Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to NT$88.50, the stock trades at a trailing P/E ratio of 35.5x. Average trailing P/E is 36x in the Electronic industry in Taiwan. Total returns to shareholders of 100% over the past three years. Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$66.90, the stock trades at a trailing P/E ratio of 26.8x. Average trailing P/E is 29x in the Electronic industry in Taiwan. Total returns to shareholders of 56% over the past three years. Reported Earnings • May 05
First quarter 2026 earnings released: EPS: NT$0.74 (vs NT$0.84 in 1Q 2025) First quarter 2026 results: EPS: NT$0.74 (down from NT$0.84 in 1Q 2025). Revenue: NT$141.2m (up 2.7% from 1Q 2025). Net income: NT$27.8m (down 12% from 1Q 2025). Profit margin: 20% (down from 23% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 7% per year. Upcoming Dividend • Mar 19
Upcoming dividend of NT$1.80 per share Eligible shareholders must have bought the stock before 26 March 2026. Payment date: 30 April 2026. Payout ratio is on the higher end at 95% but the company is not cash flow positive. Trailing yield: 4.5%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (1.9%). Declared Dividend • Mar 05
Dividend reduced to NT$1.80 Dividend of NT$1.80 is 28% lower than last year. Ex-date: 26th March 2026 Payment date: 30th April 2026 Dividend yield will be 3.1%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is not adequately covered by earnings (95% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 4.9% per year over the past 8 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 5.5% to bring the payout ratio under control. However, EPS has remained steady over the last 5 years so the company would need to improve on their historical growth rates. Reported Earnings • Mar 04
Full year 2025 earnings released: EPS: NT$2.60 (vs NT$3.58 in FY 2024) Full year 2025 results: EPS: NT$2.60 (down from NT$3.58 in FY 2024). Revenue: NT$541.6m (up 3.6% from FY 2024). Net income: NT$97.1m (down 27% from FY 2024). Profit margin: 18% (down from 26% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 1% per year. New Risk • Nov 11
New major risk - Revenue and earnings growth Earnings have declined by 1.4% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 91% Paying a dividend despite having no free cash flows. Earnings have declined by 1.4% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$2.09b market cap, or US$67.4m). New Risk • Aug 07
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 91% The company is paying a dividend despite having no free cash flows. Dividend yield: 4.5% 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: 91% Paying a dividend despite having no free cash flows. Minor Risk Market cap is less than US$100m (NT$2.07b market cap, or US$69.5m). Reported Earnings • Aug 07
Second quarter 2025 earnings released: EPS: NT$0.25 (vs NT$1.14 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.25 (down from NT$1.14 in 2Q 2024). Revenue: NT$142.3m (up 9.2% from 2Q 2024). Net income: NT$9.23m (down 78% from 2Q 2024). Profit margin: 6.5% (down from 33% in 2Q 2024). The decrease in margin was driven by higher expenses. 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 2% per year, which means it is well ahead of earnings. Announcement • May 28
Fuzetec Technology Co., Ltd. Approves the Election of Hsu, Chiahung as Independent Director Fuzetec Technology Co., Ltd. at its shareholders' meeting held on May 27, 2025, approved the election of Hsu, Chiahung as independent director. Reported Earnings • May 04
First quarter 2025 earnings released: EPS: NT$0.84 (vs NT$0.79 in 1Q 2024) First quarter 2025 results: EPS: NT$0.84 (up from NT$0.79 in 1Q 2024). Revenue: NT$137.4m (up 17% from 1Q 2024). Net income: NT$31.6m (up 7.7% from 1Q 2024). Profit margin: 23% (down from 25% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 20% 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. Announcement • Apr 22
Fuzetec Technology Co., Ltd. to Report Q1, 2025 Results on Apr 29, 2025 Fuzetec Technology Co., Ltd. announced that they will report Q1, 2025 results on Apr 29, 2025 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to NT$49.80, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total loss to shareholders of 11% over the past three years. Upcoming Dividend • Mar 20
