Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$0.16 (vs NT$0.40 in FY 2024) Full year 2025 results: EPS: NT$0.16 (down from NT$0.40 in FY 2024). Revenue: NT$1.07b (up 8.5% from FY 2024). Net income: NT$12.9m (down 59% from FY 2024). Profit margin: 1.2% (down from 3.1% 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 38% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Announcement • Mar 10
Mildex Optical Inc., Annual General Meeting, Jun 18, 2026 Mildex Optical Inc., Annual General Meeting, Jun 18, 2026. Location: 9 floor no,266, ch`eng kung 1st rd., cianjin district, kaohsiung city Taiwan Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$24.15, the stock trades at a trailing P/E ratio of 78.5x. Average forward P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 72% over the past three years. Reported Earnings • Nov 16
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: NT$0.07 (down from NT$0.16 in 3Q 2024). Revenue: NT$251.3m (up 7.4% from 3Q 2024). Net income: NT$5.18m (down 58% from 3Q 2024). Profit margin: 2.1% (down from 5.3% in 3Q 2024). Revenue exceeded analyst estimates by 6.9%. Earnings per share (EPS) also surpassed analyst estimates. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Reported Earnings • Aug 14
Second quarter 2025 earnings: EPS exceeds analyst expectations Second quarter 2025 results: NT$0.05 loss per share (down from NT$0.10 profit in 2Q 2024). Revenue: NT$276.4m (up 3.9% from 2Q 2024). Net loss: NT$3.98m (down 151% from profit in 2Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 80%. Over the last 3 years on average, earnings per share has increased by 37% 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 • Aug 01
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$25.50, the stock trades at a trailing P/E ratio of 45.7x. Average forward P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 81% over the past three years. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$20.00, the stock trades at a trailing P/E ratio of 35.9x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 68% over the past three years. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.11 (vs NT$0.049 loss in 1Q 2024) First quarter 2025 results: EPS: NT$0.11 (up from NT$0.049 loss in 1Q 2024). Revenue: NT$274.1m (up 20% from 1Q 2024). Net income: NT$8.38m (up NT$12.2m from 1Q 2024). Profit margin: 3.1% (up from net loss in 1Q 2024). 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 16% per year, which means it is significantly lagging earnings growth. Announcement • May 01
Mildex Optical Inc. to Report Q1, 2025 Results on May 08, 2025 Mildex Optical Inc. announced that they will report Q1, 2025 results on May 08, 2025 Upcoming Dividend • Apr 11
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 18 April 2025. Payment date: 21 May 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 2.6%. Lower than top quartile of Taiwanese dividend payers (5.6%). Lower than average of industry peers (4.0%). Buy Or Sell Opportunity • Apr 10
Now 28% overvalued Over the last 90 days, the stock has fallen 23% to NT$18.05. The fair value is estimated to be NT$14.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$18.25, the stock trades at a trailing P/E ratio of 45.5x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 27% 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 6.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (10.0% operating cash flow to total debt). Minor Risks Dividend is not well covered by earnings (125% payout ratio). Share price has been volatile over the past 3 months (6.3% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (NT$1.57b market cap, or US$47.6m). New Risk • Mar 28
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 45% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (10.0% operating cash flow to total debt). Minor Risks Dividend is not well covered by earnings (125% payout ratio). Large one-off items impacting financial results. Market cap is less than US$100m (NT$1.89b market cap, or US$56.9m). Announcement • Mar 06
Mildex Optical Inc., Annual General Meeting, Jun 20, 2025 Mildex Optical Inc., Annual General Meeting, Jun 20, 2025. Location: 9 floor no,266, ch`eng kung 1st rd., cianjin district, kaohsiung city Taiwan Announcement • Feb 27
Mildex Optical Inc. to Report Fiscal Year 2024 Results on Mar 05, 2025 Mildex Optical Inc. announced that they will report fiscal year 2024 results on Mar 05, 2025 Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.16 (vs NT$0.12 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.16 (up from NT$0.12 in 3Q 2023). Revenue: NT$234.0m (down 5.6% from 3Q 2023). Net income: NT$12.4m (up 36% from 3Q 2023). Profit margin: 5.3% (up from 3.7% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.10 (vs NT$0.23 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.10 (down from NT$0.23 in 2Q 2023). Revenue: NT$266.0m (down 16% from 2Q 2023). Net income: NT$7.83m (down 56% from 2Q 2023). Profit margin: 2.9% (down from 5.7% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Aug 01
Mildex Optical Inc. to Report Q2, 2024 Results on Aug 08, 2024 Mildex Optical Inc. announced that they will report Q2, 2024 results on Aug 08, 2024 New Risk • Jul 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 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 Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Minor Risks Dividend is not well covered by earnings (440% payout ratio). Share price has been volatile over the past 3 months (6.9% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.9% net profit margin). Market cap is less than US$100m (NT$1.57b market cap, or US$47.8m). Declared Dividend • Jun 01
Dividend of NT$0.50 announced Dividend of NT$0.50 is the same as last year. Ex-date: 13th June 2024 Payment date: 10th July 2024 Dividend yield will be 2.7%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is not covered by earnings (439% earnings payout ratio). However, it is well covered by cash flows (19% cash payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. The company's earnings per share (EPS) would need to grow by 388% to bring the payout ratio under control, which is more than the 36% EPS growth achieved over the last 5 years. Reported Earnings • May 12
First quarter 2024 earnings released: NT$0.05 loss per share (vs NT$0.18 profit in 1Q 2023) First quarter 2024 results: NT$0.05 loss per share (down from NT$0.18 profit in 1Q 2023). Revenue: NT$229.0m (down 27% from 1Q 2023). Net loss: NT$3.82m (down 128% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. New Risk • Mar 22
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 49% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (9.7% average weekly change). Minor Risks Dividend is not well covered by earnings (147% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.4% net profit margin). Market cap is less than US$100m (NT$1.49b market cap, or US$46.5m). Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: NT$0.34 (vs NT$0.70 in FY 2022) Full year 2023 results: EPS: NT$0.34 (down from NT$0.70 in FY 2022). Revenue: NT$1.10b (down 19% from FY 2022). Net income: NT$26.5m (down 59% from FY 2022). Profit margin: 2.4% (down from 4.7% 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 92% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Mar 08
Mildex Optical Inc., Annual General Meeting, Jun 13, 2024 Mildex Optical Inc., Annual General Meeting, Jun 13, 2024. Location: 9F., No.266, Cheng-kung 1st Rd Kaohsiung City 801 Kaohsiung City Taiwan Agenda: To consider the business report of 2023; to consider Audit Committee's Review Report on the 2023 Financial Statements; to consider Report on the distribution of remuneration of directors and employees in 2023; to consider the Status of cash dividend distribution of 2023; and to consider other matters, if any. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to NT$22.85, the stock trades at a trailing P/E ratio of 40.9x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 40% over the past three years. New Risk • Jan 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 5.8% 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: Major Risk Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Share price has been volatile over the past 3 months (5.8% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (NT$1.51b market cap, or US$48.1m). Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$17.65, the stock trades at a trailing P/E ratio of 31.6x. Average trailing P/E is 21x in the Electronic industry in Taiwan. Total returns to shareholders of 27% over the past three years. New Risk • Nov 22
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 82% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Minor Risks Short dividend paying track record (less than a year of continuous dividend payments). Large one-off items impacting financial results. Market cap is less than US$100m (NT$1.26b market cap, or US$40.1m). Reported Earnings • Nov 11
Third quarter 2023 earnings released: EPS: NT$0.12 (vs NT$0.32 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.12 (down from NT$0.32 in 3Q 2022). Revenue: NT$248.0m (down 32% from 3Q 2022). Net income: NT$9.09m (down 68% from 3Q 2022). Profit margin: 3.7% (down from 7.7% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. New Risk • Aug 18
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 18% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Minor Risks Short dividend paying track record (less than a year of continuous dividend payments). Market cap is less than US$100m (NT$1.28b market cap, or US$40.1m). Upcoming Dividend • Jun 13
