Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: NT$0.32 (vs NT$0.64 in FY 2024) Full year 2025 results: EPS: NT$0.32 (down from NT$0.64 in FY 2024). Revenue: NT$959.4m (down 2.0% from FY 2024). Net income: NT$71.0m (down 50% from FY 2024). Profit margin: 7.4% (down from 15% in FY 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 09
KYE Systems Corp., Annual General Meeting, Jun 17, 2026 KYE Systems Corp., Annual General Meeting, Jun 17, 2026. Location: no,67, sec.1 kuang fu rd., sanchong district, new taipei city Taiwan New Risk • Mar 04
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 189% Cash payout ratio: 158% Dividend yield: 1.8% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 189% Cash payout ratio: 158% Earnings have declined by 9.2% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (7.5% net profit margin). New Risk • Nov 17
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: 7.5% Last year net profit margin: 12% 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: Major Risk Earnings have declined by 9.2% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.5% net profit margin). Reported Earnings • Aug 17
Second quarter 2025 earnings released: NT$0.04 loss per share (vs NT$0.18 profit in 2Q 2024) Second quarter 2025 results: NT$0.04 loss per share (down from NT$0.18 profit in 2Q 2024). Revenue: NT$232.6m (down 12% from 2Q 2024). Net loss: NT$9.80m (down 125% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 58% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 01
Upcoming dividend of NT$0.60 per share Eligible shareholders must have bought the stock before 08 July 2025. Payment date: 28 July 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (3.8%). Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.07 (vs NT$0.16 in 1Q 2024) First quarter 2025 results: EPS: NT$0.07 (down from NT$0.16 in 1Q 2024). Revenue: NT$234.4m (up 4.8% from 1Q 2024). Net income: NT$16.0m (down 54% from 1Q 2024). Profit margin: 6.8% (down from 16% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has increased by 59% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 03
KYE Systems Corp. to Report Q1, 2025 Results on May 12, 2025 KYE Systems Corp. announced that they will report Q1, 2025 results on May 12, 2025 Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$35.00, the stock trades at a trailing P/E ratio of 54.4x. Average trailing P/E is 18x in the Tech industry in Taiwan. Total returns to shareholders of 254% over the past three years. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$36.20, the stock trades at a trailing P/E ratio of 56.2x. Average trailing P/E is 19x in the Tech industry in Taiwan. Total returns to shareholders of 219% over the past three years. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: NT$0.64 (vs NT$0.33 in FY 2023) Full year 2024 results: EPS: NT$0.64 (up from NT$0.33 in FY 2023). Revenue: NT$978.8m (up 27% from FY 2023). Net income: NT$142.6m (up 98% from FY 2023). Profit margin: 15% (up from 9.4% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has increased by 57% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 01
KYE Systems Corp. to Report Fiscal Year 2024 Results on Mar 10, 2025 KYE Systems Corp. announced that they will report fiscal year 2024 results on Mar 10, 2025 New Risk • Dec 20
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 6.7% 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 14% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.7% average weekly change). Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.22 (vs NT$0.14 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.22 (up from NT$0.14 in 3Q 2023). Revenue: NT$264.7m (up 19% from 3Q 2023). Net income: NT$47.7m (up 55% from 3Q 2023). Profit margin: 18% (up from 14% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: NT$0.18 (vs NT$0.13 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.18 (up from NT$0.13 in 2Q 2023). Revenue: NT$263.5m (up 51% from 2Q 2023). Net income: NT$39.4m (up 41% from 2Q 2023). Profit margin: 15% (down from 16% 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 8% per year but the company’s share price has increased by 85% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 25
KYE Systems Corp. to Report Q2, 2024 Results on Aug 02, 2024 KYE Systems Corp. announced that they will report Q2, 2024 results on Aug 02, 2024 Declared Dividend • Jul 05
Dividend of NT$0.30 announced Shareholders will receive a dividend of NT$0.30. Ex-date: 25th July 2024 Payment date: 15th August 2024 Dividend yield will be 0.6%, which is lower than the industry average of 3.0%. Payout Ratios Payout ratio: 75%. Cash payout ratio: 27%. Buy Or Sell Opportunity • May 21
