Upcoming Dividend • Jun 17
Upcoming dividend of NT$1.53 per share Eligible shareholders must have bought the stock before 24 June 2026. Payment date: 22 July 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 1.5%. Lower than top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (1.3%). Declared Dividend • May 30
Dividend reduced to NT$1.53 Dividend of NT$1.53 is 78% lower than last year. Ex-date: 24th June 2026 Payment date: 22nd July 2026 Dividend yield will be 1.2%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is not covered by earnings (150% earnings payout ratio). However, it is well covered by cash flows (39% 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 67% to bring the payout ratio under control. However, EPS has declined by 36% over the last 5 years so the company would need to reverse this trend. New Risk • May 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 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 Risk Earnings have declined by 4.2% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.5% average weekly change). Profit margins are more than 30% lower than last year (2.9% net profit margin). Reported Earnings • May 11
First quarter 2026 earnings released: EPS: NT$0.88 (vs NT$1.03 in 1Q 2025) First quarter 2026 results: EPS: NT$0.88 (down from NT$1.03 in 1Q 2025). Revenue: NT$307.7m (down 27% from 1Q 2025). Net income: NT$33.5m (down 13% from 1Q 2025). Profit margin: 11% (up from 9.1% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 28% 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. 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$82.50, the stock trades at a trailing P/E ratio of 73.2x. Average trailing P/E is 28x in the Electronic industry in Taiwan. Total loss to shareholders of 22% over the past three years. Reported Earnings • Mar 25
Full year 2025 earnings released: EPS: NT$1.15 (vs NT$9.23 in FY 2024) Full year 2025 results: EPS: NT$1.15 (down from NT$9.23 in FY 2024). Revenue: NT$1.45b (down 35% from FY 2024). Net income: NT$42.9m (down 88% from FY 2024). Profit margin: 3.0% (down from 16% 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 10% per year whereas the company’s share price has fallen by 6% per year. Announcement • Mar 12
Brave C&H Supply Co.,Ltd., Annual General Meeting, May 27, 2026 Brave C&H Supply Co.,Ltd., Annual General Meeting, May 27, 2026, at 09:30 Taipei Standard Time. Location: b1 floor no,31 ln.17, tzu ch`iang n. rd., gueishan district, taoyuan city Taiwan Reported Earnings • Nov 09
Third quarter 2025 earnings released: EPS: NT$0.02 (vs NT$1.47 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.02 (down from NT$1.47 in 3Q 2024). Revenue: NT$322.4m (down 44% from 3Q 2024). Net income: NT$464.0k (down 99% from 3Q 2024). Profit margin: 0.1% (down from 9.5% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. New Risk • Sep 26
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$2.96b (US$96.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 2.6% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (174% payout ratio). Profit margins are more than 30% lower than last year (8.4% net profit margin). Market cap is less than US$100m (NT$2.96b market cap, or US$96.8m). Reported Earnings • Aug 12
Second quarter 2025 earnings released: EPS: NT$0.42 (vs NT$3.71 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.42 (down from NT$3.71 in 2Q 2024). Revenue: NT$392.0m (down 44% from 2Q 2024). Net income: NT$15.9m (down 89% from 2Q 2024). Profit margin: 4.0% (down from 20% in 2Q 2024). 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 but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Declared Dividend • May 31
Dividend reduced to NT$7.00 Dividend of NT$7.00 is 0.03% lower than last year. Ex-date: 16th June 2025 Payment date: 11th July 2025 Dividend yield will be 6.8%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is not adequately covered by earnings (96% earnings payout ratio). However, it is well covered by cash flows (45% cash payout ratio). The dividend has increased by an average of 8.2% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 6.4% to bring the payout ratio under control. However, EPS has declined by 6.8% over the last 5 years so the company would need to reverse this trend. Reported Earnings • May 12
First quarter 2025 earnings released: EPS: NT$1.03 (vs NT$2.95 in 1Q 2024) First quarter 2025 results: EPS: NT$1.03 (down from NT$2.95 in 1Q 2024). Revenue: NT$422.8m (down 21% from 1Q 2024). Net income: NT$38.3m (down 65% from 1Q 2024). Profit margin: 9.1% (down from 21% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 34% 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 • Apr 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.10b (US$94.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 0.9% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (112% cash payout ratio). Market cap is less than US$100m (NT$3.10b market cap, or US$94.1m). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$90.30, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 28% over the past three years. New Risk • Apr 07
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 6.4% 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 0.9% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (112% cash payout ratio). Share price has been volatile over the past 3 months (6.4% average weekly change). Reported Earnings • Mar 13
