Upcoming Dividend • Jun 25
Upcoming dividend of NT$1.20 per share Eligible shareholders must have bought the stock before 02 July 2026. Payment date: 28 July 2026. Payout ratio is a comfortable 46% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (1.3%). Reported Earnings • May 13
First quarter 2026 earnings released: EPS: NT$0.94 (vs NT$0.49 in 1Q 2025) First quarter 2026 results: EPS: NT$0.94 (up from NT$0.49 in 1Q 2025). Revenue: NT$1.19b (up 41% from 1Q 2025). Net income: NT$48.8m (up 93% from 1Q 2025). Profit margin: 4.1% (up from 3.0% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 10% per year. Valuation Update With 7 Day Price Move • May 05
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$42.75, the stock trades at a trailing P/E ratio of 19.6x. Average trailing P/E is 29x in the Electronic industry in Taiwan. Total returns to shareholders of 61% over the past three years. Reported Earnings • Mar 26
Full year 2025 earnings released: EPS: NT$2.19 (vs NT$2.15 in FY 2024) Full year 2025 results: EPS: NT$2.19 (up from NT$2.15 in FY 2024). Revenue: NT$3.63b (up 27% from FY 2024). Net income: NT$113.2m (up 1.4% from FY 2024). Profit margin: 3.1% (down from 3.9% 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 10% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Mar 12
Koryo Electronics Co., Ltd., Annual General Meeting, May 27, 2026 Koryo Electronics Co., Ltd., Annual General Meeting, May 27, 2026. Location: b3 floor building. a no,75, sec.1 hsin t`ai 5th rd., sijhih district, new taipei city Taiwan Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: NT$0.99 (vs NT$0.72 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.99 (up from NT$0.72 in 3Q 2024). Revenue: NT$863.3m (up 7.4% from 3Q 2024). Net income: NT$51.1m (up 38% from 3Q 2024). Profit margin: 5.9% (up from 4.6% in 3Q 2024). 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 but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. New Risk • Aug 17
New major risk - Revenue and earnings growth Earnings have declined by 1.8% 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 Risk Earnings have declined by 1.8% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (NT$2.46b market cap, or US$81.8m). Upcoming Dividend • Aug 07
Upcoming dividend of NT$1.10 per share Eligible shareholders must have bought the stock before 14 August 2025. Payment date: 12 September 2025. Payout ratio is a comfortable 47% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (2.8%). Valuation Update With 7 Day Price Move • Jul 31
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$48.85, the stock trades at a trailing P/E ratio of 20.7x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 78% over the past three years. Reported Earnings • May 17
First quarter 2025 earnings released: EPS: NT$0.49 (vs NT$0.28 in 1Q 2024) First quarter 2025 results: EPS: NT$0.49 (up from NT$0.28 in 1Q 2024). Revenue: NT$844.0m (up 30% from 1Q 2024). Net income: NT$25.2m (up 72% from 1Q 2024). Profit margin: 3.0% (up from 2.3% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Announcement • May 06
Koryo Electronics Co., Ltd. to Report Q1, 2025 Results on May 13, 2025 Koryo Electronics Co., Ltd. announced that they will report Q1, 2025 results on May 13, 2025 Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$47.10, the stock trades at a trailing P/E ratio of 21.9x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 94% over the past three years. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$39.15, the stock trades at a trailing P/E ratio of 18.2x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 63% over the past three years. New Risk • Apr 07
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.5% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.8% average weekly change). Market cap is less than US$100m (NT$2.50b market cap, or US$75.5m). Reported Earnings • Mar 30
Full year 2024 earnings released: EPS: NT$2.15 (vs NT$1.18 in FY 2023) Full year 2024 results: EPS: NT$2.15 (up from NT$1.18 in FY 2023). Revenue: NT$2.89b (up 7.3% from FY 2023). Net income: NT$111.5m (up 83% from FY 2023). Profit margin: 3.9% (up from 2.3% 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 37% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Announcement • Mar 14
Koryo Electronics Co., Ltd., Annual General Meeting, May 27, 2025 Koryo Electronics Co., Ltd., Annual General Meeting, May 27, 2025, at 09:00 Taipei Standard Time. Location: b3 floor building. a no,75, sec.1 hsin t`ai 5th rd., sijhih district, new taipei city Taiwan Announcement • Mar 05
