Valuation Update With 7 Day Price Move • May 04
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$18.00, the stock trades at a trailing P/E ratio of 15.7x. Average trailing P/E is 28x in the Electronic industry in Taiwan. Total returns to shareholders of 34% over the past three years. Buy Or Sell Opportunity • Apr 16
Now 28% overvalued after recent price rise Over the last 90 days, the stock has risen 27% to NT$17.10. The fair value is estimated to be NT$13.32, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.1% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Mar 20
Full year 2025 earnings released: EPS: NT$1.14 (vs NT$1.32 loss in FY 2024) Full year 2025 results: EPS: NT$1.14 (up from NT$1.32 loss in FY 2024). Revenue: NT$1.60b (up 6.6% from FY 2024). Net income: NT$43.3m (up NT$93.3m from FY 2024). Profit margin: 2.7% (up from net loss in FY 2024). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$16.20, the stock trades at a trailing P/E ratio of 36.1x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 19% over the past three years. Announcement • Mar 11
Taiwan Thick-Film Ind. Corp, Annual General Meeting, Jun 24, 2026 Taiwan Thick-Film Ind. Corp, Annual General Meeting, Jun 24, 2026, at 09:00 Taipei Standard Time. Location: no,9, wu kung 6th rd., wugu district, new taipei city Taiwan Reported Earnings • Nov 15
Third quarter 2025 earnings released: NT$0.07 loss per share (vs NT$1.17 loss in 3Q 2024) Third quarter 2025 results: NT$0.07 loss per share (improved from NT$1.17 loss in 3Q 2024). Revenue: NT$390.6m (down 3.8% from 3Q 2024). Net loss: NT$2.64m (loss narrowed 94% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. New Risk • Aug 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 6.3% 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 Earnings have declined by 45% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Market cap is less than US$100m (NT$700.3m market cap, or US$22.9m). Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$0.42 (vs NT$0.20 loss in 2Q 2024) Second quarter 2025 results: EPS: NT$0.42 (up from NT$0.20 loss in 2Q 2024). Revenue: NT$418.0m (up 15% from 2Q 2024). Net income: NT$15.8m (up NT$23.5m from 2Q 2024). Profit margin: 3.8% (up from net loss in 2Q 2024). The move to profitability 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 98 percentage points per year, which is a significant difference in performance. Reported Earnings • May 14
First quarter 2025 earnings released: NT$0.39 loss per share (vs NT$0.44 loss in 1Q 2024) First quarter 2025 results: NT$0.39 loss per share (improved from NT$0.44 loss in 1Q 2024). Revenue: NT$358.9m (up 27% from 1Q 2024). Net loss: NT$14.6m (loss narrowed 12% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 113 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 21
Full year 2024 earnings released: NT$1.32 loss per share (vs NT$0.38 loss in FY 2023) Full year 2024 results: NT$1.32 loss per share (further deteriorated from NT$0.38 loss in FY 2023). Revenue: NT$1.50b (down 8.3% from FY 2023). Net loss: NT$50.0m (loss widened 246% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 112 percentage points per year, which is a significant difference in performance. Announcement • Mar 14
Taiwan Thick-Film Ind. Corp, Annual General Meeting, Jun 20, 2025 Taiwan Thick-Film Ind. Corp, Annual General Meeting, Jun 20, 2025. Location: no,9, wu kung 6th rd., wugu district, new taipei city Taiwan Reported Earnings • Nov 19
Third quarter 2024 earnings released: NT$1.16 loss per share (vs NT$0.21 loss in 3Q 2023) Third quarter 2024 results: NT$1.16 loss per share (further deteriorated from NT$0.21 loss in 3Q 2023). Revenue: NT$406.2m (up 4.0% from 3Q 2023). Net loss: NT$44.1m (loss widened 460% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 125 percentage points per year, which is a significant difference in performance. New Risk • Sep 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 7.7% 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: Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Market cap is less than US$100m (NT$766.5m market cap, or US$24.0m). Reported Earnings • Aug 17
Second quarter 2024 earnings released: NT$0.20 loss per share (vs NT$0.16 profit in 2Q 2023) Second quarter 2024 results: NT$0.20 loss per share (down from NT$0.16 profit in 2Q 2023). Revenue: NT$362.5m (down 8.5% from 2Q 2023). Net loss: NT$7.74m (down 231% from profit in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Reported Earnings • May 19
First quarter 2024 earnings released: NT$0.44 loss per share (vs NT$0.31 loss in 1Q 2023) First quarter 2024 results: NT$0.44 loss per share (further deteriorated from NT$0.31 loss in 1Q 2023). Revenue: NT$281.8m (down 27% from 1Q 2023). Net loss: NT$16.6m (loss widened 40% from 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 20
Full year 2023 earnings released: NT$0.38 loss per share (vs NT$0.57 profit in FY 2022) Full year 2023 results: NT$0.38 loss per share (down from NT$0.57 profit in FY 2022). Revenue: NT$1.64b (down 16% from FY 2022). Net loss: NT$14.5m (down 167% from profit in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Announcement • Mar 19
Taiwan Thick-Film Ind. Corp, Annual General Meeting, Jun 24, 2024 Taiwan Thick-Film Ind. Corp, Annual General Meeting, Jun 24, 2024. New Risk • Dec 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 5.7% 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: Minor Risks Share price has been volatile over the past 3 months (5.7% average weekly change). Market cap is less than US$100m (NT$529.9m market cap, or US$16.8m). New Risk • Aug 17
