 (SC25) in St. Louis, highlighting solutions for fast growing AI, HPC, and enterprise workloads. Stop by AIC's booth (#305) to see new Gen5 systems, partner integrated solutions, and a sneak preview of AIC's upcoming Ethernet JBOD (eBOD) platform for scalable, Ethernet attached capacity. Additionally, AIC will be featured at several partners' booths across the show floor. At Micron's booth (#3516), AIC and Micron will demonstrate an ultra-dense configuration pairing the AIC F2032-01-G5 with Micron 6600 ION 245TB E3.L SSDs--supporting 140+ PB per rack to meet the data demands of modern AI and HPC. H3 Platform will be co-exhibiting with AIC at booth, presenting a joint GPU-accelerated AI platform built on the Falcon 6048 system. The platform combines PCIe 6.0, high-density NVMe storage, and up to 6 GPUs, DPUs, or NICs to push NVMe performance to more than 200 million IOPs and remove storage bottlenecks for AI and HPC workloads. H3 is also showcasing its Falcon C5022 CXL memory pooling solution on AIC servers, enabling up to 5.5 TB of shared memory with simple monitoring and control so data centers can scale memory capacity more efficiently. AIC has also teamed up with Seagate to give SC25 attendees a first look at AIC's new Ethernet JBOD (e BOD) technology--a fresh approach to building high capacity, Ethernet attached storage for AI workloads. In this collaboration, AIC provides the Ethernet-based JBOD, Seagate supplies the high-capacity HDD. Leveraging a DPU and an HBA card, the eBOD functions as a disaggregated storage enclosure that enables NVMe-oF on SAS/SATA-based drives, especially high-capacity HDDs. Together, the design ingests data at network speed, accelerates resilient checkpoint tiers for training, and scales out over standard Ethernet--reducing data movement overhead and total cost of ownership for large AI pipelines. Key AIC systems on display at SC25 include: F2026-01-G5 -- high density storage server for AI data lakes, backup/restore, and analytics; SB102-CA -- GPU ready platform for AI inference and media acceleration; SB201-SU (Hybrid) -- balanced compute + capacity for virtualization and analytics; HA2026-HC -- resilient storage for mission critical and video workloads. Additionally, AIC will appear with partners Solidigm, Ma Labs, and VAST Data. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: NT$4.58 (vs NT$10.53 in 3Q 2024) Third quarter 2025 results: EPS: NT$4.58 (down from NT$10.53 in 3Q 2024). Revenue: NT$1.60b (down 40% from 3Q 2024). Net income: NT$197.1m (down 52% from 3Q 2024). Profit margin: 12% (down from 16% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.8% p.a. on average during the next 2 years, compared to a 21% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 64% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 28
Investor sentiment improves as stock rises 35% After last week's 35% share price gain to NT$358, the stock trades at a trailing P/E ratio of 15.7x. Average forward P/E is 17x in the Tech industry in Taiwan. Total returns to shareholders of 549% over the past three years. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$270, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 23x in the Tech industry in Taiwan. Total returns to shareholders of 396% over the past three years. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$0.31 (vs NT$7.00 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.31 (down from NT$7.00 in 2Q 2024). Revenue: NT$1.84b (down 13% from 2Q 2024). Net income: NT$13.2m (down 95% from 2Q 2024). Profit margin: 0.7% (down from 13% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has increased by 65% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Aug 14
Dividend increased to NT$11.00 Dividend of NT$11.00 is 10% higher than last year. Ex-date: 28th August 2025 Payment date: 19th September 2025 Dividend yield will be 3.8%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is well covered by both earnings (36% earnings payout ratio) and cash flows (44% cash payout ratio). The dividend has increased by an average of 6.8% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 72% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$338, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 20x in the Tech industry in Taiwan. Total returns to shareholders of 665% over the past three years. Announcement • May 16