Koryo Electronics Co., Ltd. to Report Fiscal Year 2024 Results on Mar 12, 2025 Koryo Electronics Co., Ltd. announced that they will report fiscal year 2024 results on Mar 12, 2025 Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$61.60, the stock trades at a trailing P/E ratio of 43.8x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 153% over the past three years. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$60.00, the stock trades at a trailing P/E ratio of 42.7x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 143% over the past three years. New Risk • Dec 31
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.24b (US$98.8m) 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 Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risk Market cap is less than US$100m (NT$3.24b market cap, or US$98.8m). Reported Earnings • Nov 19
Third quarter 2024 earnings released: EPS: NT$0.72 (vs NT$0.52 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.72 (up from NT$0.52 in 3Q 2023). Revenue: NT$810.5m (up 24% from 3Q 2023). Net income: NT$37.2m (up 37% from 3Q 2023). Profit margin: 4.6% (up from 4.1% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 41% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$73.50, the stock trades at a trailing P/E ratio of 60.7x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 198% over the past three years. Announcement • Nov 06
Koryo Electronics Co., Ltd. to Report Q3, 2024 Results on Nov 13, 2024 Koryo Electronics Co., Ltd. announced that they will report Q3, 2024 results on Nov 13, 2024 Valuation Update With 7 Day Price Move • Oct 28
Investor sentiment improves as stock rises 38% After last week's 38% share price gain to NT$77.20, the stock trades at a trailing P/E ratio of 63.7x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 203% over the past three years. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$46.65, the stock trades at a trailing P/E ratio of 38.5x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 76% over the past three years. New Risk • Sep 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 7.5% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.5% average weekly change). Market cap is less than US$100m (NT$2.41b market cap, or US$75.4m). Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$31.90, the stock trades at a trailing P/E ratio of 26.3x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 24% over the past three years. Upcoming Dividend • Aug 21
Upcoming dividend of NT$0.80 per share Eligible shareholders must have bought the stock before 28 August 2024. Payment date: 13 September 2024. Payout ratio is a comfortable 66% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Taiwanese dividend payers (4.3%). In line with average of industry peers (2.8%). Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.64 (vs NT$0.64 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.64. Revenue: NT$691.7m (down 3.6% from 2Q 2023). Net income: NT$33.3m (flat on 2Q 2023). Profit margin: 4.8% (up from 4.6% in 2Q 2023). The increase in margin was driven by lower expenses. Announcement • Aug 06
Koryo Electronics Co., Ltd. to Report Q2, 2024 Results on Aug 13, 2024 Koryo Electronics Co., Ltd. announced that they will report Q2, 2024 results on Aug 13, 2024 Reported Earnings • Mar 27
Full year 2023 earnings released: EPS: NT$1.18 (vs NT$3.54 in FY 2022) Full year 2023 results: EPS: NT$1.18 (down from NT$3.54 in FY 2022). Revenue: NT$2.70b (down 34% from FY 2022). Net income: NT$61.1m (down 67% from FY 2022). Profit margin: 2.3% (down from 4.5% 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 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 • Mar 16
Koryo Electronics Co., Ltd., Annual General Meeting, Jun 18, 2024 Koryo Electronics Co., Ltd., Annual General Meeting, Jun 18, 2024. Upcoming Dividend • Aug 21
Upcoming dividend of NT$2.20 per share at 7.0% yield Eligible shareholders must have bought the stock before 28 August 2023. Payment date: 15 September 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 7.0%. Within top quartile of Taiwanese dividend payers (5.6%). Higher than average of industry peers (4.3%). New Risk • Aug 13
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.2% Last year net profit margin: 4.7% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (102% payout ratio). Profit margins are more than 30% lower than last year (3.2% net profit margin). Market cap is less than US$100m (NT$1.59b market cap, or US$50.0m). Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: NT$0.64 (vs NT$1.22 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.64 (down from NT$1.22 in 2Q 2022). Revenue: NT$717.5m (down 33% from 2Q 2022). Net income: NT$33.2m (down 48% from 2Q 2022). Profit margin: 4.6% (down from 5.9% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$1.36 (vs NT$0.71 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.36 (up from NT$0.71 in 3Q 2021). Revenue: NT$1.16b (up 17% from 3Q 2021). Net income: NT$70.4m (up 91% from 3Q 2021). Profit margin: 6.1% (up from 3.7% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$1.36 (vs NT$0.71 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.36 (up from NT$0.71 in 3Q 2021). Revenue: NT$1.16b (up 17% from 3Q 2021). Net income: NT$70.4m (up 91% from 3Q 2021). Profit margin: 6.1% (up from 3.7% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 19
Upcoming dividend of NT$1.80 per share Eligible shareholders must have bought the stock before 26 August 2022. Payment date: 16 September 2022. Payout ratio is a comfortable 49% but the company is not cash flow positive. Trailing yield: 5.2%. Lower than top quartile of Taiwanese dividend payers (6.5%). Higher than average of industry peers (4.4%). Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$1.22 (vs NT$1.03 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.22 (up from NT$1.03 in 2Q 2021). Revenue: NT$1.06b (up 11% from 2Q 2021). Net income: NT$63.2m (up 18% from 2Q 2021). Profit margin: 5.9% (up from 5.6% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improved over the past week After last week's 21% share price gain to NT$34.50, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 14x in the Electronic industry in Taiwan. Total returns to shareholders of 47% over the past three years. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$1.04 (vs NT$0.44 in 1Q 2021) First quarter 2022 results: EPS: NT$1.04 (up from NT$0.44 in 1Q 2021). Revenue: NT$1.02b (up 15% from 1Q 2021). Net income: NT$54.0m (up 136% from 1Q 2021). Profit margin: 5.3% (up from 2.6% in 1Q 2021). 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 only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 28
Full year 2021 earnings released: EPS: NT$2.91 (vs NT$1.26 in FY 2020) Full year 2021 results: EPS: NT$2.91 (up from NT$1.26 in FY 2020). Revenue: NT$3.82b (up 29% from FY 2020). Net income: NT$150.5m (up 130% from FY 2020). Profit margin: 3.9% (up from 2.2% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has increased by 1% per year. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.71 (vs NT$0.27 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$993.4m (up 23% from 3Q 2020). Net income: NT$36.9m (up 164% from 3Q 2020). Profit margin: 3.7% (up from 1.7% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 03
Investor sentiment improved over the past week After last week's 18% share price gain to NT$29.30, the stock trades at a trailing P/E ratio of 13.4x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 34% over the past three years. Upcoming Dividend • Aug 20
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 27 August 2021. Payment date: 17 September 2021. Trailing yield: 3.7%. Lower than 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$1.03 (vs NT$0.34 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$959.7m (up 42% from 2Q 2020). Net income: NT$53.5m (up 204% from 2Q 2020). Profit margin: 5.6% (up from 2.6% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 13
Investor sentiment improved over the past week After last week's 19% share price gain to NT$28.50, the stock trades at a trailing P/E ratio of 19x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 24% over the past three years. Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$0.44 (vs NT$0.21 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$887.3m (up 27% from 1Q 2020). Net income: NT$22.9m (up 113% from 1Q 2020). Profit margin: 2.6% (up from 1.5% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS NT$1.26 (vs NT$1.50 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$2.97b (down 9.3% from FY 2019). Net income: NT$65.5m (down 16% from FY 2019). Profit margin: 2.2% (down from 2.4% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 26
New 90-day high: NT$22.60 The company is up 5.0% from its price of NT$21.45 on 27 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 23% over the same period. Announcement • Feb 21
Koryo Electronics Co., Ltd., Annual General Meeting, Jun 16, 2021 Koryo Electronics Co., Ltd., Annual General Meeting, Jun 16, 2021. Is New 90 Day High Low • Dec 24
New 90-day high: NT$22.55 The company is up 6.0% from its price of NT$21.25 on 25 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 16% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.27 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$809.3m (down 2.8% from 3Q 2019). Net income: NT$14.0m (down 44% from 3Q 2019). Profit margin: 1.7% (down from 3.0% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings.