New Risk • Jun 03
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 9.5% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 54% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (9.5% average weekly change). Reported Earnings • May 15
First quarter 2026 earnings released: EPS: NT$0.16 (vs NT$0.30 in 1Q 2025) First quarter 2026 results: EPS: NT$0.16 (down from NT$0.30 in 1Q 2025). Revenue: NT$290.8m (up 20% from 1Q 2025). Net income: NT$11.2m (down 48% from 1Q 2025). Profit margin: 3.8% (down from 8.7% in 1Q 2025). 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 124 percentage points per year, which is a significant difference in performance. Announcement • Mar 12
Lin Horn Technology Co., Ltd., Annual General Meeting, Jun 16, 2026 Lin Horn Technology Co., Ltd., Annual General Meeting, Jun 16, 2026. Location: 2 floor no,6, chung shan rd., chiayi county Taiwan Reported Earnings • Mar 12
Full year 2025 earnings released: NT$2.59 loss per share (vs NT$1.74 profit in FY 2024) Full year 2025 results: NT$2.59 loss per share (down from NT$1.74 profit in FY 2024). Revenue: NT$973.9m (down 7.4% from FY 2024). Net loss: NT$184.0m (down 249% from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. New Risk • Mar 12
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). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 38% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$1.95b market cap, or US$61.2m). Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: NT$0.19 (vs NT$0.96 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$0.19 (up from NT$0.96 loss in 3Q 2024). Revenue: NT$230.9m (down 23% from 3Q 2024). Net income: NT$13.8m (up NT$82.1m from 3Q 2024). Profit margin: 6.0% (up from net loss in 3Q 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 95 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 15
Second quarter 2025 earnings released: NT$3.57 loss per share (vs NT$0.43 profit in 2Q 2024) Second quarter 2025 results: NT$3.57 loss per share (down from NT$0.43 profit in 2Q 2024). Revenue: NT$230.5m (down 20% from 2Q 2024). Net loss: NT$253.5m (down NT$283.8m from profit in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Declared Dividend • Aug 14
Dividend increased to NT$1.00 Dividend of NT$1.00 is 25% higher than last year. Ex-date: 28th August 2025 Payment date: 26th September 2025 Dividend yield will be 4.0%, which is about the same as the industry average. Sustainability & Growth Dividend is not covered by earnings (190% earnings payout ratio). However, it is well covered by cash flows (11% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 111% to bring the payout ratio under control, which is more than the 11% EPS growth achieved over the last 5 years. 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$26.90, the stock trades at a trailing P/E ratio of 51.2x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 46% over the past three years. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: NT$0.30 (vs NT$1.51 in 1Q 2024) First quarter 2025 results: EPS: NT$0.30 (down from NT$1.51 in 1Q 2024). Revenue: NT$243.1m (up 2.9% from 1Q 2024). Net income: NT$21.3m (down 80% from 1Q 2024). Profit margin: 8.7% (down from 46% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • May 01
Lin Horn Technology Co., Ltd. to Report Q1, 2025 Results on May 08, 2025 Lin Horn Technology Co., Ltd. announced that they will report Q1, 2025 results on May 08, 2025 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$20.25, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 8.8% over the past three years. Reported Earnings • Mar 30
Full year 2024 earnings released: EPS: NT$1.74 (vs NT$0.80 in FY 2023) Full year 2024 results: EPS: NT$1.74 (up from NT$0.80 in FY 2023). Revenue: NT$1.05b (down 3.5% from FY 2023). Net income: NT$123.6m (up 117% from FY 2023). Profit margin: 12% (up from 5.2% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Mar 06
Lin Horn Technology Co., Ltd. to Report Fiscal Year 2024 Results on Mar 13, 2025 Lin Horn Technology Co., Ltd. announced that they will report fiscal year 2024 results on Mar 13, 2025 Reported Earnings • Nov 18
Third quarter 2024 earnings released: NT$0.96 loss per share (vs NT$1.87 profit in 3Q 2023) Third quarter 2024 results: NT$0.96 loss per share (down from NT$1.87 profit in 3Q 2023). Revenue: NT$298.2m (up 11% from 3Q 2023). Net loss: NT$68.3m (down 151% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Nov 02
Lin Horn Technology Co., Ltd. to Report Q3, 2024 Results on Nov 08, 2024 Lin Horn Technology Co., Ltd. announced that they will report Q3, 2024 results on Nov 08, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.43 (vs NT$0.95 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.43 (down from NT$0.95 in 2Q 2023). Revenue: NT$289.6m (up 14% from 2Q 2023). Net income: NT$30.3m (down 55% from 2Q 2023). Profit margin: 11% (down from 27% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Declared Dividend • Aug 14
