Announcement • Sep 07
Radiation Technology, Inc. Announces Dismissal of Hsiao-Yen Chiang as Director Radiation Technology, Inc. announced dismissal of directorial duties by law for the Company’s directors who transfer their shares exceeding half of their holdings on appointment. Changed position: natural-person director. Title, name and nationality of the previous position holder: Hsiao-Yen Chiang/Director/ROC. Reason for the change: When appointed as a director, the individual held 1,063,858 shares. In accordance with the law, Hsiao-Yen Chiang shall be automatically dismissed from his position as he transferred more than half of his holdings during his term. Date of occurrence of the change is September 6, 2024. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$1.23 (vs NT$1.07 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.23 (up from NT$1.07 in 2Q 2023). Revenue: NT$178.4m (up 59% from 2Q 2023). Net income: NT$36.8m (up 15% from 2Q 2023). Profit margin: 21% (down from 29% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 7% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 01
Radiation Technology, Inc. to Report Q2, 2024 Results on Aug 08, 2024 Radiation Technology, Inc. announced that they will report Q2, 2024 results on Aug 08, 2024 Upcoming Dividend • Jul 19
Upcoming dividend of NT$2.84 per share Eligible shareholders must have bought the stock before 26 July 2024. Payment date: 30 August 2024. Payout ratio is on the higher end at 95%, and the cash payout ratio is above 100%. Trailing yield: 5.3%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.5%). Announcement • Jul 11
Radiation Technology, Inc. Announces Cash Dividend, Payable on August 30, 2024 Radiation Technology, Inc. has announced a dividend distribution to its common shareholders. The cash dividends amount to TWD 84,043,070, with a dividend per share of TWD 2.80. The ex-rights (ex-dividend) date is set for July 26, 2024, and the ex-rights (ex-dividend) record date is August 3, 2024. Shareholders eligible for the dividend will receive the payment on August 30, 2024. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.55 (vs NT$0.41 in 1Q 2023) First quarter 2024 results: EPS: NT$0.55 (up from NT$0.41 in 1Q 2023). Revenue: NT$124.8m (down 3.6% from 1Q 2023). Net income: NT$16.6m (up 34% from 1Q 2023). Profit margin: 13% (up from 9.6% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 6% per year. Announcement • May 02
Radiation Technology, Inc. to Report Q1, 2024 Results on May 08, 2024 Radiation Technology, Inc. announced that they will report Q1, 2024 results on May 08, 2024 Announcement • Mar 27
Radiation Technology, Inc., Annual General Meeting, Jun 19, 2024 Radiation Technology, Inc., Annual General Meeting, Jun 19, 2024. Location: No. 1, Gongjian Rd., Qidu Dist Keelung City Taiwan Agenda: To consider 2023 Business Report; to consider audit Committee's Review Report on 2023 Consolidated Financial Statements ; to consider report on the remuneration of employees and directors in 2023; to consider distribution of 2023 Earnings of cash dividend Report; to consider amendment to Rules of Procedure for Board of Directors Meetings; to consider report of the Audit Committee of the Company on the results of its deliberations on the proposed reverse triangular merger of the Company with UMT Holdings (Samoa) Limited and its 100% owned subsidiary UMT Holdings (Cayman) Limited; and to consider other matters. Reported Earnings • Mar 27
Full year 2023 earnings released: EPS: NT$2.79 (vs NT$4.20 in FY 2022) Full year 2023 results: EPS: NT$2.79 (down from NT$4.20 in FY 2022). Revenue: NT$486.6m (down 28% from FY 2022). Net income: NT$83.8m (down 34% from FY 2022). Profit margin: 17% (down from 19% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. New Risk • Nov 30
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: Minor Risks Dividend is not well covered by earnings (97% payout ratio). Large one-off items impacting financial results. Market cap is less than US$100m (NT$1.55b market cap, or US$49.7m). Board Change • Sep 18
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Pi-Chia Lin was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Aug 11
Radiation Technology, Inc. Appoints Pi-Chia Lin as Member of the Remuneration Committee Radiation Technology, Inc. announced the appointment of members of the Remuneration Committee. Name of the previous position holder: Wen-Yu Wu Senior Vice President of TPK, Yih-Pin Lee Independent director of Chitec Technology Co. Ltd., Yi-Ping Chen Senior Manager of China Development Industrial Bank Investment Department. Resume of the new position holder: Wen-Yu Wu Senior Vice President of TPK, Yih-Pin Lee Independent director of Chitec Technology Co. Ltd., Yi-Ping Chen Senior Manager of China Development Industrial Bank Investment Department, Pi-Chia Lin CPA of Chainye Accounting Firm.Effective date of the new member is August 9, 2023. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: NT$1.07 (vs NT$1.32 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.07 (down from NT$1.32 in 2Q 2022). Revenue: NT$112.3m (down 27% from 2Q 2022). Net income: NT$32.1m (down 19% from 2Q 2022). Profit margin: 29% (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 14% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 04
Upcoming dividend of NT$3.50 per share at 6.1% yield Eligible shareholders must have bought the stock before 11 July 2023. Payment date: 10 August 2023. Payout ratio is on the higher end at 91%, however this is supported by cash flows. Trailing yield: 6.1%. Within top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (3.1%). Announcement • Jun 13
Radiation Technology, Inc. acquired Financial products of Shanghai Pudong Development Bank Co., Ltd. for CNY 5 million. Radiation Technology, Inc. acquired Financial products of Shanghai Pudong Development Bank Co., Ltd. for CNY 5 million on June 12, 2023.Radiation Technology, Inc. completed the acquisition of Financial products of Shanghai Pudong Development Bank Co., Ltd. for CNY 5 million on June 12, 2023. Reported Earnings • May 30
Full year 2022 earnings released: EPS: NT$4.20 (vs NT$3.10 in FY 2021) Full year 2022 results: EPS: NT$4.20 (up from NT$3.10 in FY 2021). Revenue: NT$677.8m (down 17% from FY 2021). Net income: NT$126.1m (up 35% from FY 2021). Profit margin: 19% (up from 11% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 3% per year. Buying Opportunity • Apr 07
Now 21% undervalued Over the last 90 days, the stock is up 23%. The fair value is estimated to be NT$78.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last 3 years. Earnings per share has declined by 10.0%. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$1.82 (vs NT$0.94 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.82 (up from NT$0.94 in 3Q 2021). Revenue: NT$210.2m (up 7.3% from 3Q 2021). Net income: NT$54.6m (up 93% from 3Q 2021). Profit margin: 26% (up from 14% in 3Q 2021). The increase in margin was primarily driven by higher 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 9% per year. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$44.35, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 18x in the Communications industry in Taiwan. Total loss to shareholders of 30% over the past three years. Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: NT$1.32 (vs NT$0.79 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.32 (up from NT$0.79 in 2Q 2021). Revenue: NT$154.3m (down 24% from 2Q 2021). Net income: NT$39.5m (up 67% from 2Q 2021). Profit margin: 26% (up from 12% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Board Change • Aug 05
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Jun 15
Radiation Technology, Inc. Announces Cash Dividend, Payable on July 29, 2022 Radiation Technology, Inc. announced cash dividend of TWD 96,049,222, TWD 3.2 per share, at the AGM held on June 14, 2022. Ex-rights (Ex-dividend) date is July 1, 2022. Ex-rights (Ex-dividend) record date is July 9, 2022. The dividend will be payable on July 29, 2022. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 28
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: NT$3.10 (up from NT$2.09 in FY 2020). Revenue: NT$814.6m (up 5.8% from FY 2020). Net income: NT$93.1m (up 48% from FY 2020). Profit margin: 11% (up from 8.1% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 23%. Earnings per share (EPS) also missed analyst estimates by 64%. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment improved over the past week After last week's 15% share price gain to NT$64.40, the stock trades at a trailing P/E ratio of 23.4x. Average trailing P/E is 24x in the Communications industry in Taiwan. Total returns to shareholders of 134% over the past three years. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.94 (vs NT$0.34 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$195.9m (up 4.5% from 3Q 2020). Net income: NT$28.3m (up 175% from 3Q 2020). Profit margin: 14% (up from 5.5% in 3Q 2020). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 28
Investor sentiment improved over the past week After last week's 17% share price gain to NT$48.05, the stock trades at a trailing P/E ratio of 22.3x. Average trailing P/E is 21x in the Communications industry in Taiwan. Total returns to shareholders of 77% over the past three years. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.79 (vs NT$1.08 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$203.2m (down 17% from 2Q 2020). Net income: NT$23.7m (down 27% from 2Q 2020). Profit margin: 12% (down from 13% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 19
Upcoming dividend of NT$3.50 per share Eligible shareholders must have bought the stock before 26 July 2021. Payment date: 20 August 2021. Trailing yield: 7.2%. Within top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (2.7%). Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$0.59 (vs NT$0.24 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$194.0m (up 32% from 1Q 2020). Net income: NT$17.6m (up 147% from 1Q 2020). Profit margin: 9.1% (up from 4.9% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 17
Full year 2020 earnings released: EPS NT$2.09 (vs NT$4.88 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: NT$769.6m (up 6.7% from FY 2019). Net income: NT$62.7m (down 57% from FY 2019). Profit margin: 8.1% (down from 20% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Mar 16
New 90-day high: NT$48.30 The company is up 3.0% from a price of NT$47.00 on 16 December 2020. Underperformed the Taiwanese market, which is up 15% over the last 90 days. Price trend is similar to the Communications industry, which is also up 3.0% over the same period. Announcement • Mar 11
Radiation Technology, Inc., Annual General Meeting, Jun 23, 2021 Radiation Technology, Inc., Annual General Meeting, Jun 23, 2021. Location: 2F., No. 1-2, Gongjian N. Rd., Qidu Dist Keelung City Taiwan Agenda: To consider report on the remuneration of employees and directors in 2020; to consider 2020 Business Report; to consider audit Committee’s Review Report on 2020 Consolidated Financial Statements; to consider amendment to Rules of Procedure for Board of Directors Meetings; to consider adoption of 2020 Business Report and Consolidated Financial Statements; to consider adoption of the Proposal for 2020 earnings distribution; to consider cash dividends distributed from capital reserve to shareholders; to consider amendment to Procedures for Election of Directors; to consider granting of a Waiver to Non-Competition Obligation of Directors of the Company; and to consider other matters. Is New 90 Day High Low • Jan 27
New 90-day low: NT$44.10 The company is down 5.0% from its price of NT$46.65 on 30 October 2020. The Taiwanese market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is up 22% over the same period. Is New 90 Day High Low • Jan 12
New 90-day low: NT$44.55 The company is down 11% from its price of NT$49.85 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 Communications industry, which is up 24% over the same period. Is New 90 Day High Low • Oct 29
New 90-day low: NT$47.10 The company is down 24% from its price of NT$62.20 on 31 July 2020. The Taiwanese market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$47.13 per share.