Valuation Update With 7 Day Price Move • May 12
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$36.05, the stock trades at a trailing P/E ratio of 23.7x. Average trailing P/E is 31x in the Electronic industry in Taiwan. Total returns to shareholders of 255% over the past three years. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment deteriorates as stock falls 30% After last week's 30% share price decline to NT$41.50, the stock trades at a trailing P/E ratio of 38.3x. Average trailing P/E is 27x in the Electronic industry in Taiwan. Total returns to shareholders of 310% over the past three years. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$31.00, the stock trades at a trailing P/E ratio of 28.6x. Average trailing P/E is 26x in the Electronic industry in Taiwan. Total returns to shareholders of 198% over the past three years. Announcement • Mar 30
Mutual-Tek Industries Co., Ltd., Annual General Meeting, Jun 18, 2026 Mutual-Tek Industries Co., Ltd., Annual General Meeting, Jun 18, 2026, at 09:00 Taipei Standard Time. Location: 5 floor no,25 ln.195, hua ch`eng rd., sinjhuang district, new taipei city Taiwan New Risk • Mar 26
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 8.2% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 92% Paying a dividend despite having no free cash flows. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (8.2% average weekly change). Market cap is less than US$100m (NT$1.79b market cap, or US$56.1m). Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to NT$24.00, the stock trades at a trailing P/E ratio of 22.1x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 126% over the past three years. New Risk • Mar 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 92% Paying a dividend despite having no free cash flows. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Market cap is less than US$100m (NT$1.33b market cap, or US$42.4m). New Risk • Oct 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 6.6% 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 Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 92% Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Market cap is less than US$100m (NT$1.44b market cap, or US$46.7m). Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$19.80, the stock trades at a trailing P/E ratio of 18.3x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 111% over the past three years. New Risk • Aug 17
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 92% The company is paying a dividend despite having no free cash flows. Dividend yield: 5.8% 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: 92% Paying a dividend despite having no free cash flows. Minor Risk Market cap is less than US$100m (NT$1.29b market cap, or US$42.9m). Upcoming Dividend • Jul 02
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 09 July 2025. Payment date: 06 August 2025. Payout ratio is on the higher end at 75% but the company is not cash flow positive. Trailing yield: 5.6%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (3.2%). Reported Earnings • Apr 17
Full year 2024 earnings released: EPS: NT$1.33 (vs NT$0.38 in FY 2023) Full year 2024 results: EPS: NT$1.33 (up from NT$0.38 in FY 2023). Revenue: NT$2.86b (up 43% from FY 2023). Net income: NT$100.0m (up 250% from FY 2023). Profit margin: 3.5% (up from 1.4% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Apr 10
Now 29% overvalued Over the last 90 days, the stock has fallen 2.4% to NT$16.40. The fair value is estimated to be NT$12.68, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Mar 24
Mutual-Tek Industries Co., Ltd., Annual General Meeting, Jun 13, 2025 Mutual-Tek Industries Co., Ltd., Annual General Meeting, Jun 13, 2025, at 09:00 Taipei Standard Time. Location: no,25 ln.195, hua ch`eng rd., sinjhuang district, new taipei city Taiwan New Risk • Mar 03
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 105% Paying a dividend despite having no free cash flows. Earnings have declined by 5.2% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Market cap is less than US$100m (NT$1.27b market cap, or US$38.7m). Valuation Update With 7 Day Price Move • Oct 17
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$21.00, the stock trades at a trailing P/E ratio of 22x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 179% over the past three years. Buy Or Sell Opportunity • Jul 31
Now 23% overvalued Over the last 90 days, the stock has fallen 7.4% to NT$17.45. The fair value is estimated to be NT$14.17, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.3% over the last 3 years. Meanwhile, the company has become profitable. Upcoming Dividend • Jul 03
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 10 July 2024. Payment date: 06 August 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 5.3%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.6%). New Risk • Apr 25
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 33% 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: 263% Paying a dividend despite having no free cash flows. Earnings have declined by 18% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (NT$1.37b market cap, or US$42.2m). Reported Earnings • Apr 18
Full year 2023 earnings released: EPS: NT$0.38 (vs NT$0.29 in FY 2022) Full year 2023 results: EPS: NT$0.38 (up from NT$0.29 in FY 2022). Revenue: NT$2.01b (up 5.0% from FY 2022). Net income: NT$28.6m (up 33% from FY 2022). Profit margin: 1.4% (up from 1.1% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 79% 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 28
Mutual-Tek Industries Co., Ltd., Annual General Meeting, Jun 14, 2024 Mutual-Tek Industries Co., Ltd., Annual General Meeting, Jun 14, 2024. New Risk • Feb 26
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (7.4% average weekly change). Earnings have declined by 24% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Paying a dividend despite being loss-making. Market cap is less than US$100m (NT$1.62b market cap, or US$51.2m). New Risk • Oct 14
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 5.9% 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 24% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (5.9% average weekly change). Market cap is less than US$100m (NT$1.08b market cap, or US$33.6m). Buying Opportunity • Aug 28
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be NT$13.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 23% over the last 3 years. Meanwhile, the company became loss making. Upcoming Dividend • Jun 28
Upcoming dividend of NT$1.00 per share at 8.2% yield Eligible shareholders must have bought the stock before 05 July 2023. Payment date: 01 August 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 8.2%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (4.3%). Reported Earnings • Apr 22
Full year 2022 earnings released: EPS: NT$0.29 (vs NT$2.62 in FY 2021) Full year 2022 results: EPS: NT$0.29 (down from NT$2.62 in FY 2021). Revenue: NT$1.91b (up 17% from FY 2021). Net income: NT$21.6m (down 90% from FY 2021). Profit margin: 1.1% (down from 13% 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 15% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$12.95, the stock trades at a trailing P/E ratio of 2.9x. Average trailing P/E is 13x in the Electronic industry in Taiwan. Total loss to shareholders of 25% over the past three years. Buying Opportunity • Mar 10
Now 21% undervalued Over the last 90 days, the stock is up 3.4%. The fair value is estimated to be NT$13.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 38% over the last 3 years. Meanwhile, the company has become profitable. Buying Opportunity • Feb 15
Now 21% undervalued Over the last 90 days, the stock is up 6.8%. The fair value is estimated to be NT$13.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 38% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Aug 15
First half 2022 earnings released: EPS: NT$0.36 (vs NT$1.20 loss in 1H 2021) First half 2022 results: EPS: NT$0.36 (up from NT$1.20 loss in 1H 2021). Revenue: NT$1.08b (up 60% from 1H 2021). Net income: NT$27.1m (up NT$124.6m from 1H 2021). Profit margin: 2.5% (up from net loss in 1H 2021). Over the last 3 years on average, earnings per share has fallen by 27% per year whereas the company’s share price has fallen by 32% per year. Upcoming Dividend • Jun 17
Upcoming dividend of NT$1.20 per share Eligible shareholders must have bought the stock before 24 June 2022. Payment date: 22 July 2022. Trailing yield: 8.5%. Within top quartile of Taiwanese dividend payers (6.1%). Higher than average of industry peers (4.4%). Reported Earnings • Apr 27
Full year 2021 earnings released: EPS: NT$2.62 (vs NT$5.77 loss in FY 2020) Full year 2021 results: EPS: NT$2.62 (up from NT$5.77 loss in FY 2020). Revenue: NT$1.64b (down 36% from FY 2020). Net income: NT$206.8m (up NT$665.0m from FY 2020). Profit margin: 13% (up from net loss in FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. Announcement • Mar 23
Mutual-Tek Industries Co., Ltd., Annual General Meeting, Jun 09, 2022 Mutual-Tek Industries Co., Ltd., Annual General Meeting, Jun 09, 2022. Reported Earnings • Aug 18
First half 2021 earnings released: NT$1.20 loss per share (vs NT$0.34 loss in 1H 2020) The company reported a poor first half result with increased losses, weaker revenues and weaker control over costs. First half 2021 results: Revenue: NT$675.3m (down 56% from 1H 2020). Net loss: NT$97.5m (loss widened 273% from 1H 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 25
Full year 2020 earnings released: NT$5.77 loss per share (vs NT$4.44 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: NT$2.54b (down 43% from FY 2019). Net loss: NT$458.3m (down 250% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 45% 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. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improved over the past week After last week's 15% share price gain to NT$14.25, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 20x in the Electronic industry in Taiwan. Total loss to shareholders of 45% over the past three years. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improved over the past week After last week's 22% share price gain to NT$13.05, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total loss to shareholders of 45% over the past three years. Valuation Update With 7 Day Price Move • Dec 09
Market pulls back on stock over the past week After last week's 17% share price decline to NT$11.50, the stock is trading at a trailing P/E ratio of 8.6x, down from the previous P/E ratio of 10.3x. This compares to an average P/E of 17x in the Electronic industry in Taiwan. Total return to shareholders over the past three years is a loss of 17%. Valuation Update With 7 Day Price Move • Nov 27
Market bids up stock over the past week After last week's 15% share price gain to NT$11.45, the stock is trading at a trailing P/E ratio of 8.5x, up from the previous P/E ratio of 7.4x. This compares to an average P/E of 16x in the Electronic industry in Taiwan. Total return to shareholders over the past three years is a loss of 13%. Is New 90 Day High Low • Oct 22
New 90-day low: NT$10.35 The company is down 46% from its price of NT$19.20 on 24 July 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is down 2.0% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: NT$10.95 The company is down 46% from its price of NT$20.25 on 24 June 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is flat over the same period.