AIC Inc. to Unveil Cutting-Edge Innovations Designed to Empower A Wide Range of AI Applications AIC announced its participation in Computex 2025. Together with its esteemed partners, AIC will unveil cutting-edge innovations designed to empower a wide range of AI applications. Visitors to AIC's booth will experience demonstrations and previews of the company's latest technologies, including: Next Generation AI Storage: A first look at future-ready advancements, including PCIe Gen6, CXL technologies, and next-generation storage controllers for AI workloads. AI Storage Solutions: Advanced storage systems integrating DPUs with Bluefield-based platforms, engineered for efficient AI data processing. GPU Integration with Remote Storage: Innovations combining GPUs with AIC's storage servers, optimizing micro-services and enabling remote storage capabilities. S3 RDMA: Utilizes RDMA technology to provide NVIDIA BlueField storage systems, supporting BlueField cards or F2032 storage subsystems, enabling high-performance AI data management. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$8.43 (vs NT$5.53 in 1Q 2024) First quarter 2025 results: EPS: NT$8.43 (up from NT$5.53 in 1Q 2024). Revenue: NT$2.46b (up 65% from 1Q 2024). Net income: NT$362.3m (up 70% from 1Q 2024). Profit margin: 15% (in line with 1Q 2024). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has increased by 96% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 30
AIC to Highlight Secure Infrastructure, Quantum-Ready Technologies, and Edge Innovations At RSA Conference 2025 AIC will be showcasing its latest advancements at RSA Conference 2025, the premier event for cybersecurity professionals, taking place April 28-May 1 at the Moscone Center in San Francisco. At Booth N-4309, AIC will highlight new developments in secure infrastructure, preview an upcoming edge platform, and feature key strategic collaborations such as its partnership with Qrypt. AIC will provide an early look at the EB101-DB, a compact 1U edge server powered by next-generation Intel®? Arrow Lake-S processors and built on AIC's Dubhe server board. Designed for cybersecurity deployments, remote site operations, and edge data processing, the EB101-DB delivers PCIe 5.0 expandability, high-speed 10GbE and 2.5GbE networking, and flexible SATA storage options--all in a short-depth form factor ideal for space-constrained environments. In addition to the EB101-DB preview, AIC will also feature several key systems engineered for modern cybersecurity needs: TB116-DL - 1U FIPS-compliant network security appliance designed for encrypted communications, firewall/VPN applications, and secure edge gateways. EB202-CP - 2U CXL-enabled storage server built for scalable backup, secure archiving, and accelerated AI/analytics data pipelines. F2026-01-G5 - 2U high-density storage platform optimized for secure data lakes, compliance archives, and large-scale content repositories. Visitors are invited to meet AIC's team at Booth N-4309 to explore these solutions firsthand. AIC's partnership with Qrypt, a leader in quantum-secure encryption, will also be highlighted, showcasing how the companies are advancing quantum-ready and cybersecurity technologies. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$254, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 18x in the Tech industry in Taiwan. Total returns to shareholders of 372% over the past three years. New Risk • Apr 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 6.5% 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: Major Risk High level of non-cash earnings (24% accrual ratio). Minor Risks Dividend is not well covered by cash flows (109% cash payout ratio). Share price has been volatile over the past 3 months (6.5% average weekly change). Reported Earnings • Mar 28
Full year 2024 earnings released: EPS: NT$27.30 (vs NT$24.10 in FY 2023) Full year 2024 results: EPS: NT$27.30 (up from NT$24.10 in FY 2023). Revenue: NT$8.54b (down 2.9% from FY 2023). Net income: NT$1.09b (up 17% from FY 2023). Profit margin: 13% (up from 11% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has increased by 79% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 14
AIC Inc., Annual General Meeting, Jun 25, 2025 AIC Inc., Annual General Meeting, Jun 25, 2025. Location: no,152, sec.4 ling hang n. rd., heng feng li, dayuan dist., taoyuan city Taiwan Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$10.53 (vs NT$11.70 in 3Q 2023) Third quarter 2024 results: EPS: NT$10.53 (down from NT$11.70 in 3Q 2023). Revenue: NT$2.67b (down 7.2% from 3Q 2023). Net income: NT$413.2m (down 8.3% from 3Q 2023). Profit margin: 16% (in line with 3Q 2023). Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has increased by 94% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Oct 23
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 12% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (41% accrual ratio). Minor Risks Dividend is not well covered by cash flows (204% cash payout ratio). Shareholders have been diluted in the past year (12% increase in shares outstanding). Buy Or Sell Opportunity • Oct 14
Now 21% overvalued Over the last 90 days, the stock has fallen 16% to NT$324. The fair value is estimated to be NT$268, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 41% over the last 3 years. Earnings per share has grown by 77%. Announcement • Aug 22
AIC Inc. has filed a Follow-on Equity Offering. AIC Inc. has filed a Follow-on Equity Offering.
