New Risk • Jun 17
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 48% per year over the past 5 years. High level of non-cash earnings (22% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (NT$2.54b market cap, or US$80.5m). New Risk • Jun 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 8x increase in shares outstanding. This is considered a major 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 Risks Earnings have declined by 48% per year over the past 5 years. High level of non-cash earnings (23% accrual ratio). Shareholders have been substantially diluted in the past year (over 8x increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). Reported Earnings • May 14
First quarter 2026 earnings released: EPS: NT$0.18 (vs NT$0.01 in 1Q 2025) First quarter 2026 results: EPS: NT$0.18 (up from NT$0.01 in 1Q 2025). Revenue: NT$322.0m (up 25% from 1Q 2025). Net income: NT$6.94m (up NT$6.54m from 1Q 2025). Profit margin: 2.2% (up from 0.2% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 123 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 11
Full year 2025 earnings released: EPS: NT$0.31 (vs NT$0.39 in FY 2024) Full year 2025 results: EPS: NT$0.31 (down from NT$0.39 in FY 2024). Revenue: NT$1.08b (up 9.8% from FY 2024). Net income: NT$12.6m (down 20% from FY 2024). Profit margin: 1.2% (down from 1.6% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 127 percentage points per year, which is a significant difference in performance. Announcement • Mar 06
EISO Enterprise Co., Ltd., Annual General Meeting, Jun 23, 2026 EISO Enterprise Co., Ltd., Annual General Meeting, Jun 23, 2026. Location: 4 floor no,2 chung hua ln., shan ying rd., gueishan district, taoyuan city Taiwan New Risk • Jan 12
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: Major Risk Earnings have declined by 35% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (NT$1.62b market cap, or US$51.3m). Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: NT$0.23 (vs NT$0.10 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$0.23 (up from NT$0.10 loss in 3Q 2024). Revenue: NT$277.7m (up 6.2% from 3Q 2024). Net income: NT$9.13m (up NT$13.3m from 3Q 2024). Profit margin: 3.3% (up from net loss in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 101 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 13
Second quarter 2025 earnings released: EPS: NT$0.01 (vs NT$0.32 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.01 (down from NT$0.32 in 2Q 2024). Revenue: NT$279.0m (up 9.9% from 2Q 2024). Net income: NT$333.0k (down 98% from 2Q 2024). Profit margin: 0.1% (down from 5.2% in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.01 (vs NT$0.12 in 1Q 2024) First quarter 2025 results: EPS: NT$0.01 (down from NT$0.12 in 1Q 2024). Revenue: NT$257.1m (up 12% from 1Q 2024). Net income: NT$394.0k (down 92% from 1Q 2024). Profit margin: 0.2% (down from 2.1% in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. 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$20.75, the stock trades at a trailing P/E ratio of 53.6x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total loss to shareholders of 36% over the past three years. Reported Earnings • Mar 14
Full year 2024 earnings released: EPS: NT$0.39 (vs NT$0.34 in FY 2023) Full year 2024 results: EPS: NT$0.39 (up from NT$0.34 in FY 2023). Revenue: NT$985.8m (up 4.3% from FY 2023). Net income: NT$15.8m (up 14% from FY 2023). Profit margin: 1.6% (up from 1.5% in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Announcement • Mar 07
EISO Enterprise Co., Ltd., Annual General Meeting, Jun 25, 2025 EISO Enterprise Co., Ltd., Annual General Meeting, Jun 25, 2025, at 09:00 Taipei Standard Time. Location: 4 floor no,2 chung hua ln., shan ying rd., gueishan district, taoyuan city Taiwan New Risk • Nov 18
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 39% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 415% Paying a dividend despite having no free cash flows. Earnings have declined by 8.5% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.8% net profit margin). Market cap is less than US$100m (NT$1.04b market cap, or US$31.8m). Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.32 (vs NT$0.18 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.32 (up from NT$0.18 in 2Q 2023). Revenue: NT$254.0m (up 16% from 2Q 2023). Net income: NT$13.1m (up 82% from 2Q 2023). Profit margin: 5.2% (up from 3.3% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jul 10
Upcoming dividend of NT$0.80 per share Eligible shareholders must have bought the stock before 17 July 2024. Payment date: 13 August 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 2.8%. Lower than top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.5%). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.12 (vs NT$0.28 in 1Q 2023) First quarter 2024 results: EPS: NT$0.12 (down from NT$0.28 in 1Q 2023). Revenue: NT$229.7m (down 16% from 1Q 2023). Net income: NT$4.71m (down 59% from 1Q 2023). Profit margin: 2.1% (down from 4.2% 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 33% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 02
Full year 2023 earnings released: EPS: NT$0.34 (vs NT$4.42 in FY 2022) Full year 2023 results: EPS: NT$0.34 (down from NT$4.42 in FY 2022). Revenue: NT$945.0m (down 39% from FY 2022). Net income: NT$13.9m (down 92% from FY 2022). Profit margin: 1.5% (down from 12% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Mar 14
EISO Enterprise Co., Ltd., Annual General Meeting, Jun 26, 2024 EISO Enterprise Co., Ltd., Annual General Meeting, Jun 26, 2024. New Risk • Aug 13
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 120% Cash payout ratio: 108% Dividend yield: 9.4% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 120% Cash payout ratio: 108% Minor Risks Profit margins are more than 30% lower than last year (7.5% net profit margin). Market cap is less than US$100m (NT$1.18b market cap, or US$37.0m). Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: NT$0.18 (vs NT$1.49 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.18 (down from NT$1.49 in 2Q 2022). Revenue: NT$218.6m (down 49% from 2Q 2022). Net income: NT$7.21m (down 88% from 2Q 2022). Profit margin: 3.3% (down from 14% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 13
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$28.45, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 49% over the past three years. Upcoming Dividend • Jun 30