Dividend reduced to NT$0.80 Dividend of NT$0.80 is 60% lower than last year. Ex-date: 28th August 2024 Payment date: 23rd September 2024 Dividend yield will be 2.7%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is well covered by both earnings (36% earnings payout ratio) and cash flows (4% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 60% to shift the payout ratio to a potentially unsustainable range, which is more than the 11% EPS decline seen over the last 5 years. Announcement • Aug 03
Lin Horn Technology Co., Ltd. to Report Q2, 2024 Results on Aug 12, 2024 Lin Horn Technology Co., Ltd. announced that they will report Q2, 2024 results on Aug 12, 2024 Announcement • May 05
Lin Horn Technology Co., Ltd. to Report Q1, 2024 Results on May 13, 2024 Lin Horn Technology Co., Ltd. announced that they will report Q1, 2024 results on May 13, 2024 Reported Earnings • Apr 03
Full year 2023 earnings released: EPS: NT$0.80 (vs NT$4.05 in FY 2022) Full year 2023 results: EPS: NT$0.80 (down from NT$4.05 in FY 2022). Revenue: NT$1.09b (down 21% from FY 2022). Net income: NT$57.0m (down 80% from FY 2022). Profit margin: 5.2% (down from 21% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Announcement • Mar 16
Lin Horn Technology Co., Ltd., Annual General Meeting, Jun 19, 2024 Lin Horn Technology Co., Ltd., Annual General Meeting, Jun 19, 2024. Location: No.6 Chungshan Rd MinhsiungIndustrial Park. Chiayi Hsien, Taiwan R.O.C Industrial Park. Chiayi Hsien, Taiwan R.O.C Chiayi Hsien Taiwan Agenda: To consider the 2023 business report; to consider the 2023 employees' compensation and directors' remuneration; to consider the 2023 business report and financial statements; and to consider other matters. Announcement • Mar 02
Lin Horn Technology Co., Ltd. Announces on Behalf of Subsidiary Lin Win International Investment Co., Ltd. Appointment of Liu Ting Chun as Chief Internal Auditor Lin Horn Technology Co., Ltd. Announcement on behalf of subsidiary Lin Win International Investment Co., Ltd. the appointment of chief internal auditor. Name, title, and resume of the new position holder: Liu Ting Chun, Chief internal auditor. Reason for the change: New appointment. Effective date is March 1, 2024. Buy Or Sell Opportunity • Jan 23
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 17% to NT$31.60. The fair value is estimated to be NT$26.24, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Nov 14
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: 9.1% Last year net profit margin: 25% 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 Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 140% Cash payout ratio: 155% Minor Risks Profit margins are more than 30% lower than last year (9.1% net profit margin). Market cap is less than US$100m (NT$2.14b market cap, or US$66.1m). Upcoming Dividend • Aug 21
Upcoming dividend of NT$2.00 per share at 6.6% yield Eligible shareholders must have bought the stock before 28 August 2023. Payment date: 21 September 2023. Payout ratio is a comfortable 64% but the company is not cash flow positive. Trailing yield: 6.6%. Within top quartile of Taiwanese dividend payers (5.6%). Higher than average of industry peers (4.3%). Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: NT$0.95 (vs NT$1.51 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.95 (down from NT$1.51 in 2Q 2022). Revenue: NT$253.5m (down 40% from 2Q 2022). Net income: NT$67.5m (down 37% from 2Q 2022). Profit margin: 27% (up from 26% in 2Q 2022). The increase in margin was driven by lower expenses. 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 34% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 24
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$34.05, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 15x in the Electronic industry in Taiwan. Total returns to shareholders of 253% over the past three years. Reported Earnings • Mar 29
Full year 2022 earnings released: EPS: NT$4.05 (vs NT$4.81 in FY 2021) Full year 2022 results: EPS: NT$4.05 (down from NT$4.81 in FY 2021). Revenue: NT$1.38b (down 17% from FY 2021). Net income: NT$287.6m (down 16% from FY 2021). Profit margin: 21% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$28.90, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 13x in the Electronic industry in Taiwan. Total returns to shareholders of 261% over the past three years. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$33.40, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 12x in the Electronic industry in Taiwan. Total returns to shareholders of 189% over the past three years. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 8 highly experienced directors. No independent directors (6 non-independent directors). Vice President and Director Zhang Zhan was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$2.99 (vs NT$0.083 in 3Q 2021) Third quarter 2022 results: EPS: NT$2.99 (up from NT$0.083 in 3Q 2021). Revenue: NT$377.8m (down 23% from 3Q 2021). Net income: NT$212.4m (up NT$206.5m from 3Q 2021). Profit margin: 56% (up from 1.2% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 18% 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$23.45, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 11x in the Electronic industry in Taiwan. Total returns to shareholders of 66% over the past three years. Buying Opportunity • Aug 26
Now 24% undervalued Over the last 90 days, the stock is up 7.7%. The fair value is estimated to be NT$32.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.9% over the last 3 years. Earnings per share has grown by 42%. Upcoming Dividend • Aug 19
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 26 August 2022. Payment date: 23 September 2022. Trailing yield: 7.6%. Within top quartile of Taiwanese dividend payers (6.5%). Higher than average of industry peers (4.4%). Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$1.51 (vs NT$0.84 loss in 2Q 2021) Second quarter 2022 results: EPS: NT$1.51 (up from NT$0.84 loss in 2Q 2021). Revenue: NT$420.1m (down 1.4% from 2Q 2021). Net income: NT$107.5m (up NT$167.6m from 2Q 2021). Profit margin: 26% (up from net loss in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jun 20
Now 24% undervalued Over the last 90 days, the stock is up 5.9%. The fair value is estimated to be NT$32.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$1.04 (vs NT$6.03 in 1Q 2021) First quarter 2022 results: EPS: NT$1.04 (down from NT$6.03 in 1Q 2021). Revenue: NT$265.2m (down 31% from 1Q 2021). Net income: NT$73.9m (down 83% from 1Q 2021). Profit margin: 28% (down from 111% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). Vice President and Director Zhang Zhan was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Mar 13
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$4.81 (up from NT$2.32 loss in FY 2020). Revenue: NT$1.66b (up 56% from FY 2020). Net income: NT$341.9m (up NT$506.6m from FY 2020). Profit margin: 21% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. 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 7% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 22
Investor sentiment improved over the past week After last week's 23% share price gain to NT$25.00, the stock trades at a trailing P/E ratio of 6.3x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 91% over the past three years. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$20.55, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 15x in the Electronic industry in Taiwan. Total returns to shareholders of 37% over the past three years. Reported Earnings • Aug 09
Second quarter 2021 earnings released: NT$0.85 loss per share (vs NT$1.02 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: NT$426.0m (up 150% from 2Q 2020). Net loss: NT$60.1m (loss narrowed 17% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment improved over the past week After last week's 19% share price gain to NT$42.00, the stock trades at a trailing P/E ratio of 11.1x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 146% over the past three years. Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment improved over the past week After last week's 18% share price gain to NT$24.50, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 84% over the past three years. Valuation Update With 7 Day Price Move • May 29
Investor sentiment improved over the past week After last week's 18% share price gain to NT$21.80, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 79% over the past three years. Reported Earnings • Mar 23
Full year 2020 earnings released: NT$2.32 loss per share (vs NT$0.18 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$1.06b (down 22% from FY 2019). Net loss: NT$164.6m (loss widened NT$151.6m from FY 2019). Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 24
New 90-day high: NT$15.15 The company is up 24% from its price of NT$12.20 on 26 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electronic industry, which is up 27% over the same period. Is New 90 Day High Low • Jan 19
New 90-day high: NT$14.95 The company is up 32% from its price of NT$11.35 on 22 October 2020. The Taiwanese market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 24% over the same period. Is New 90 Day High Low • Nov 19
New 90-day high: NT$13.60 The company is up 20% from its price of NT$11.35 on 21 August 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 6.0% over the same period. Reported Earnings • Nov 07
Third quarter 2020 earnings released: NT$0.74 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$227.6m (down 40% from 3Q 2019). Net loss: NT$52.3m (loss widened NT$51.2m from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 26% 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. Is New 90 Day High Low • Oct 31
New 90-day low: NT$11.05 The company is down 3.0% from its price of NT$11.40 on 31 July 2020. The Taiwanese market is down 1.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Electronic industry, which is down 4.0% over the same period.