Full year 2024 earnings released: EPS: NT$9.23 (vs NT$9.11 in FY 2023) Full year 2024 results: EPS: NT$9.23 (up from NT$9.11 in FY 2023). Revenue: NT$2.21b (up 2.5% from FY 2023). Net income: NT$344.0m (up 1.3% from FY 2023). Profit margin: 16% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Mar 07
Brave C&H Supply Co.,Ltd., Annual General Meeting, May 27, 2025 Brave C&H Supply Co.,Ltd., Annual General Meeting, May 27, 2025. Location: b1 floor no,31 ln.17, tzu ch`iang n. rd., gueishan district, taoyuan city Taiwan Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$112, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 30% over the past three years. Buy Or Sell Opportunity • Jan 13
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 28% to NT$92.40. The fair value is estimated to be NT$116, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 42%. Reported Earnings • Nov 10
Third quarter 2024 earnings released: EPS: NT$1.46 (vs NT$3.49 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.46 (down from NT$3.49 in 3Q 2023). Revenue: NT$573.1m (down 7.9% from 3Q 2023). Net income: NT$54.6m (down 58% from 3Q 2023). Profit margin: 9.5% (down from 21% in 3Q 2023). The decrease in margin was primarily driven by lower revenue. 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 19% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$127, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 69% over the past three years. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$3.71 (vs NT$1.82 in 2Q 2023) Second quarter 2024 results: EPS: NT$3.71 (up from NT$1.82 in 2Q 2023). Revenue: NT$697.3m (up 43% from 2Q 2023). Net income: NT$138.2m (up 103% from 2Q 2023). Profit margin: 20% (up from 14% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Aug 06
Now 21% overvalued Over the last 90 days, the stock has fallen 18% to NT$142. The fair value is estimated to be NT$117, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 10%. Valuation Update With 7 Day Price Move • Jul 09
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$163, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 26x in the Electronic industry in Taiwan. Total returns to shareholders of 74% over the past three years. Upcoming Dividend • Jun 10
Upcoming dividend of NT$7.01 per share Eligible shareholders must have bought the stock before 17 June 2024. Payment date: 10 July 2024. Payout ratio is a comfortable 63% but the company is paying out more than the cash it is generating. Trailing yield: 3.8%. Lower than top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.8%). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$2.95 (vs NT$0.99 in 1Q 2023) First quarter 2024 results: EPS: NT$2.95 (up from NT$0.99 in 1Q 2023). Revenue: NT$535.6m (up 29% from 1Q 2023). Net income: NT$109.9m (up 196% from 1Q 2023). Profit margin: 21% (up from 8.9% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 14
Brave C&H Supply Co.,Ltd., Annual General Meeting, May 30, 2024 Brave C&H Supply Co.,Ltd., Annual General Meeting, May 30, 2024. Reported Earnings • Mar 13
Full year 2023 earnings released: EPS: NT$9.11 (vs NT$4.57 in FY 2022) Full year 2023 results: EPS: NT$9.11 (up from NT$4.57 in FY 2022). Revenue: NT$2.15b (up 45% from FY 2022). Net income: NT$339.5m (up 99% from FY 2022). Profit margin: 16% (up from 12% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 13% 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. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$184, the stock trades at a trailing P/E ratio of 26.1x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 7.5% over the past three years. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: NT$3.49 (vs NT$1.32 in 3Q 2022) Third quarter 2023 results: EPS: NT$3.49 (up from NT$1.32 in 3Q 2022). Revenue: NT$622.1m (up 60% from 3Q 2022). Net income: NT$130.1m (up 164% from 3Q 2022). Profit margin: 21% (up from 13% 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 33% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$148, the stock trades at a trailing P/E ratio of 30.2x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total loss to shareholders of 13% over the past three years. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$170, the stock trades at a trailing P/E ratio of 34.6x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Negligible returns to shareholders over past three years. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: NT$1.82 (vs NT$1.08 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.82 (up from NT$1.08 in 2Q 2022). Revenue: NT$486.5m (up 28% from 2Q 2022). Net income: NT$67.9m (up 69% from 2Q 2022). Profit margin: 14% (up from 11% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 42% 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 12
Upcoming dividend of NT$3.30 per share at 2.2% yield Eligible shareholders must have bought the stock before 19 July 2023. Payment date: 10 August 2023. Payout ratio is on the higher end at 77% but the company is not cash flow positive. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (4.2%). New Risk • Jul 06
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 7.9% 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 Risk Share price has been highly volatile over the past 3 months (7.9% average weekly change). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (2.5% increase in shares outstanding). Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$125, the stock trades at a trailing P/E ratio of 30x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total loss to shareholders of 27% over the past three years. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$98.10, the stock trades at a trailing P/E ratio of 22x. Average trailing P/E is 14x in the Electronic industry in Taiwan. Total loss to shareholders of 45% over the past three years. Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: NT$4.57 (vs NT$4.13 in FY 2021) Full year 2022 results: EPS: NT$4.57 (up from NT$4.13 in FY 2021). Revenue: NT$1.49b (up 13% from FY 2021). Net income: NT$170.4m (up 11% from FY 2021). Profit margin: 12% (in line with FY 2021). 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 22% per year, which means it has not declined as severely as earnings. Price Target Changed • Nov 16
Price target decreased to NT$86.00 Down from NT$111, the current price target is provided by 1 analyst. New target price is 20% above last closing price of NT$71.90. Stock is down 2.2% over the past year. The company is forecast to post earnings per share of NT$6.57 for next year compared to NT$4.13 last year. 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. 10 experienced directors. No highly experienced directors. 2 independent directors (5 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$1.32 (vs NT$0.90 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.32 (up from NT$0.90 in 3Q 2021). Revenue: NT$389.0m (up 15% from 3Q 2021). Net income: NT$49.4m (up 47% from 3Q 2021). Profit margin: 13% (up from 9.9% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year whereas the company’s share price has fallen by 22% per year. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$1.08 (vs NT$0.77 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.08 (up from NT$0.77 in 2Q 2021). Revenue: NT$379.3m (up 25% from 2Q 2021). Net income: NT$40.3m (up 41% from 2Q 2021). Profit margin: 11% (up from 9.4% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 28
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 04 August 2022. Payment date: 25 August 2022. Payout ratio is a comfortable 64% but the company is not cash flow positive. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (6.7%). Lower than average of industry peers (4.6%). Reported Earnings • May 13
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: NT$1.29 (down from NT$1.52 in 1Q 2021). Revenue: NT$347.4m (down 3.7% from 1Q 2021). Net income: NT$48.2m (down 15% from 1Q 2021). Profit margin: 14% (down from 16% in 1Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 7.6%. Earnings per share (EPS) also missed analyst estimates by 29%. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 10
Investor sentiment improved over the past week After last week's 18% share price gain to NT$83.50, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 11x in the Electronic industry in Taiwan. Total returns to shareholders of 66% over the past three years. Price Target Changed • Apr 27
Price target decreased to NT$86.00 Down from NT$111, the current price target is provided by 1 analyst. New target price is 19% above last closing price of NT$72.40. Stock is down 53% over the past year. The company is forecast to post earnings per share of NT$6.57 for next year compared to NT$4.13 last year. 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. 10 experienced directors. No highly experienced directors. 2 independent directors (5 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. Buying Opportunity • Mar 15
Now 21% undervalued Over the last 90 days, the stock is up 11%. The fair value is estimated to be NT$110, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% per annum over the last 3 years. The company has become profitable over the last 3 years. Valuation Update With 7 Day Price Move • Jan 25
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$85.50, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 11x in the Electronic industry in Taiwan. Total returns to shareholders of 219% over the past three years. Valuation Update With 7 Day Price Move • Dec 25
Investor sentiment improved over the past week After last week's 22% share price gain to NT$94.90, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 12x in the Electronic industry in Taiwan. Total returns to shareholders of 322% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$179 per share. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS NT$0.90 (vs NT$3.34 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$337.9m (down 37% from 3Q 2020). Net income: NT$33.6m (down 73% from 3Q 2020). Profit margin: 9.9% (down from 23% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 48% per year whereas the company’s share price has increased by 45% per year. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$73.40, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 11x in the Electronic industry in Taiwan. Total returns to shareholders of 232% over the past three years. Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$81.10, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 12x in the Electronic industry in Taiwan. Total returns to shareholders of 263% over the past three years. Upcoming Dividend • Aug 20