Upcoming dividend of NT$2.70 per share at 8.0% yield Eligible shareholders must have bought the stock before 07 July 2023. Payment date: 04 August 2023. Payout ratio is on the higher end at 76%, however this is supported by cash flows. Trailing yield: 8.0%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (4.2%). Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$1.37 (vs NT$1.14 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.37 (up from NT$1.14 in 3Q 2021). Revenue: NT$399.0m (down 1.1% from 3Q 2021). Net income: NT$56.3m (up 25% from 3Q 2021). Profit margin: 14% (up from 11% 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 39% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$1.37 (vs NT$1.14 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.37 (up from NT$1.14 in 3Q 2021). Revenue: NT$399.0m (down 1.1% from 3Q 2021). Net income: NT$56.3m (up 25% from 3Q 2021). Profit margin: 14% (up from 11% 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 39% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$1.49 (vs NT$1.29 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.49 (up from NT$1.29 in 2Q 2021). Revenue: NT$424.6m (down 2.8% from 2Q 2021). Net income: NT$58.5m (up 16% from 2Q 2021). Profit margin: 14% (up from 12% in 2Q 2021). The increase in margin was driven by lower expenses. 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 19% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 14
Upcoming dividend of NT$2.01 per share Eligible shareholders must have bought the stock before 21 July 2022. Payment date: 17 August 2022. Payout ratio is a comfortable 44% but the company is paying out more than the cash it is generating. Trailing yield: 5.5%. Lower than top quartile of Taiwanese dividend payers (6.8%). Higher than average of industry peers (4.9%). Valuation Update With 7 Day Price Move • May 24
Investor sentiment improved over the past week After last week's 15% share price gain to NT$44.00, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 13x in the Electronic industry in Taiwan. Total returns to shareholders of 174% over the past three years. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$1.15 (vs NT$0.80 in 1Q 2021) First quarter 2022 results: EPS: NT$1.15 (up from NT$0.80 in 1Q 2021). Revenue: NT$391.1m (up 19% from 1Q 2021). Net income: NT$45.3m (up 48% from 1Q 2021). Profit margin: 12% (up from 9.3% 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 only increased by 27% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 31
Full year 2021 earnings released: EPS: NT$4.18 (vs NT$1.86 in FY 2020) Full year 2021 results: EPS: NT$4.18 (up from NT$1.86 in FY 2020). Revenue: NT$1.56b (up 30% from FY 2020). Net income: NT$162.7m (up 131% from FY 2020). Profit margin: 10% (up from 5.9% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 32% per year whereas the company’s share price has increased by 27% per year. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$1.14 (vs NT$0.36 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$403.2m (up 29% from 3Q 2020). Net income: NT$44.9m (up 226% from 3Q 2020). Profit margin: 11% (up from 4.4% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 36% per year whereas the company’s share price has increased by 31% per year. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$35.50, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 150% over the past three years. Upcoming Dividend • Aug 25
Upcoming dividend of NT$1.07 per share Eligible shareholders must have bought the stock before 01 September 2021. Payment date: 28 September 2021. Trailing yield: 2.7%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (3.2%). Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$1.29 (vs NT$0.66 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$437.0m (up 58% from 2Q 2020). Net income: NT$50.4m (up 100% from 2Q 2020). Profit margin: 12% (up from 9.1% 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 44% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 13
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$42.50, the stock trades at a trailing P/E ratio of 18.3x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 191% over the past three years. Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment improved over the past week After last week's 19% share price gain to NT$43.00, the stock trades at a trailing P/E ratio of 18.6x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 229% over the past three years. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment improved over the past week After last week's 16% share price gain to NT$34.60, the stock trades at a trailing P/E ratio of 14.9x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 168% over the past three years. Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$25.60, the stock trades at a trailing P/E ratio of 11.1x. Average trailing P/E is 15x in the Electronic industry in Taiwan. Total returns to shareholders of 107% over the past three years. Reported Earnings • May 09
First quarter 2021 earnings released: EPS NT$0.80 (vs NT$0.34 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$328.0m (up 21% from 1Q 2020). Net income: NT$30.6m (up 135% from 1Q 2020). Profit margin: 9.3% (up from 4.8% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 54% 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 • Apr 15
Investor sentiment improved over the past week After last week's 18% share price gain to NT$30.50, the stock trades at a trailing P/E ratio of 16.4x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 149% over the past three years. Reported Earnings • Mar 18
Full year 2020 earnings released: EPS NT$1.86 (vs NT$2.04 in FY 2019) The company reported a decent full year result with improved earnings, although revenues and profit margins were flat. Full year 2020 results: Revenue: NT$1.20b (flat on FY 2019). Net income: NT$70.6m (up 2.1% from FY 2019). Profit margin: 5.9% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • Mar 11
EISO Enterprise Co., Ltd., Annual General Meeting, Jun 24, 2021 EISO Enterprise Co., Ltd., Annual General Meeting, Jun 24, 2021. Is New 90 Day High Low • Mar 10
New 90-day high: NT$24.90 The company is up 2.0% from its price of NT$24.40 on 10 December 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 12% over the same period. Is New 90 Day High Low • Dec 09
New 90-day high: NT$24.75 The company is up 3.0% from its price of NT$24.00 on 10 September 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 12% over the same period. Reported Earnings • Nov 08
Third quarter 2020 earnings released: EPS NT$0.36 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$313.6m (down 3.3% from 3Q 2019). Net income: NT$13.7m (down 50% from 3Q 2019). Profit margin: 4.4% (down from 8.5% in 3Q 2019). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth.