Reported Earnings • May 01
First quarter 2026 earnings released: NT$1.00 loss per share (vs NT$0.009 profit in 1Q 2025) First quarter 2026 results: NT$1.00 loss per share (down from NT$0.009 profit in 1Q 2025). Revenue: NT$407.8m (down 5.9% from 1Q 2025). Net loss: NT$59.9m (down NT$60.4m from profit in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. New Risk • Apr 06
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 42% 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 Earnings have declined by 32% 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 (0.3% net profit margin). Market cap is less than US$100m (NT$991.6m market cap, or US$31.0m). Buy Or Sell Opportunity • Mar 20
Now 20% overvalued Over the last 90 days, the stock has fallen 17% to NT$18.30. The fair value is estimated to be NT$15.23, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 7.4%. Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$0.11 (vs NT$1.26 in FY 2024) Full year 2025 results: EPS: NT$0.11 (down from NT$1.26 in FY 2024). Revenue: NT$1.80b (down 6.1% from FY 2024). Net income: NT$5.92m (down 91% from FY 2024). Profit margin: 0.3% (down from 3.6% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 9% per year. Announcement • Mar 11
P-Two Industries Inc., Annual General Meeting, May 27, 2026 P-Two Industries Inc., Annual General Meeting, May 27, 2026, at 09:00 Taipei Standard Time. Location: no,9, hsing hua rd., taoyuan district, taoyuan city Taiwan Reported Earnings • Nov 11
Third quarter 2025 earnings released: EPS: NT$0.03 (vs NT$0.64 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.03 (down from NT$0.64 in 3Q 2024). Revenue: NT$487.9m (down 9.4% from 3Q 2024). Net income: NT$1.40m (down 96% from 3Q 2024). Profit margin: 0.3% (down from 6.4% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 7% per year. New Risk • Nov 11
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 171% The company is paying a dividend despite having no free cash flows. Dividend yield: 4.6% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 171% Paying a dividend despite having no free cash flows. Earnings have declined by 26% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (1.8% net profit margin). Market cap is less than US$100m (NT$1.22b market cap, or US$39.2m). Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: NT$0.58 (vs NT$0.72 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.58 (down from NT$0.72 in 2Q 2024). Revenue: NT$470.4m (down 7.5% from 2Q 2024). Net income: NT$31.8m (down 19% from 2Q 2024). Profit margin: 6.8% (down from 7.7% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 6% per year. Declared Dividend • Jul 11
Dividend increased to NT$1.01 Dividend of NT$1.01 is 1.4% higher than last year. Ex-date: 24th July 2025 Payment date: 22nd August 2025 Dividend yield will be 4.3%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (75% earnings payout ratio) and cash flows (61% cash payout ratio). The dividend has remained flat since 9 years ago. However, payments have been volatile during that time. Earnings per share has grown by 140% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 19
First quarter 2025 earnings released: EPS: NT$0.01 (vs NT$0.072 loss in 1Q 2024) First quarter 2025 results: EPS: NT$0.01 (up from NT$0.072 loss in 1Q 2024). Revenue: NT$433.4m (flat on 1Q 2024). Net income: NT$488.0k (up NT$4.38m from 1Q 2024). Profit margin: 0.1% (up from net loss in 1Q 2024). 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 9% per year, which means it has not declined as severely as earnings. 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$21.75, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total loss to shareholders of 32% over the past three years. Buy Or Sell Opportunity • Apr 07
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to NT$24.15. The fair value is estimated to be NT$31.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.8% over the last 3 years. Earnings per share has declined by 35%. Reported Earnings • Mar 21
Full year 2024 earnings released: EPS: NT$1.26 (vs NT$1.43 in FY 2023) Full year 2024 results: EPS: NT$1.26 (down from NT$1.43 in FY 2023). Revenue: NT$1.92b (up 9.3% from FY 2023). Net income: NT$68.5m (down 11% from FY 2023). Profit margin: 3.6% (down from 4.4% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Announcement • Jan 24
P-Two Industries Inc., Annual General Meeting, Jun 03, 2025 P-Two Industries Inc., Annual General Meeting, Jun 03, 2025, at 09:00 Taipei Standard Time. Location: no,9, hsing hua rd., taoyuan district, taoyuan city Taiwan Buy Or Sell Opportunity • Jan 16
Now 20% overvalued Over the last 90 days, the stock has fallen 11% to NT$27.50. The fair value is estimated to be NT$22.91, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 8.8% over the last 3 years. Earnings per share has declined by 43%. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.64 (vs NT$0.64 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.64 (up from NT$0.64 in 3Q 2023). Revenue: NT$538.3m (up 5.8% from 3Q 2023). Net income: NT$34.7m (up 1.7% from 3Q 2023). Profit margin: 6.4% (down from 6.7% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Oct 23
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to NT$35.00. The fair value is estimated to be NT$28.91, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 10% over the last 3 years. Earnings per share has declined by 49%. Reported Earnings • Aug 13
Second quarter 2024 earnings released: EPS: NT$0.72 (vs NT$1.12 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.72 (down from NT$1.12 in 2Q 2023). Revenue: NT$508.6m (up 8.5% from 2Q 2023). Net income: NT$39.1m (down 35% from 2Q 2023). Profit margin: 7.7% (down from 13% 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 49% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jul 25
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 01 August 2024. Payment date: 23 August 2024. Payout ratio is a comfortable 64% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Taiwanese dividend payers (4.3%). Higher than average of industry peers (2.7%). Reported Earnings • May 13
First quarter 2024 earnings released: NT$0.07 loss per share (vs NT$0.22 loss in 1Q 2023) First quarter 2024 results: NT$0.07 loss per share (improved from NT$0.22 loss in 1Q 2023). Revenue: NT$435.5m (up 12% from 1Q 2023). Net loss: NT$3.89m (loss narrowed 67% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • Mar 24
Full year 2023 earnings released: EPS: NT$1.43 (vs NT$1.20 in FY 2022) Full year 2023 results: EPS: NT$1.43 (up from NT$1.20 in FY 2022). Revenue: NT$1.76b (down 10% from FY 2022). Net income: NT$76.7m (up 20% from FY 2022). Profit margin: 4.4% (up from 3.3% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • Mar 15
P-Two Industries Inc., Annual General Meeting, Jun 06, 2024 P-Two Industries Inc., Annual General Meeting, Jun 06, 2024. New Risk • Dec 01
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% 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 Share price has been highly volatile over the past 3 months (7.8% average weekly change). Earnings have declined by 24% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (96% payout ratio). Large one-off items impacting financial results. Market cap is less than US$100m (NT$1.92b market cap, or US$61.0m). Reported Earnings • Nov 03
Third quarter 2023 earnings released: EPS: NT$0.64 (vs NT$0.035 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.64 (up from NT$0.035 in 3Q 2022). Revenue: NT$508.8m (up 9.9% from 3Q 2022). Net income: NT$34.1m (up NT$32.3m from 3Q 2022). Profit margin: 6.7% (up from 0.4% in 3Q 2022). The increase in margin was driven by higher revenue. 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 4% per year, which means it is well ahead of earnings. New Risk • Oct 05
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 8.0% 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 Risks Share price has been highly volatile over the past 3 months (8.0% average weekly change). Earnings have declined by 26% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (203% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.7% net profit margin). Market cap is less than US$100m (NT$2.08b market cap, or US$64.5m). New Risk • Aug 10
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 6.2% 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 26% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (203% payout ratio). Share price has been volatile over the past 3 months (6.2% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.7% net profit margin). Market cap is less than US$100m (NT$1.92b market cap, or US$60.5m). New Risk • Aug 04
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 60% 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 Earnings have declined by 26% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (203% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.7% net profit margin). Market cap is less than US$100m (NT$1.82b market cap, or US$57.6m). Upcoming Dividend • Jul 27
Upcoming dividend of NT$1.10 per share at 3.2% yield Eligible shareholders must have bought the stock before 03 August 2023. Payment date: 24 August 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.2%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (4.1%). New Risk • Jul 26
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 107% Dividend yield: 3.2% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings 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. However, this risk is mitigated by the fact the dividend is covered by cash flows. 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 Earnings have declined by 24% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (107% payout ratio). Profit margins are more than 30% lower than last year (1.4% net profit margin). Market cap is less than US$100m (NT$1.90b market cap, or US$60.7m). Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$31.55, the stock trades at a trailing P/E ratio of 69.6x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 23% over the past three years. Reported Earnings • Mar 23