Security Name: Shares
Security Type: Common Stock
Price\Range: TWD 330
Transaction Features: Rights Offering Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: NT$7.00 (vs NT$5.43 in 2Q 2023) Second quarter 2024 results: EPS: NT$7.00 (up from NT$5.43 in 2Q 2023). Revenue: NT$2.12b (up 11% from 2Q 2023). Net income: NT$269.6m (up 29% from 2Q 2023). Profit margin: 13% (up from 11% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has increased by 117% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Aug 10
Dividend increased to NT$10.00 Dividend of NT$10.00 is 67% higher than last year. Ex-date: 23rd August 2024 Payment date: 20th September 2024 Dividend yield will be 2.6%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (39% earnings payout ratio) but not covered by cash flows (dividend approximately 7x free cash flows). The dividend has increased by an average of 9.1% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 120% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Aug 05
Now 27% undervalued Over the last 90 days, the stock has risen 6.6% to NT$331. The fair value is estimated to be NT$450, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 42% over the last 3 years. Earnings per share has grown by 86%. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: NT$5.53 (vs NT$3.75 in 1Q 2023) First quarter 2024 results: EPS: NT$5.53 (up from NT$3.75 in 1Q 2023). Revenue: NT$1.49b (flat on 1Q 2023). Net income: NT$212.9m (up 47% from 1Q 2023). Profit margin: 14% (up from 9.7% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has increased by 103% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 30
AIC Inc., Annual General Meeting, Jun 27, 2024 AIC Inc., Annual General Meeting, Jun 27, 2024. New Risk • Mar 28
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.7% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 26
Full year 2023 earnings released: EPS: NT$24.10 (vs NT$11.83 in FY 2022) Full year 2023 results: EPS: NT$24.10 (up from NT$11.83 in FY 2022). Revenue: NT$8.79b (up 60% from FY 2022). Net income: NT$927.8m (up 104% from FY 2022). Profit margin: 11% (up from 8.3% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 91% per year whereas the company’s share price has increased by 94% per year. Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$513, the stock trades at a trailing P/E ratio of 19.8x. Average trailing P/E is 21x in the Tech industry in Taiwan. Total returns to shareholders of 846% over the past three years. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: NT$11.70 (vs NT$3.59 in 3Q 2022) Third quarter 2023 results: EPS: NT$11.70 (up from NT$3.59 in 3Q 2022). Revenue: NT$2.87b (up 89% from 3Q 2022). Net income: NT$450.5m (up 226% from 3Q 2022). Profit margin: 16% (up from 9.0% 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 92% per year but the company’s share price has increased by 112% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$485, the stock trades at a trailing P/E ratio of 27.2x. Average trailing P/E is 21x in the Tech industry in Taiwan. Total returns to shareholders of 916% over the past three years. Upcoming Dividend • Aug 18
Upcoming dividend of NT$6.00 per share at 1.1% yield Eligible shareholders must have bought the stock before 25 August 2023. Payment date: 22 September 2023. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of Taiwanese dividend payers (5.6%). Lower than average of industry peers (3.1%). Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: NT$5.43 (vs NT$2.74 in 2Q 2022) Second quarter 2023 results: EPS: NT$5.43 (up from NT$2.74 in 2Q 2022). Revenue: NT$1.92b (up 43% from 2Q 2022). Net income: NT$209.1m (up 98% from 2Q 2022). Profit margin: 11% (up from 7.9% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has increased by 97% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 08
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$461, the stock trades at a trailing P/E ratio of 30.4x. Average trailing P/E is 23x in the Tech industry in Taiwan. Total returns to shareholders of 681% over the past three years. Announcement • Jul 21
Aic Inc. Launches New High-Availability Server Ha401-Tu AIC Inc. Launched new high-availability storage server HA401-TU, which is optimized for mission-critical, enterprise-level storage applications. This cluster-in-a-box solution with active-active failover design and eliminates single points of failure. HA401-TU is a 4U high-availability (HA) server with 2 controller nodes and supports 24 3.5" SAS 12Gbs drives. Each controller node is equipped with an AIC Tucana server board that is powered by dual 3rdGen Intel® Xeon® Scalable processors and Intel® C621A chipset, which supports UPI speed up to 11.2 GT/s. HA401-TU provides enterprise users with a number of crucial benefits. The redundant hardware components ensure that there is no single point of failure. With the hot-swappable functionality, the controller canisters protect enterprises from the loss of revenue that can occur when access to mission-critical data or applications is disrupted. Both controller nodes process data input/output (I/O) operations and users can experience simultaneous and balanced access to logical devices. In the event of failover, the secondary node will automatically take over the devices, client connections and all the processes and services running in the system. This high-availability design significantly enhances the overall performance of clusters, enabling seamless handling of demanding workloads. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$340, the stock trades at a trailing P/E ratio of 22.4x. Average trailing P/E is 20x in the Tech industry in Taiwan. Total returns to shareholders of 382% over the past three years. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$292, the stock trades at a trailing P/E ratio of 19.3x. Average trailing P/E is 19x in the Tech industry in Taiwan. Total returns to shareholders of 318% over the past three years. Valuation Update With 7 Day Price Move • May 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$222, the stock trades at a trailing P/E ratio of 18.8x. Average trailing P/E is 16x in the Tech industry in Taiwan. Total returns to shareholders of 301% over the past three years. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$152, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 14x in the Tech industry in Taiwan. Total returns to shareholders of 407% over the past three years. Reported Earnings • Mar 31
Full year 2022 earnings released: EPS: NT$11.83 (vs NT$3.08 in FY 2021) Full year 2022 results: EPS: NT$11.83 (up from NT$3.08 in FY 2021). Revenue: NT$5.51b (up 59% from FY 2021). Net income: NT$455.4m (up 285% from FY 2021). Profit margin: 8.3% (up from 3.4% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 71% per year whereas the company’s share price has increased by 68% per year. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$111, the stock trades at a trailing P/E ratio of 13.6x. Average trailing P/E is 13x in the Tech industry in Taiwan. Total returns to shareholders of 322% over the past three years. Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improved over the past week After last week's 16% share price gain to NT$121, the stock trades at a trailing P/E ratio of 14.8x. Average trailing P/E is 11x in the Tech industry in Taiwan. Total returns to shareholders of 184% 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 19% share price gain to NT$94.40, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 12x in the Tech industry in Taiwan. Total returns to shareholders of 151% over the past three years. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$3.59 (vs NT$0.41 in 3Q 2021) Third quarter 2022 results: EPS: NT$3.59 (up from NT$0.41 in 3Q 2021). Revenue: NT$1.53b (up 51% from 3Q 2021). Net income: NT$138.0m (up NT$122.3m from 3Q 2021). Profit margin: 9.0% (up from 1.6% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$3.59 (vs NT$0.41 in 3Q 2021) Third quarter 2022 results: EPS: NT$3.59 (up from NT$0.41 in 3Q 2021). Revenue: NT$1.53b (up 51% from 3Q 2021). Net income: NT$138.0m (up NT$122.3m from 3Q 2021). Profit margin: 9.0% (up from 1.6% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. 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$66.00, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 12x in the Tech industry in Taiwan. Total returns to shareholders of 78% over the past three years. Valuation Update With 7 Day Price Move • Oct 17
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$59.30, the stock trades at a trailing P/E ratio of 11.9x. Average trailing P/E is 12x in the Tech industry in Taiwan. Total returns to shareholders of 51% over the past three years. Announcement • Oct 13