Now 32% overvalued Over the last 90 days, the stock has fallen 2.5% to NT$23.30. The fair value is estimated to be NT$17.67, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 29% over the last 3 years. Earnings per share has declined by 17%. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$23.30, the stock trades at a trailing P/E ratio of 58.4x. Average trailing P/E is 22x in the Tech industry in Taiwan. Total returns to shareholders of 97% over the past three years. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.16 (vs NT$0.084 in 1Q 2023) First quarter 2024 results: EPS: NT$0.16 (up from NT$0.084 in 1Q 2023). Revenue: NT$223.7m (up 28% from 1Q 2023). Net income: NT$34.8m (up 87% from 1Q 2023). Profit margin: 16% (up from 11% in 1Q 2023). 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 21% per year, which means it is well ahead of earnings. Announcement • Apr 28
KYE Systems Corp. to Report Q1, 2024 Results on May 03, 2024 KYE Systems Corp. announced that they will report Q1, 2024 results on May 03, 2024 Reported Earnings • Apr 02
Full year 2023 earnings released: EPS: NT$0.33 (vs NT$0.25 in FY 2022) Full year 2023 results: EPS: NT$0.33 (up from NT$0.25 in FY 2022). Revenue: NT$769.5m (down 25% from FY 2022). Net income: NT$72.2m (up 33% from FY 2022). Profit margin: 9.4% (up from 5.3% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Announcement • Mar 21
KYE Systems Corp., Annual General Meeting, Jun 21, 2024 KYE Systems Corp., Annual General Meeting, Jun 21, 2024. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$20.75, the stock trades at a trailing P/E ratio of 67.6x. Average trailing P/E is 23x in the Tech industry in Taiwan. Total returns to shareholders of 91% over the past three years. Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$24.45, the stock trades at a trailing P/E ratio of 79.6x. Average trailing P/E is 23x in the Tech industry in Taiwan. Total returns to shareholders of 128% over the past three years. New Risk • Feb 05
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 7.1% 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 Risks Share price has been highly volatile over the past 3 months (7.1% average weekly change). Earnings have declined by 8.9% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$18.05, the stock trades at a trailing P/E ratio of 58.8x. Average trailing P/E is 22x in the Tech industry in Taiwan. Total returns to shareholders of 81% over the past three years. New Risk • Nov 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 20% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 8.9% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (NT$2.67b market cap, or US$84.3m). New Risk • Aug 20
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 26% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 10% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (NT$2.49b market cap, or US$78.1m). Reported Earnings • Aug 15
Second quarter 2023 earnings released: EPS: NT$0.13 (vs NT$0.078 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.13 (up from NT$0.078 in 2Q 2022). Revenue: NT$174.7m (down 34% from 2Q 2022). Net income: NT$27.8m (up 61% from 2Q 2022). Profit margin: 16% (up from 6.6% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. New Risk • Jul 20
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 20% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 11% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (NT$2.59b market cap, or US$83.5m). Upcoming Dividend • Jul 20
Upcoming dividend of NT$0.20 per share at 1.7% yield Eligible shareholders must have bought the stock before 27 July 2023. Payment date: 15 August 2023. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (3.3%). Announcement • Jul 06
KYE Systems Corp. Announces Cash Dividend, Payable on August 15, 2023 KYE Systems Corp. announced Cash dividends of TWD 44,305,700 (TWD 0.20 Per share) of common stock. Ex-rights (ex-dividend) trading date: July 27, 2023. Ex-rights (ex-dividend) record date: August 2, 2023. Payment date of cash dividend distribution: August 15, 2023. Reported Earnings • Mar 31
Full year 2022 earnings released: EPS: NT$0.25 (vs NT$0.23 in FY 2021) Full year 2022 results: EPS: NT$0.25 (up from NT$0.23 in FY 2021). Revenue: NT$1.02b (down 25% from FY 2021). Net income: NT$54.4m (up 7.7% from FY 2021). Profit margin: 5.3% (up from 3.7% 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 44% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. 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. 5 experienced directors. 2 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Jennyumr Kao was the last independent director to join the board, commencing their role in 2019. 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 • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.08 (vs NT$0.17 loss in 2Q 2021) Second quarter 2022 results: EPS: NT$0.08 (up from NT$0.17 loss in 2Q 2021). Revenue: NT$263.0m (up 11% from 2Q 2021). Net income: NT$17.3m (up NT$55.8m from 2Q 2021). Profit margin: 6.6% (up from net loss in 2Q 2021). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Reported Earnings • May 17
First quarter 2022 earnings released: EPS: NT$0.04 (vs NT$0.23 in 1Q 2021) First quarter 2022 results: EPS: NT$0.04 (down from NT$0.23 in 1Q 2021). Revenue: NT$282.8m (down 35% from 1Q 2021). Net income: NT$7.77m (down 85% from 1Q 2021). Profit margin: 2.7% (down from 12% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 6% per year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Jennyumr Kao was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 31
Full year 2021 earnings released: EPS: NT$0.23 (vs NT$0.64 in FY 2020) Full year 2021 results: EPS: NT$0.23 (down from NT$0.64 in FY 2020). Revenue: NT$1.37b (down 17% from FY 2020). Net income: NT$50.5m (down 66% from FY 2020). Profit margin: 3.7% (down from 8.8% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 16% share price gain to NT$13.20, the stock trades at a trailing P/E ratio of 40.7x. Average trailing P/E is 16x in the Tech industry in Taiwan. Total returns to shareholders of 66% over the past three years. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS NT$0.11 (vs NT$0.33 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$337.0m (down 36% from 3Q 2020). Net income: NT$25.4m (down 66% from 3Q 2020). Profit margin: 7.5% (down from 14% 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 25% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2021 earnings released: NT$0.17 loss per share (vs NT$0.09 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: NT$236.4m (down 26% from 2Q 2020). Net loss: NT$38.4m (down 286% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 26
Upcoming dividend of NT$0.30 per share Eligible shareholders must have bought the stock before 02 August 2021. Payment date: 20 August 2021. Trailing yield: 2.5%. Lower than top quartile of Taiwanese dividend payers (4.9%). Lower than average of industry peers (5.1%). Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$0.22 (vs NT$0.071 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$431.8m (up 29% from 1Q 2020). Net income: NT$50.4m (up 202% from 1Q 2020). Profit margin: 12% (up from 5.0% 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 25% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improved over the past week After last week's 17% share price gain to NT$13.85, the stock trades at a trailing P/E ratio of 21.6x. Average trailing P/E is 17x in the Tech industry in Taiwan. Total returns to shareholders of 48% over the past three years. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$0.64 (vs NT$0.65 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$1.65b (up 3.0% from FY 2019). Net income: NT$146.2m (down 3.5% from FY 2019). Profit margin: 8.8% (down from 9.4% 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 28% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 29
New 90-day low: NT$10.30 The company is down 2.0% from its price of NT$10.55 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 Tech industry, which is up 15% over the same period. Is New 90 Day High Low • Dec 29
New 90-day high: NT$12.25 The company is up 25% from its price of NT$9.83 on 30 September 2020. The Taiwanese market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Tech industry, which is up 8.0% over the same period. Is New 90 Day High Low • Nov 27
New 90-day high: NT$12.10 The company is up 20% from its price of NT$10.05 on 28 August 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Tech industry, which is down 1.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.33 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$525.7m (up 16% from 3Q 2019). Net income: NT$74.4m (up NT$63.1m from 3Q 2019). Profit margin: 14% (up from 2.5% 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 54% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 19
Market bids up stock over the past week After last week's 17% share price gain to NT$11.75, the stock is trading at a trailing P/E ratio of 16.1x, up from the previous P/E ratio of 13.8x. This compares to an average P/E of 16x in the Tech industry in Taiwan. Total returns to shareholders over the past three years are 25%. Is New 90 Day High Low • Oct 15
New 90-day high: NT$10.85 The company is up 18% from its price of NT$9.21 on 17 July 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Tech industry, which is down 2.0% over the same period. Is New 90 Day High Low • Sep 18
New 90-day high: NT$10.70 The company is up 22% from its price of NT$8.80 on 19 June 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Tech industry, which is up 4.0% over the same period.