Full year 2022 earnings released: EPS: NT$1.20 (vs NT$3.09 in FY 2021) Full year 2022 results: EPS: NT$1.20 (down from NT$3.09 in FY 2021). Revenue: NT$1.96b (down 11% from FY 2021). Net income: NT$63.8m (down 61% from FY 2021). Profit margin: 3.3% (down from 7.4% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 17% per year. Reported Earnings • Oct 30
Third quarter 2022 earnings released: EPS: NT$0.04 (vs NT$0.75 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.04 (down from NT$0.75 in 3Q 2021). Revenue: NT$463.1m (down 16% from 3Q 2021). Net income: NT$1.85m (down 95% from 3Q 2021). Profit margin: 0.4% (down from 7.2% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 28
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 04 August 2022. Payment date: 25 August 2022. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (6.7%). Lower than average of industry peers (4.6%). Reported Earnings • Jul 22
Second quarter 2022 earnings released: EPS: NT$1.05 (vs NT$1.52 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.05 (down from NT$1.52 in 2Q 2021). Revenue: NT$542.8m (down 9.1% from 2Q 2021). Net income: NT$55.9m (down 30% from 2Q 2021). Profit margin: 10% (down from 13% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Reported Earnings • May 02
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: NT$0.51 (down from NT$0.63 in 1Q 2021). Revenue: NT$564.9m (up 3.8% from 1Q 2021). Net income: NT$27.2m (down 18% from 1Q 2021). Profit margin: 4.8% (down from 6.1% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.3%. Earnings per share (EPS) also missed analyst estimates by 22%. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 28
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: NT$3.09 (up from NT$2.61 in FY 2020). Revenue: NT$2.20b (up 8.0% from FY 2020). Net income: NT$162.0m (up 19% from FY 2020). Profit margin: 7.4% (up from 6.7% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.3%. Earnings per share (EPS) also missed analyst estimates by 22%. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$37.80, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total loss to shareholders of 21% over the past three years. Announcement • Jan 28
P-Two Industries Inc., Annual General Meeting, Jun 10, 2022 P-Two Industries Inc., Annual General Meeting, Jun 10, 2022. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improved over the past week After last week's 22% share price gain to NT$42.60, the stock trades at a trailing P/E ratio of 12.7x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 43% over the past three years. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS NT$0.75 (vs NT$1.22 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$548.9m (down 11% from 3Q 2020). Net income: NT$39.3m (down 38% from 3Q 2020). Profit margin: 7.2% (down from 10% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Sep 02
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 09 September 2021. Payment date: 30 September 2021. Trailing yield: 1.5%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (3.2%). Reported Earnings • Aug 02
Second quarter 2021 earnings released: EPS NT$1.52 (vs NT$1.27 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: NT$596.9m (up 15% from 2Q 2020). Net income: NT$79.6m (up 21% from 2Q 2020). Profit margin: 13% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • May 17
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$25.20, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 15x in the Electronic industry in Taiwan. Total loss to shareholders of 8.7% over the past three years. Reported Earnings • Apr 25
First quarter 2021 earnings released: EPS NT$0.63 (vs NT$0.40 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$544.4m (up 59% from 1Q 2020). Net income: NT$33.1m (up NT$53.9m from 1Q 2020). Profit margin: 6.1% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 20
Full year 2020 earnings released: EPS NT$2.58 (vs NT$0.65 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$2.03b (up 30% from FY 2019). Net income: NT$136.0m (up 301% from FY 2019). Profit margin: 6.7% (up from 2.2% in FY 2019). The increase in margin 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 only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • Mar 18
P-Two Industries Inc., Annual General Meeting, Jun 04, 2021 P-Two Industries Inc., Annual General Meeting, Jun 04, 2021. Is New 90 Day High Low • Dec 09
New 90-day high: NT$34.00 The company is up 5.0% from its price of NT$32.25 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 01
Third quarter earnings released Over the last 12 months the company has reported total profits of NT$105.5m, up 49% from the prior year. Total revenue was NT$1.85b over the last 12 months, up 14% from the prior year.