AIC Expands Its Mainstream Server Portfolio by Launching Four New Server Systems AIC Inc. announced the addition of four new models to its mainstream server product family. The new servers are compact while providing great performances and flexibility. The newly launched servers (SB101-TU, SB102-TU, SB201-TU, SB202-TU), form factor ranging from 1U to 2U, are short in depth to address the growing market demands of space-sensitive applications. With the universal backplane design, the servers provide users HDDs/SSDs hybrid storage options, which break free the hardware limitations and allow users to flexibly install NVMe/SAS/SATA drives according to real needs. Powered by 3rd Gen Intel® Xeon® Scalable processors in dual socket configurations, the new servers not only support PCIe Gen 4 which doubled the bandwidth to provide up to 32 Gb/s data transmitting but also on-board with Intel® FPGA general purpose I/O chip which enable the servers to be accelerators-optimized and are ideal to run the most demanding data applications. By integrating the features of 3rd Gen Intel® Xeon® Scalable processors technologies with AIC unique storage hardware infrastructures, the newly launched AIC mainstream servers provide a balance of performance, capacity, and cost. Valuation Update With 7 Day Price Move • Sep 02
Investor sentiment improved over the past week After last week's 16% share price gain to NT$73.50, the stock trades at a trailing P/E ratio of 14.7x. Average trailing P/E is 13x in the Tech industry in Taiwan. Total returns to shareholders of 75% over the past three years. Upcoming Dividend • Aug 19
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 26 August 2022. Payment date: 23 September 2022. Payout ratio is a comfortable 30% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of Taiwanese dividend payers (6.5%). Lower than average of industry peers (7.3%). Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$2.74 (vs NT$0.69 in 2Q 2021) Second quarter 2022 results: EPS: NT$2.74 (up from NT$0.69 in 2Q 2021). Revenue: NT$1.34b (up 54% from 2Q 2021). Net income: NT$105.6m (up 295% from 2Q 2021). Profit margin: 7.9% (up from 3.1% 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 61% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Jul 27
AIC Inc. Introduces Mainstream Dual Socket Server Product Family Powered by 3rd Generation Intel Xeon Scalable Processors AIC Inc. announced its new product family of mainstream dual socket storage servers. Powered by 3rd Gen. Intel® Xeon® Scalable processors, these rackmount storage servers are high-performance and designed with high flexibility to support various storage devices. This new product family provides options ranging from cost-efficiency servers to high performance all-flash NVMe platforms and can fulfill wide range of data storage applications from storage tiering, virtualization to cloud datacenters and high performance computing (HPC). This new product family includes three models, SB101-A6, SB202-A6 and SB201-A6. These dual socket server systems are with AIC server board (codename: A6) that is based on 3rd Gen. Intel® Xeon® Scalable processors. By leveraging 3rd Gen. Intel® Xeon® Scalable processors 'great features, including CPU TDP supports up to 270W, DDR4 memory, PCIe Gen4 ready, built-in AI and enhanced security, the new server systems provide excellent performances and low latency while maintaining the cost-effective benefits. Customers can utilize the enhanced Intel CPU performances, memory capabilities and doubled PCIe Gen4 I/O bandwidth to tackle the challenges in data storage workloads. Besides, the new server systems are designed with universal (tri-mode) backplanes and are able to support SAS, SATA, and NVMe, providing great flexibility for customers to load either 3.5"or 2.5" HDDs/SSDs. With tool-less features, the new server systems can save operators significant amount of maintenance resources, which is crucial for hyper-scaler and cloud environments. AIC new mainstream storage server product family at a glance: SB101-A6, a 1U 4-bay 3.5" rackmount server, supporting dual 3rd Gen. Intel® Xeon® Scalable processors, 32 DDR4 DIMMs, with 2 PCIe 4.0 x16 and a 1 OCP 3.0 x16 slots, tri-mode backplane to support 4 SAS/SATA/NVMe HDD/SSDs, compatible with 2.5" drives; SB202-A6, a 2U 12-bay 3.5" rackmount server, supporting dual 3rd Gen. Intel® Xeon® Scalable processors, 32 DDR4 DIMMs, with 2 PCIe 4.0 x16, 4 PCIe 4.0 x8 and 1 OCP 3.0 x16 slots, tri-mode backplane to support 12 SAS/SATA/NVMe HDD/SSDs, compatible with 2.5" drives; SB201-A6, a 2U 24-bay 2.5" rackmount server, supporting dual 3rd Gen. Intel® Xeon® Scalable processors, 32 DDR4 DIMMs, all-flash NVMe SSDs, with 4 PCIe 4.0 x16 and 1 OCP 3.0 x16 slots. The company's new mainstream dual socket servers based on 3rd Gen. Intel® Xeon® Scalable Processors are expected to be shipped in the third quarter of 2022. Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improved over the past week After last week's 21% share price gain to NT$53.00, the stock trades at a trailing P/E ratio of 18x. Average trailing P/E is 12x in the Tech industry in Taiwan. Total returns to shareholders of 30% over the past three years. Announcement • Jul 09
AIC Inc. Launches an Ultra-High Density 4U JBOD AIC Inc. launched J4078-02-04X, an ultra-high density 4U 78-bay JBOD enclosure. This new JBOD pioneers the market by supporting 24G SAS and providing performances. High density and high performance make J4078-02-04X ideal for workloads such as virtualization, enterprise backup storage, cold and warm data storage. AIC J4078-02-04X is a 4U top-loading JBOD that supports 78 units of 3.5"enterprise capacity HDDs, up to 1.5+ petabytes of data storage. On-boarded with the latest Broadcom 24G SAS expanders on hub expander modules, the J4078-02-04X input/output (I/O) performance improves 100% compared to its previous generation. While J4078-02-04X edge expanders remain at 12G SAS, it is proven that the doubled bandwidth on hub expanders is the key of significantly enhanced I/O performances. This directly addresses the performance demand of high density storage in the market while most of the other 4U top-loading JBODs are using 12G SAS hub expanders with limited bandwidth for data transmission. J4078-02-04X's dual hub expander modules support dual-path redundancy for host link and expansion link. Designed with high availability and balanced architecture, each hub expander has four MiniSAS HD, providing a total of 16 ports and supporting up to 384Gb/s. With only 810 mm in depth, J4078-02-04X is one of the shortest in its category and can fit into any existing 1 meter rack. Its modularized enclosure is designed with hot-swap components and redundant features to increase reliability and ease of maintenance. The Broadcom 24G SAS expander is the key factor that boosts the doubled I/O performances of J4078-02-04X. It is the first fully compliant SAS-4 SerDes in the industry. By maximizing the available throughput to the host, the SAS4x expander couples next generation SAS-4 technology and provides high device throughput with SAS to support up to 22.5Gb /s, doubling the effective bandwidth over prior 12Gb/s expanders without compromising energy efficiency and package size. From software and firmware perspectives, the Broadcom 24G SAS expander Software Developer's Kit (SDK) has 95% commonality with legacy Broadcom SAS expanders, supporting AIC to significantly reduce the resources for developing J4078-02-04X. Reported Earnings • May 14
First quarter 2022 earnings released: EPS: NT$0.42 (vs NT$0.56 in 1Q 2021) First quarter 2022 results: EPS: NT$0.42 (down from NT$0.56 in 1Q 2021). Revenue: NT$737.9m (flat on 1Q 2021). Net income: NT$16.3m (down 24% from 1Q 2021). Profit margin: 2.2% (down from 2.9% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Feb 24
AIC Launches New 12Gb/s SAS JBOD Series AIC Inc. announced the launch of its new product family of 12Gb/s SAS JBODs leveraging new series of high performance SAS expanders. These new JBODs are optimized for critical, performance-driven storage applications such as cloud backup, data archiving, scale up, and high-density storage. The new AIC 12Gb/s SAS JBOD series offers high availability, redundancy and efficiency with compact chassis design. The 15" short-depth, cable-less, modular enclosure features hot-swap components and redundancy of the new JBODs to increase reliability and ease of maintenance. The high performance cooling and excellent airflow design make the drives stay cool during operations, providing high efficiency and making the per GB investment a great value. To enhance performance for dense storage, the AIC 12Gb/s SAS JBODs are equipped with the new series of high performance SAS expanders that utilized a new power-optimized design to deliver best in class power utilization and the latest enhancement in SAS technology. On board with AIC's own BMC and firmware - Intelligent Enclosure Management (IEM), the new JBODs provide excellent management functionalities for operators. Each JBOD has its own external ports, making it upgradeable and easy to manage a lot more disks in a cluster. Valuation Update With 7 Day Price Move • Dec 25