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 27 March 2025. Payment date: 24 April 2025. Payout ratio is a comfortable 47% but the company is not cash flow positive. Trailing yield: 3.7%. Lower than top quartile of Taiwanese dividend payers (4.6%). Higher than average of industry peers (3.0%). Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: NT$3.58 (vs NT$1.81 in FY 2023) Full year 2024 results: EPS: NT$3.58 (up from NT$1.81 in FY 2023). Revenue: NT$522.7m (up 24% from FY 2023). Net income: NT$133.7m (up 97% from FY 2023). Profit margin: 26% (up from 16% 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 25% 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. Declared Dividend • Feb 27
Dividend increased to NT$2.50 Dividend of NT$2.50 is 67% higher than last year. Ex-date: 27th March 2025 Payment date: 24th April 2025 Dividend yield will be 3.7%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (47% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 76 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 8.1% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Feb 18
Fuzetec Technology Co., Ltd. to Report Q4, 2024 Results on Feb 25, 2025 Fuzetec Technology Co., Ltd. announced that they will report Q4, 2024 results on Feb 25, 2025 Announcement • Oct 29
Fuzetec Technology Co., Ltd. to Report Q3, 2024 Results on Nov 05, 2024 Fuzetec Technology Co., Ltd. announced that they will report Q3, 2024 results on Nov 05, 2024 Reported Earnings • Aug 18
Second quarter 2024 earnings released: EPS: NT$1.14 (vs NT$0.52 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.14 (up from NT$0.52 in 2Q 2023). Revenue: NT$130.3m (up 32% from 2Q 2023). Net income: NT$42.5m (up 120% from 2Q 2023). Profit margin: 33% (up from 20% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 27% 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. Announcement • Jul 23
Fuzetec Technology Co., Ltd. to Report Q2, 2024 Results on Jul 30, 2024 Fuzetec Technology Co., Ltd. announced that they will report Q2, 2024 results on Jul 30, 2024 Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.78 (vs NT$0.36 in 1Q 2023) First quarter 2024 results: EPS: NT$0.78 (up from NT$0.36 in 1Q 2023). Revenue: NT$117.3m (up 11% from 1Q 2023). Net income: NT$29.3m (up 116% from 1Q 2023). Profit margin: 25% (up from 13% in 1Q 2023). The increase in margin was primarily driven by higher revenue. 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 1% per year, which means it has not declined as severely as earnings. Announcement • Apr 25
Fuzetec Technology Co., Ltd. to Report Q1, 2024 Results on Apr 30, 2024 Fuzetec Technology Co., Ltd. announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on Apr 30, 2024 Upcoming Dividend • Mar 14
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 21 March 2024. Payment date: 03 May 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 3.0%. Lower than top quartile of Taiwanese dividend payers (4.8%). Lower than average of industry peers (3.4%). Reported Earnings • Mar 08
Full year 2023 earnings released: EPS: NT$1.81 (vs NT$4.25 in FY 2022) Full year 2023 results: EPS: NT$1.81 (down from NT$4.25 in FY 2022). Revenue: NT$421.7m (down 13% from FY 2022). Net income: NT$67.9m (down 57% from FY 2022). Profit margin: 16% (down from 33% in FY 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 18% per year. Announcement • Feb 29
Fuzetec Technology Co., Ltd. Approves Dividend for the Year Ended December 31, 2023 Fuzetec Technology Co., Ltd.'s board of directors approved dividend of TWD 1.50 per share for the year ended December 31, 2023. Announcement • Feb 28
Fuzetec Technology Co., Ltd., Annual General Meeting, May 21, 2024 Fuzetec Technology Co., Ltd., Annual General Meeting, May 21, 2024. Location: New Taipei Industrial Park Service Center(3F., No. 95, Wugong Rd Xinzhuang Dist New Tapei City Taiwan Agenda: To consider 2023 business report; to Report on 2023 employees' and directors' remuneration; to consider 2023 cash dividend; to Acknowledgment of the 2023 annual final accounting ledgers and statements; to Acknowledgment of the 2023 Earnings Distribution; and to discuss other matters. Reported Earnings • Nov 02
Third quarter 2023 earnings released: EPS: NT$0.49 (vs NT$1.34 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.49 (down from NT$1.34 in 3Q 2022). Revenue: NT$104.4m (down 7.2% from 3Q 2022). Net income: NT$18.3m (down 63% from 3Q 2022). Profit margin: 18% (down from 44% in 3Q 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • Aug 02
Second quarter 2023 earnings released: EPS: NT$0.52 (vs NT$1.37 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.52 (down from NT$1.37 in 2Q 2022). Revenue: NT$99.1m (down 22% from 2Q 2022). Net income: NT$19.3m (down 62% from 2Q 2022). Profit margin: 20% (down from 41% in 2Q 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 12% per year. Upcoming Dividend • Jun 13
Upcoming dividend of NT$3.60 per share at 6.7% yield Eligible shareholders must have bought the stock before 20 June 2023. Payment date: 21 July 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 6.7%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (4.3%). Reported Earnings • May 18
First quarter 2023 earnings released: EPS: NT$0.36 (vs NT$1.36 in 1Q 2022) First quarter 2023 results: EPS: NT$0.36 (down from NT$1.36 in 1Q 2022). Revenue: NT$105.4m (down 28% from 1Q 2022). Net income: NT$13.6m (down 73% from 1Q 2022). Profit margin: 13% (down from 35% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 16
Full year 2022 earnings released: EPS: NT$4.25 (vs NT$4.65 in FY 2021) Full year 2022 results: EPS: NT$4.25. Revenue: NT$484.3m (down 19% from FY 2021). Net income: NT$158.8m (up 3.6% from FY 2021). Profit margin: 33% (up from 26% in FY 2021). The increase in margin was driven by lower expenses. Reported Earnings • Nov 03
Third quarter 2022 earnings released: EPS: NT$1.33 (vs NT$1.09 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.33 (up from NT$1.09 in 3Q 2021). Revenue: NT$112.5m (down 30% from 3Q 2021). Net income: NT$49.9m (up 45% from 3Q 2021). Profit margin: 44% (up from 21% in 3Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment deteriorated over the past week After last week's 19% share price decline to NT$41.90, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 11x in the Electronic industry in Taiwan. Total returns to shareholders of 34% over the past three years. Reported Earnings • Aug 04
Second quarter 2022 earnings released: EPS: NT$1.37 (vs NT$1.19 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.37 (up from NT$1.19 in 2Q 2021). Revenue: NT$126.2m (down 9.1% from 2Q 2021). Net income: NT$51.3m (up 38% from 2Q 2021). Profit margin: 41% (up from 27% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 09
Upcoming dividend of NT$3.60 per share Eligible shareholders must have bought the stock before 16 June 2022. Payment date: 15 July 2022. Payout ratio is a comfortable 74% and this is well supported by cash flows. Trailing yield: 5.6%. Lower than top quartile of Taiwanese dividend payers (6.0%). Higher than average of industry peers (4.2%). Reported Earnings • May 09
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: NT$1.36 (up from NT$1.13 in 1Q 2021). Revenue: NT$147.2m (up 7.7% from 1Q 2021). Net income: NT$50.8m (up 43% from 1Q 2021). Profit margin: 35% (up from 26% in 1Q 2021). The increase in margin was primarily driven by higher revenue. Revenue missed analyst estimates by 6.3%. Earnings per share (EPS) also missed analyst estimates by 4.1%. 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 15% per year, which means it is significantly lagging earnings growth. Announcement • Mar 04
Fuzetec Technology Co., Ltd., Annual General Meeting, May 24, 2022 Fuzetec Technology Co., Ltd., Annual General Meeting, May 24, 2022. Reported Earnings • Mar 01
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: NT$4.65 (up from NT$2.57 in FY 2020). Revenue: NT$595.5m (up 37% from FY 2020). Net income: NT$153.2m (up 90% from FY 2020). Profit margin: 26% (up from 19% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 6.3%. Earnings per share (EPS) also missed analyst estimates by 4.1%. Over the last 3 years on average, earnings per share has increased by 23% per year and the company’s share price has also increased by 23% per year. Reported Earnings • Nov 05
Third quarter 2021 earnings released: EPS NT$1.09 (vs NT$0.60 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$161.3m (up 44% from 3Q 2020). Net income: NT$34.5m (up 82% from 3Q 2020). Profit margin: 21% (up from 17% 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 14% 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 • Aug 05
