Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$26.50, the stock trades at a trailing P/E ratio of 50.8x. Average trailing P/E is 24x in the Tech industry in Taiwan. Total returns to shareholders of 7.5% over the past three years. New Risk • Mar 20
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1,845% Last year net profit margin: 6,397% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (NT$819k revenue, or US$26k). Minor Risks Profit margins are more than 30% lower than last year (1,845% net profit margin). Market cap is less than US$100m (NT$780.0m market cap, or US$24.4m). Reported Earnings • Mar 20
Full year 2025 earnings released: EPS: NT$0.52 (vs NT$3.02 in FY 2024) Full year 2025 results: EPS: NT$0.52 (down from NT$3.02 in FY 2024). Net income: NT$15.1m (down 83% from FY 2024). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Mar 13
CGS International Inc., Annual General Meeting, Jun 12, 2026 CGS International Inc., Annual General Meeting, Jun 12, 2026. Location: 2 floor no,27, wu ch`uan 5th rd., wugu district, new taipei city Taiwan New Risk • Dec 19
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 Revenue is less than US$1m (NT$1.2m revenue, or US$37k). Minor Risks 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$874.1m market cap, or US$27.7m). Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: NT$0.35 (vs NT$2.23 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.35 (down from NT$2.23 in 3Q 2024). Net income: NT$10.3m (down 84% from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$33.45, the stock trades at a trailing P/E ratio of 13.6x. Average trailing P/E is 22x in the Tech industry in Taiwan. Total returns to shareholders of 20% over the past three years. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$0.13 (vs NT$0.11 loss in 2Q 2024) Second quarter 2025 results: EPS: NT$0.13 (up from NT$0.11 loss in 2Q 2024). Net income: NT$3.67m (up NT$6.88m from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. New Risk • Jul 29
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 6.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (NT$1.1m revenue, or US$37k). Minor Risks Share price has been volatile over the past 3 months (6.1% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (NT$1.30b market cap, or US$43.6m). Reported Earnings • May 19
First quarter 2025 earnings released: EPS: NT$0.51 (vs NT$1.31 in 1Q 2024) First quarter 2025 results: EPS: NT$0.51 (down from NT$1.31 in 1Q 2024). Net income: NT$14.7m (down 61% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$55.30, the stock trades at a trailing P/E ratio of 18.3x. Average trailing P/E is 19x in the Tech industry in Taiwan. Total returns to shareholders of 98% over the past three years. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: NT$3.02 (vs NT$0.012 in FY 2023) Full year 2024 results: EPS: NT$3.02 (up from NT$0.012 in FY 2023). Net income: NT$87.5m (up NT$87.1m from FY 2023). Over the last 3 years on average, earnings per share has increased by 117% 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 13
CGS International Inc., Annual General Meeting, May 26, 2025 CGS International Inc., Annual General Meeting, May 26, 2025, at 09:00 Taipei Standard Time. Location: 2 floor no,27, wu ch`uan 5th rd., wugu district, new taipei city Taiwan Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$2.23 (vs NT$0.98 loss in 3Q 2023) Third quarter 2024 results: EPS: NT$2.23 (up from NT$0.98 loss in 3Q 2023). Net income: NT$64.4m (up NT$93.0m from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 118% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 13
Second quarter 2024 earnings released: NT$0.11 loss per share (vs NT$0.19 profit in 2Q 2023) Second quarter 2024 results: NT$0.11 loss per share (down from NT$0.19 profit in 2Q 2023). Net loss: NT$3.21m (down 158% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 12
First quarter 2024 earnings released: EPS: NT$1.31 (vs NT$1.03 in 1Q 2023) First quarter 2024 results: EPS: NT$1.31 (up from NT$1.03 in 1Q 2023). Revenue: NT$359.0k (down 75% from 1Q 2023). Net income: NT$37.9m (up 27% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: NT$0.01 (vs NT$1.07 loss in FY 2022) Full year 2023 results: EPS: NT$0.01 (up from NT$1.07 loss in FY 2022). Revenue: NT$12.3m (up 3.2% from FY 2022). Net income: NT$355.0k (up NT$31.3m from FY 2022). Profit margin: 2.9% (up from net loss in FY 2022). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Mar 14
CGS International Inc., Annual General Meeting, May 27, 2024 CGS International Inc., Annual General Meeting, May 27, 2024. New Risk • Nov 08
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 5.6% 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 Risks High level of non-cash earnings (161% accrual ratio). Revenue is less than US$1m (NT$8.8m revenue, or US$274k). Minor Risks Share price has been volatile over the past 3 months (5.6% average weekly change). Market cap is less than US$100m (NT$690.3m market cap, or US$21.4m). Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: NT$0.19 (vs NT$1.26 loss in 2Q 2022) Second quarter 2023 results: EPS: NT$0.19 (up from NT$1.26 loss in 2Q 2022). Net income: NT$5.51m (up NT$41.9m from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 31
Full year 2022 earnings released: NT$1.07 loss per share (vs NT$1.22 loss in FY 2021) Full year 2022 results: NT$1.07 loss per share (improved from NT$1.22 loss in FY 2021). Net loss: NT$31.0m (loss narrowed 6.4% from FY 2021). Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$0.83 (vs NT$0.36 loss in 3Q 2021) Third quarter 2022 results: EPS: NT$0.83 (up from NT$0.36 loss in 3Q 2021). Revenue: NT$1.44m (down 55% from 3Q 2021). Net income: NT$24.1m (up NT$34.6m from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.83 (vs NT$0.36 loss in 3Q 2021) Third quarter 2022 results: EPS: NT$0.83 (up from NT$0.36 loss in 3Q 2021). Revenue: NT$1.44m (down 55% from 3Q 2021). Net income: NT$24.1m (up NT$34.6m from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 15
Second quarter 2022 earnings released: NT$1.26 loss per share (vs NT$0.65 loss in 2Q 2021) Second quarter 2022 results: NT$1.26 loss per share (down from NT$0.65 loss in 2Q 2021). Revenue: NT$2.09m (down 35% from 2Q 2021). Net loss: NT$36.4m (loss widened 100% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Reported Earnings • May 12
First quarter 2022 earnings released: NT$0.25 loss per share (vs NT$0.22 loss in 1Q 2021) First quarter 2022 results: NT$0.25 loss per share (down from NT$0.22 loss in 1Q 2021). Revenue: NT$7.27m (up 141% from 1Q 2021). Net loss: NT$7.25m (loss widened 46% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 31
Full year 2021 earnings released: NT$1.22 loss per share (vs NT$5.75 loss in FY 2020) Full year 2021 results: NT$1.22 loss per share (up from NT$5.75 loss in FY 2020). Revenue: NT$23.3m (down 78% from FY 2020). Net loss: NT$33.1m (loss narrowed 74% from FY 2020). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 13
Third quarter 2021 earnings released: NT$0.17 loss per share (vs NT$0.13 loss in 3Q 2020) Third quarter 2021 results: Net loss: NT$10.5m (loss widened 70% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 18
Second quarter 2021 earnings released: NT$0.30 loss per share (vs NT$0.54 loss in 2Q 2020) The company reported a soft second quarter result with weaker revenues and control over costs, although losses reduced. Second quarter 2021 results: Revenue: NT$3.19m (down 89% from 2Q 2020). Net loss: NT$18.2m (loss narrowed 30% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 42% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 17
First quarter 2021 earnings released: NT$0.10 loss per share (vs NT$0.69 loss in 1Q 2020) The company reported a soft first quarter result with weaker revenues and control over costs, although losses reduced. First quarter 2021 results: Revenue: NT$3.01m (down 94% from 1Q 2020). Net loss: NT$4.96m (loss narrowed 85% from 1Q 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 23% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 31
Full year 2020 earnings released: NT$2.61 loss per share (vs NT$3.54 loss in FY 2019) The company reported a soft full year result with weaker revenues and control over costs, although losses reduced. Full year 2020 results: Revenue: NT$104.9m (down 68% from FY 2019). Net loss: NT$127.0m (loss narrowed 26% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 01
New 90-day low: NT$12.20 The company is down 18% from its price of NT$14.80 on 04 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is up 12% over the same period. Is New 90 Day High Low • Dec 15
New 90-day low: NT$12.25 The company is down 18% from its price of NT$15.00 on 17 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is up 3.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: NT$0.13 loss per share The company reported a decent third quarter result with reduced losses and improved control over expenses, although revenues were weaker. Third quarter 2020 results: Revenue: NT$16.7m (down 82% from 3Q 2019). Net loss: NT$6.17m (loss narrowed 83% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 65% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. 