Investor sentiment improved over the past week After last week's 17% share price gain to NT$57.30, the stock trades at a trailing P/E ratio of 34.8x. Average trailing P/E is 16x in the Tech industry in Taiwan. Total returns to shareholders of 82% over the past three years. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS NT$0.41 (vs NT$0.48 in 3Q 2020) The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: NT$1.01b (up 32% from 3Q 2020). Net income: NT$15.6m (down 15% from 3Q 2020). Profit margin: 1.6% (down from 2.4% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment improved over the past week After last week's 23% share price gain to NT$53.00, the stock trades at a trailing P/E ratio of 30.9x. Average trailing P/E is 15x in the Tech industry in Taiwan. Total returns to shareholders of 69% over the past three years. Upcoming Dividend • Sep 22
Upcoming dividend of NT$0.70 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 15 October 2021. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (5.3%). Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS NT$0.69 (vs NT$0.10 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$867.9m (up 17% from 2Q 2020). Net income: NT$26.7m (up NT$22.9m from 2Q 2020). Profit margin: 3.1% (up from 0.5% 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 89% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improved over the past week After last week's 17% share price gain to NT$46.10, the stock trades at a trailing P/E ratio of 41.1x. Average trailing P/E is 15x in the Tech industry in Taiwan. Total returns to shareholders of 5.7% over the past three years. Valuation Update With 7 Day Price Move • May 17
Investor sentiment deteriorated over the past week After last week's 19% share price decline to NT$36.20, the stock trades at a trailing P/E ratio of 16.9x. Average trailing P/E is 15x in the Tech industry in Taiwan. Total returns to shareholders of 9.5% over the past three years. Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment improved over the past week After last week's 27% share price gain to NT$59.10, the stock trades at a trailing P/E ratio of 27.6x. Average trailing P/E is 17x in the Tech industry in Taiwan. Total returns to shareholders of 71% over the past three years. Reported Earnings • Mar 20
Full year 2020 earnings released: EPS NT$2.14 (vs NT$0.64 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: NT$2.99b (down 21% from FY 2019). Net income: NT$82.4m (up 235% from FY 2019). Profit margin: 2.8% (up from 0.7% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 125% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improved over the past week After last week's 17% share price gain to NT$48.60, the stock trades at a trailing P/E ratio of 18.5x. Average trailing P/E is 17x in the Tech industry in Taiwan. Total returns to shareholders of 41% over the past three years. Is New 90 Day High Low • Jan 27
New 90-day low: NT$42.05 The company is down 3.0% from its price of NT$43.25 on 30 October 2020. The Taiwanese market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is up 11% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.48 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$765.4m (down 20% from 3Q 2019). Net income: NT$18.4m (up 200% from 3Q 2019). Profit margin: 2.4% (up from 0.6% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 121% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 09
Market bids up stock over the past week After last week's 19% share price gain to NT$52.60, the stock is trading at a trailing P/E ratio of 22.8x, up from the previous P/E ratio of 19.1x. This compares to an average P/E of 16x in the Tech industry in Taiwan. Total returns to shareholders over the past three years are 25%. Is New 90 Day High Low • Oct 15
New 90-day low: NT$50.30 The company is down 20% from its price of NT$62.60 on 17 July 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is down 2.0% over the same period. Is New 90 Day High Low • Sep 25
New 90-day low: NT$51.20 The company is down 32% from its price of NT$75.50 on 24 June 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is down 1.0% over the same period.