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: 0.4% Last year net profit margin: 0.9% 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: Minor Risks Profit margins are more than 30% lower than last year (0.4% net profit margin). Market cap is less than US$100m (NT$506.5m market cap, or US$15.8m). Reported Earnings • Aug 17
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: NT$396.2m (down 27% from 2Q 2022). Net income: NT$5.91m (down 59% from 2Q 2022). Profit margin: 1.5% (down from 2.6% 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 45% 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 • Apr 01
Full year 2022 earnings released: EPS: NT$0.58 (vs NT$0.91 in FY 2021) Full year 2022 results: EPS: NT$0.58 (down from NT$0.91 in FY 2021). Revenue: NT$1.94b (up 1.4% from FY 2021). Net income: NT$21.5m (down 33% from FY 2021). Profit margin: 1.1% (down from 1.7% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: NT$0.35 (vs NT$0.22 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.35 (up from NT$0.22 in 3Q 2021). Revenue: NT$473.6m (up 2.9% from 3Q 2021). Net income: NT$13.0m (up 60% from 3Q 2021). Profit margin: 2.8% (up from 1.8% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 19
Second quarter 2022 earnings released: EPS: NT$0.39 (vs NT$0.28 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.39 (up from NT$0.28 in 2Q 2021). Revenue: NT$540.7m (up 14% from 2Q 2021). Net income: NT$14.3m (up 40% from 2Q 2021). Profit margin: 2.6% (up from 2.1% in 2Q 2021). The increase in margin was driven by higher revenue. 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 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 22
First quarter 2022 earnings released: NT$0.16 loss per share (vs NT$0.39 profit in 1Q 2021) First quarter 2022 results: NT$0.16 loss per share (down from NT$0.39 profit in 1Q 2021). Revenue: NT$484.6m (up 3.2% from 1Q 2021). Net loss: NT$5.85m (down 150% from profit in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 03
Full year 2021 earnings released: EPS: NT$0.91 (vs NT$0.43 in FY 2020) Full year 2021 results: EPS: NT$0.91 (up from NT$0.43 in FY 2020). Revenue: NT$1.91b (up 30% from FY 2020). Net income: NT$32.1m (up 145% from FY 2020). Profit margin: 1.7% (up from 0.9% 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 62% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Mar 29
Taiwan Thick-Film Ind. Corp, Annual General Meeting, Jun 21, 2022 Taiwan Thick-Film Ind. Corp, Annual General Meeting, Jun 21, 2022. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS NT$0.22 (vs NT$0.043 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$460.0m (up 14% from 3Q 2020). Net income: NT$8.15m (up NT$6.82m from 3Q 2020). Profit margin: 1.8% (up from 0.3% 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 39% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improved over the past week After last week's 18% share price gain to NT$18.90, the stock trades at a trailing P/E ratio of 20x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 56% over the past three years. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.28 (vs NT$0.22 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$475.4m (up 32% from 2Q 2020). Net income: NT$10.2m (up 48% from 2Q 2020). Profit margin: 2.1% (up from 1.9% 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 8% per year and the company’s share price has also increased by 8% per year. Valuation Update With 7 Day Price Move • Aug 10
Investor sentiment improved over the past week After last week's 18% share price gain to NT$22.05, the stock trades at a trailing P/E ratio of 21.4x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 53% over the past three years. Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment improved over the past week After last week's 25% share price gain to NT$19.00, the stock trades at a trailing P/E ratio of 18.4x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 16% over the past three years. Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$0.38 (vs NT$0.22 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$469.6m (up 139% from 1Q 2020). Net income: NT$11.8m (up NT$18.6m from 1Q 2020). Profit margin: 2.5% (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 36% 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. Valuation Update With 7 Day Price Move • May 06
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$15.65, the stock trades at a trailing P/E ratio of 36.6x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total loss to shareholders of 13% over the past three years. Reported Earnings • Apr 01
Full year 2020 earnings released: EPS NT$0.43 (vs NT$2.12 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$1.47b (up 78% from FY 2019). Net income: NT$13.1m (up NT$78.2m from FY 2019). Profit margin: 0.9% (up from net loss in FY 2019). The move to profitability 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 73 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Jan 12
New 90-day low: NT$14.25 The company is down 23% from its price of NT$18.50 on 15 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 25% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.04 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$403.2m (up 90% from 3Q 2019). Net income: NT$1.33m (up NT$18.0m from 3Q 2019). Profit margin: 0.3% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 122% 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.