Second quarter 2021 earnings released: EPS NT$1.18 (vs NT$0.60 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$138.7m (up 37% from 2Q 2020). Net income: NT$37.2m (up 96% from 2Q 2020). Profit margin: 27% (up from 19% 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 5% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment improved over the past week After last week's 17% share price gain to NT$104, the stock trades at a trailing P/E ratio of 32.4x. Average forward P/E is 14x in the Electronic industry in Taiwan. Total returns to shareholders of 199% over the past three years. Upcoming Dividend • Jul 20
Upcoming dividend of NT$1.80 per share Eligible shareholders must have bought the stock before 27 July 2021. Payment date: 24 August 2021. Trailing yield: 1.9%. Lower than top quartile of Taiwanese dividend payers (4.9%). Lower than average of industry peers (2.9%). Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improved over the past week After last week's 28% share price gain to NT$88.20, the stock trades at a trailing P/E ratio of 27.6x. Average forward P/E is 14x in the Electronic industry in Taiwan. Total returns to shareholders of 156% over the past three years. Reported Earnings • May 05
First quarter 2021 earnings released: EPS NT$1.13 (vs NT$0.51 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$136.7m (up 43% from 1Q 2020). Net income: NT$35.5m (up 123% from 1Q 2020). Profit margin: 26% (up from 17% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment improved over the past week After last week's 20% share price gain to NT$93.50, the stock is trading at a trailing P/E ratio of 36.3x, up from the previous P/E ratio of 30.3x. This compares to an average P/E of 18x in the Electronic industry in Taiwan. Total returns to shareholders over the past three years are 269%. Announcement • Mar 04
Fuzetec Technology Co., Ltd., Annual General Meeting, May 27, 2021 Fuzetec Technology Co., Ltd., Annual General Meeting, May 27, 2021. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improved over the past week After last week's 21% share price gain to NT$62.40, the stock is trading at a trailing P/E ratio of 24.3x, up from the previous P/E ratio of 20.1x. This compares to an average P/E of 19x in the Electronic industry in Taiwan. Total returns to shareholders over the past three years are 145%. Is New 90 Day High Low • Feb 18
New 90-day high: NT$56.80 The company is up 45% from its price of NT$39.15 on 20 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 22% over the same period. Reported Earnings • Feb 03
Full year 2020 earnings released: EPS NT$2.57 (vs NT$2.13 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$436.3m (up 10% from FY 2019). Net income: NT$80.8m (up 31% from FY 2019). Profit margin: 19% (up from 16% 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 3% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment deteriorated over the past week After last week's 19% share price decline to NT$44.10, the stock is trading at a trailing P/E ratio of 19.9x, down from the previous P/E ratio of 24.7x. This compares to an average P/E of 17x in the Electronic industry in Taiwan. Total returns to shareholders over the past three years are 70%. Valuation Update With 7 Day Price Move • Dec 14
Investor sentiment improved over the past week After last week's 19% share price gain to NT$49.60, the stock is trading at a trailing P/E ratio of 22.4x, up from the previous P/E ratio of 18.9x. This compares to an average P/E of 17x in the Electronic industry in Taiwan. Total returns to shareholders over the past three years are 91%. Is New 90 Day High Low • Dec 09
New 90-day high: NT$41.80 The company is up 16% from its price of NT$35.95 on 10 September 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 12% over the same period. Is New 90 Day High Low • Nov 07
New 90-day high: NT$37.20 The company is up 5.0% from its price of NT$35.45 on 07 August 2020. The Taiwanese market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is down 4.0% over the same period. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total profits of NT$69.4m, up 15% from the prior year. Total revenue was NT$413.6m over the last 12 months, up 6.2% from the prior year. Is New 90 Day High Low • Oct 22
New 90-day high: NT$36.65 The company is up 2.0% from its price of NT$36.00 on 24 July 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Electronic industry, which is down 2.0% over the same period.