Upcoming dividend of NT$0.50 per share at 2.8% yield Eligible shareholders must have bought the stock before 20 June 2023. Payment date: 17 July 2023. Trailing yield: 2.8%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (4.3%). Reported Earnings • Mar 31
Full year 2022 earnings released: EPS: NT$0.70 (vs NT$1.66 loss in FY 2021) Full year 2022 results: EPS: NT$0.70 (up from NT$1.66 loss in FY 2021). Revenue: NT$1.37b (up 19% from FY 2021). Net income: NT$64.5m (up NT$193.9m from FY 2021). Profit margin: 4.7% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$0.32 (vs NT$0.042 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.32 (up from NT$0.042 in 3Q 2021). Revenue: NT$362.5m (up 25% from 3Q 2021). Net income: NT$28.0m (up NT$24.8m from 3Q 2021). Profit margin: 7.7% (up from 1.1% in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has remained flat, which means it is well ahead of earnings. 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 Shang-An Lin was the last independent director to join the board, commencing their role in 2018. 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 13
Third quarter 2022 earnings released: EPS: NT$0.32 (vs NT$0.042 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.32 (up from NT$0.042 in 3Q 2021). Revenue: NT$362.5m (up 25% from 3Q 2021). Net income: NT$28.0m (up NT$24.8m from 3Q 2021). Profit margin: 7.7% (up from 1.1% in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.04 (vs NT$0.14 loss in 1Q 2021) First quarter 2022 results: EPS: NT$0.04 (up from NT$0.14 loss in 1Q 2021). Revenue: NT$346.5m (up 42% from 1Q 2021). Net income: NT$4.36m (up NT$18.6m from 1Q 2021). Profit margin: 1.3% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Shang-An Lin was the last independent director to join the board, commencing their role in 2018. 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 • Apr 03
Full year 2021 earnings released: NT$1.26 loss per share (vs NT$1.10 loss in FY 2020) Full year 2021 results: NT$1.26 loss per share (down from NT$1.10 loss in FY 2020). Revenue: NT$1.15b (up 26% from FY 2020). Net loss: NT$129.4m (loss widened 14% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 30% 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. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS NT$0.03 (vs NT$0.38 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$290.3m (up 36% from 3Q 2020). Net income: NT$3.28m (up NT$42.3m from 3Q 2020). Profit margin: 1.1% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Aug 18
Second quarter 2021 earnings released: NT$0.12 loss per share (vs NT$0.043 profit in 2Q 2020) The company reported a soft second quarter result with weaker earnings and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: NT$308.7m (up 12% from 2Q 2020). Net loss: NT$12.7m (down 384% from profit in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. Reported Earnings • May 17
First quarter 2021 earnings released: NT$0.14 loss per share (vs NT$0.096 profit in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: NT$244.4m (down 3.9% from 1Q 2020). Net loss: NT$14.2m (down 242% from profit in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 31
Full year 2020 earnings released: NT$1.10 loss per share (vs NT$0.91 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: NT$913.4m (down 11% from FY 2019). Net loss: NT$113.8m (loss widened 20% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Jan 13
New 90-day low: NT$11.95 The company is down 16% from its price of NT$14.15 on 16 October 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 24% over the same period. Is New 90 Day High Low • Dec 21
New 90-day low: NT$12.00 The company is down 19% from its price of NT$14.90 on 23 September 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 11% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: NT$0.38 loss per share The company reported a poor third quarter result with increased losses and weaker revenues and control over expenses. Third quarter 2020 results: Revenue: NT$213.0m (down 21% from 3Q 2019). Net loss: NT$39.0m (loss widened 223% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 111% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 11
New 90-day low: NT$13.05 The company is down 19% from its price of NT$16.20 on 13 August 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is down 3.0% over the same period. Is New 90 Day High Low • Oct 17
New 90-day low: NT$14.15 The company is down 17% from its price of NT$17.00 on 17 July 2020. The Taiwanese market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is down 4.0% over the same period.