Upcoming dividend of NT$7.00 per share Eligible shareholders must have bought the stock before 27 August 2021. Payment date: 17 September 2021. Trailing yield: 7.3%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (3.3%). Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.77 (vs NT$2.61 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$303.3m (down 36% from 2Q 2020). Net income: NT$28.6m (down 71% from 2Q 2020). Profit margin: 9.4% (down from 20% 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 70% per year but the company’s share price has only increased by 56% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jul 28
Price target decreased to NT$93.00 Down from NT$123, the current price target is an average from 2 analysts. New target price is 23% below last closing price of NT$121. Stock is down 25% over the past year. Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment improved over the past week After last week's 16% share price gain to NT$125, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 13x in the Electronic industry in Taiwan. Total returns to shareholders of 416% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$60.41 per share. Major Estimate Revision • May 23
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from NT$1.64b to NT$1.43b. EPS estimate unchanged from NT$8.45 per share at last update. Electronic industry in Taiwan expected to see average net income growth of 21% next year. Consensus price target reaffirmed at NT$123. Share price rose 5.1% to NT$114 over the past week. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$1.52 (vs NT$3.60 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$360.6m (down 30% from 1Q 2020). Net income: NT$56.5m (down 58% from 1Q 2020). Profit margin: 16% (down from 26% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 64% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 12
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$108, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 12x in the Electronic industry in Taiwan. Total returns to shareholders of 378% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$90.65 per share. Price Target Changed • Apr 07
Price target decreased to NT$123 Down from NT$145, the current price target is an average from 2 analysts. New target price is 25% below last closing price of NT$164. Stock is down 23% over the past year. Major Estimate Revision • Apr 01
Consensus EPS estimates fall to NT$7.27 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from NT$1.82b to NT$1.73b. EPS estimate also fell from NT$9.64 to NT$7.27. Net income forecast to shrink 37% next year vs 26% growth forecast for Electronic industry in Taiwan . Consensus price target down from NT$145 to NT$135. Share price rose 2.2% to NT$163 over the past week. Reported Earnings • Mar 26
Full year 2020 earnings released: EPS NT$11.52 (vs NT$7.63 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$1.94b (up 29% from FY 2019). Net income: NT$429.3m (up 51% from FY 2019). Profit margin: 22% (up from 19% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 84% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Mar 10
New 90-day low: NT$151 The company is down 21% from its price of NT$190 on 10 December 2020. The Taiwanese market is up 10.0% 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. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$62.10 per share. Is New 90 Day High Low • Jan 29
New 90-day low: NT$156 The company is down 22% from its price of NT$199 on 30 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 30% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$62.82 per share. Price Target Changed • Jan 19
Price target lowered to NT$145 Down from NT$208, the current price target is an average from 2 analysts. The new target price is 17% below the current share price of NT$175. As of last close, the stock is down 10% over the past year. Is New 90 Day High Low • Jan 12
New 90-day low: NT$176 The company is down 19% from its price of NT$216 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. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$167 per share. Is New 90 Day High Low • Dec 21
New 90-day low: NT$180 The company is down 32% from its price of NT$265 on 23 September 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$121 per share. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$3.33 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$533.1m (up 31% from 3Q 2019). Net income: NT$124.4m (up 48% from 3Q 2019). Profit margin: 23% (up from 21% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 85% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Nov 15
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 0.08%. Earnings per share (EPS) exceeded analyst estimates by 4.1%. Over the next year, revenue is forecast to grow 4.3%, compared to a 11% growth forecast for the Electronic industry in Taiwan. Major Estimate Revision • Nov 12
Analysts lower EPS estimates to NT$11.95 The 2020 consensus revenue estimate was lowered from NT$2.12b to NT$1.99b. Earning per share (EPS) estimate was also lowered from NT$13.37 to NT$11.95 for the same period. Net income is expected to grow by 6.8% next year compared to 24% growth forecast for the Electronic industry in Taiwan. The consensus price target was lowered from NT$290 to NT$208. Share price stayed mostly flat at NT$191 over the past week. Price Target Changed • Nov 10
Price target lowered to NT$241 Down from NT$290, the current price target is an average from 2 analysts. The new target price is 18% above the current share price of NT$205. As of last close, the stock is up 72% over the past year.