Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$84.10, the stock trades at a trailing P/E ratio of 23.7x. Average trailing P/E is 37x in the Electronic industry in Taiwan. Total returns to shareholders of 173% over the past three years. Declared Dividend • Jun 08
Dividend of NT$2.50 announced Shareholders will receive a dividend of NT$2.50. Ex-date: 24th June 2026 Payment date: 21st July 2026 Dividend yield will be 3.4%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (70% earnings payout ratio) but not adequately covered by cash flows (95% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 20% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 19
First quarter 2026 earnings released: EPS: NT$1.30 (vs NT$0.67 in 1Q 2025) First quarter 2026 results: EPS: NT$1.30 (up from NT$0.67 in 1Q 2025). Revenue: NT$820.8m (up 28% from 1Q 2025). Net income: NT$188.3m (up 94% from 1Q 2025). Profit margin: 23% (up from 15% 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 3% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 05
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$66.50, the stock trades at a trailing P/E ratio of 22.7x. Average trailing P/E is 29x in the Electronic industry in Taiwan. Total returns to shareholders of 111% over the past three years. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$58.90, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 31x in the Electronic industry in Taiwan. Total returns to shareholders of 74% over the past three years. Buy Or Sell Opportunity • Mar 05
Now 23% overvalued Over the last 90 days, the stock has fallen 8.1% to NT$48.70. The fair value is estimated to be NT$39.63, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Reported Earnings • Feb 26
Full year 2025 earnings released: EPS: NT$2.92 (vs NT$2.42 in FY 2024) Full year 2025 results: EPS: NT$2.92 (up from NT$2.42 in FY 2024). Revenue: NT$2.94b (up 5.5% from FY 2024). Net income: NT$424.1m (up 21% from FY 2024). Profit margin: 14% (up from 13% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Announcement • Feb 25
Good Will Instrument Co., Ltd., Annual General Meeting, May 27, 2026 Good Will Instrument Co., Ltd., Annual General Meeting, May 27, 2026. Location: no,7-1, chung hsing rd., tucheng district, new taipei city Taiwan Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: NT$0.79 (vs NT$0.57 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.79 (up from NT$0.57 in 3Q 2024). Revenue: NT$709.0m (up 3.5% from 3Q 2024). Net income: NT$115.0m (up 38% from 3Q 2024). Profit margin: 16% (up from 12% in 3Q 2024). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Nov 12
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 3.6% to NT$52.50. The fair value is estimated to be NT$43.31, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Buy Or Sell Opportunity • Sep 17
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 24% to NT$52.90. The fair value is estimated to be NT$43.83, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Buy Or Sell Opportunity • Aug 19
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 24% to NT$53.50. The fair value is estimated to be NT$44.53, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue is forecast to grow by 21,010% in 2 years. Earnings are forecast to grow by 7,401% in the next 2 years. Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: NT$0.53 (vs NT$0.41 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.53 (up from NT$0.41 in 2Q 2024). Revenue: NT$729.6m (up 8.7% from 2Q 2024). Net income: NT$77.5m (up 31% from 2Q 2024). Profit margin: 11% (up from 8.8% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 51% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Declared Dividend • Jun 06
Dividend reduced to NT$2.00 Dividend of NT$2.00 is 9.1% lower than last year. Ex-date: 19th June 2025 Payment date: 18th July 2025 Dividend yield will be 4.5%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (83% earnings payout ratio) and cash flows (52% cash payout ratio). The dividend has increased by an average of 16% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 3.5% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jun 05
Good Will Instrument Co., Ltd. Announces Cash Dividends, Payable on July 18, 2025 Good Will Instrument Co., Ltd. announced Cash dividends of TWD 290,094,578 (TWD 2.0 per share) of common stock. Ex-rights (ex-dividend) trading date: June 19, 2025. Last date before book closure: June 22, 2025. Book closure starting date: June 23, 2025, Book closure ending date: June 27, 2025, Ex-rights (ex-dividend) record date: June 27, 2025, Payment date of common stock cash dividend distribution: July 18, 2025. Date of the resolution by the board of directors or shareholders meeting or decision by the Company: June 4, 2025. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$0.67 (vs NT$0.60 in 1Q 2024) First quarter 2025 results: EPS: NT$0.67 (up from NT$0.60 in 1Q 2024). Revenue: NT$643.7m (flat on 1Q 2024). Net income: NT$96.9m (up 11% from 1Q 2024). Profit margin: 15% (up from 14% in 1Q 2024). Revenue is forecast to grow 49% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 03
Good Will Instrument Co., Ltd. to Report Q1, 2025 Results on May 12, 2025 Good Will Instrument Co., Ltd. announced that they will report Q1, 2025 results on May 12, 2025 Price Target Changed • Apr 24
Price target decreased by 16% to NT$302 Down from NT$359, the current price target is provided by 1 analyst. New target price is 605% above last closing price of NT$42.85. Stock is down 1.8% over the past year. The company posted earnings per share of NT$2.42 last year. Price Target Changed • Mar 10
Price target increased by 25% to NT$359 Up from NT$288, the current price target is provided by 1 analyst. New target price is 710% above last closing price of NT$44.35. Stock is up 9.5% over the past year. The company posted earnings per share of NT$2.42 last year. Reported Earnings • Mar 01
Full year 2024 earnings released: EPS: NT$2.42 (vs NT$2.95 in FY 2023) Full year 2024 results: EPS: NT$2.42 (down from NT$2.95 in FY 2023). Revenue: NT$2.79b (down 7.8% from FY 2023). Net income: NT$351.1m (down 18% from FY 2023). Profit margin: 13% (down from 14% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 80% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 27
Good Will Instrument Co., Ltd., Annual General Meeting, May 29, 2025 Good Will Instrument Co., Ltd., Annual General Meeting, May 29, 2025. Location: no,7-1, chung hsing rd., tucheng district, new taipei city Taiwan Announcement • Feb 19
Good Will Instrument Co., Ltd. to Report Fiscal Year 2024 Results on Feb 26, 2025 Good Will Instrument Co., Ltd. announced that they will report fiscal year 2024 results on Feb 26, 2025 Announcement • Jul 30
Good Will Instrument Co., Ltd. to Report Q2, 2024 Results on Aug 06, 2024 Good Will Instrument Co., Ltd. announced that they will report Q2, 2024 results on Aug 06, 2024 Buy Or Sell Opportunity • Jul 01
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.7% to NT$41.30. The fair value is estimated to be NT$53.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.1% over the last 3 years. Earnings per share has grown by 26%. Announcement • Jun 28
Good Will Instrument Co., Ltd Launches AC/DC Power Supply Series: ASR-6000 Good Will Instrument Co., Ltd. introduced the ASR-6000 Series High-Performance AC/DC Power Source, a ground-breaking series engineered to address the escalating power demands of artificial intelligence servers and data centers. This launch reaffirms the company's commitment to pioneering innovative electronic measurement technologies. Built to meet the rigorous demands of AI servers and data center applications, the ASR-6000 series comprises the ASR-6450 and ASR-6600 models. The ASR-6000 model delivers up to 18kW of power output, adeptly meeting the stringent requirements of contemporary AI and GPU server racks, which consume between 50-60kW per rack. It equips industries to proactively manage the escalating challenges associated with energy demands and technological advancements. This system is crafted to enhance clients' ability to efficiently test and manage power supplies in the most challenging environments. Leading Features of the ASR-6000 Series: AC single/three-phase input and output capabilities combined with programmable scenarios to mimic various power conditions. Simultaneous testing of multiple devices made possible by the multi-channel output function, simplifying server rack power supply testing. Silicon carbide (SiC) technology integration to increase power efficiency and reduce energy losses. Remote operation made possible by a web-based control interface without the need for additional software, increasing user accessibility and convenience. The ASR-6000 is well-suited for critical power applications, including but not limited to uninterruptible power systems, AC inverters, and server and communication power supplies. With power-hungry AI workloads driving a surge in data center power consumption, the ASR-600 series offers a future-proof solution designed for the rigorous testing and validation of robust, energy-efficient power systems. It is expertly tailored to meet the burgeoning needs for adaptable and resilient energy solutions, crucial in today's automated and energy-conscious market landscape. Buy Or Sell Opportunity • Jun 20
Now 22% undervalued Over the last 90 days, the stock has risen 1.5% to NT$41.65. The fair value is estimated to be NT$53.10, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.1% over the last 3 years. Earnings per share has grown by 26%. Declared Dividend • Jun 06
Dividend increased to NT$2.20 Dividend of NT$2.20 is 10% higher than last year. Ex-date: 20th June 2024 Payment date: 19th July 2024 Dividend yield will be 5.3%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (75% earnings payout ratio) and cash flows (75% cash payout ratio). The dividend has increased by an average of 25% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 5.4% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Jun 05
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.8% to NT$42.05. The fair value is estimated to be NT$52.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.1% over the last 3 years. Earnings per share has grown by 26%. New Risk • May 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • May 14
Now 21% undervalued Over the last 90 days, the stock has risen 3.3% to NT$41.85. The fair value is estimated to be NT$52.71, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.1% over the last 3 years. Earnings per share has grown by 26%. Announcement • May 05
Good Will Instrument Co., Ltd. to Report Q1, 2024 Results on May 13, 2024 Good Will Instrument Co., Ltd. announced that they will report Q1, 2024 results on May 13, 2024 Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$47.60, the stock trades at a trailing P/E ratio of 16.1x. Average trailing P/E is 25x in the Electronic industry in Taiwan. Total returns to shareholders of 126% over the past three years. Reported Earnings • Feb 25
Full year 2023 earnings released: EPS: NT$2.95 (vs NT$2.78 in FY 2022) Full year 2023 results: EPS: NT$2.95 (up from NT$2.78 in FY 2022). Revenue: NT$3.02b (up 4.8% from FY 2022). Net income: NT$428.3m (up 6.1% from FY 2022). Profit margin: 14% (in line with FY 2022). 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 18% per year, which means it is significantly lagging earnings growth. Announcement • Feb 23
Good Will Instrument Co., Ltd., Annual General Meeting, May 30, 2024 Good Will Instrument Co., Ltd., Annual General Meeting, May 30, 2024. Location: No. 7-1, Zhongxing Rd., Tucheng Dist., Taipei City Taiwan Agenda: To consider 2023 Business Report; to consider The report on the distribution of employees' and directors' remuneration for 2023; and to consider other matters. New Risk • Feb 14
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 5.4% 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: 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 (5.4% average weekly change). Valuation Update With 7 Day Price Move • Jan 11
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$44.95, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 117% over the past three years. Reported Earnings • Aug 12
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: NT$0.61 (up from NT$0.59 in 2Q 2022). Revenue: NT$721.3m (up 7.0% from 2Q 2022). Net income: NT$88.6m (up 3.0% from 2Q 2022). Profit margin: 12% (in line with 2Q 2022). Revenue missed analyst estimates by 3.7%. Earnings per share (EPS) also missed analyst estimates by 3.2%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 8.0% growth forecast for the Electronic industry in Taiwan. 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 14% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 13
Upcoming dividend of NT$2.00 per share at 5.1% yield Eligible shareholders must have bought the stock before 20 June 2023. Payment date: 19 July 2023. Payout ratio is a comfortable 74% but the company is paying out more than the cash it is generating. Trailing yield: 5.1%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (4.3%). Announcement • May 24
Good Will Instrument Co., Ltd. Announces Cash Dividend, Payable on July 19, 2023 Good Will Instrument Co., Ltd. announced cash dividend of TWD 290,094,578 (TWD 2 per share) of common stock. Ex-rights (ex-dividend) trading date: June 20, 2023. Ex-rights (ex-dividend) record date: June 28, 2023. Payment date of cash dividend distribution: July 19, 2023. Date of the resolution by the board of directors or shareholders meeting or decision by the Company: May 23, 2023. Valuation Update With 7 Day Price Move • Apr 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$39.45, the stock trades at a trailing P/E ratio of 14.2x. Average trailing P/E is 14x in the Electronic industry in Taiwan. Total returns to shareholders of 99% over the past three years. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (6 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: Lack of independent directors. Insufficient board refreshment. Buying Opportunity • Jun 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 8.8%. The fair value is estimated to be NT$32.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 9.5%. Upcoming Dividend • Jun 15
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 22 June 2022. Payment date: 19 July 2022. Payout ratio is a comfortable 69% and this is well supported by cash flows. Trailing yield: 5.2%. Lower than top quartile of Taiwanese dividend payers (6.1%). Higher than average of industry peers (4.3%). Reported Earnings • May 14
First quarter 2022 earnings released: EPS: NT$0.64 (vs NT$0.46 in 1Q 2021) First quarter 2022 results: EPS: NT$0.64 (up from NT$0.46 in 1Q 2021). Revenue: NT$697.6m (up 19% from 1Q 2021). Net income: NT$93.3m (up 41% from 1Q 2021). Profit margin: 13% (up from 11% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (6 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: Lack of independent directors. Insufficient board refreshment. Announcement • Mar 04
Good Will Instrument Co., Ltd., Annual General Meeting, May 27, 2022 Good Will Instrument Co., Ltd., Annual General Meeting, May 27, 2022. Reported Earnings • Mar 01
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$2.00 (up from NT$1.37 in FY 2020). Revenue: NT$2.61b (up 13% from FY 2020). Net income: NT$289.5m (up 45% from FY 2020). Profit margin: 11% (up from 8.6% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS NT$0.63 (vs NT$0.43 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$709.8m (up 21% from 3Q 2020). Net income: NT$90.9m (up 44% from 3Q 2020). Profit margin: 13% (up from 11% 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 11% per year, which means it is well ahead of earnings. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$0.29 (vs NT$0.14 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$616.3m (up 26% from 2Q 2020). Net income: NT$41.4m (up 106% from 2Q 2020). Profit margin: 6.7% (up from 4.1% 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 15% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 15
Upcoming dividend of NT$1.20 per share Eligible shareholders must have bought the stock before 22 July 2021. Payment date: 18 August 2021. Trailing yield: 4.7%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (2.9%). Reported Earnings • May 13
First quarter 2021 earnings released: EPS NT$0.46 (vs NT$0.43 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: NT$586.0m (up 9.1% from 1Q 2020). Net income: NT$66.3m (up 6.4% from 1Q 2020). Profit margin: 11% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Mar 13
Full year 2020 earnings released: EPS NT$1.37 (vs NT$2.15 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$2.31b (down 9.7% from FY 2019). Net income: NT$199.1m (down 36% from FY 2019). Profit margin: 8.6% (down from 12% 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 7% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Mar 11
Good Will Instrument Co., Ltd., Annual General Meeting, May 28, 2021 Good Will Instrument Co., Ltd., Annual General Meeting, May 28, 2021. Is New 90 Day High Low • Jan 11
New 90-day high: NT$24.35 The company is up 11% from its price of NT$22.00 on 13 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 24% over the same period. Is New 90 Day High Low • Dec 09
New 90-day high: NT$24.25 The company is up 9.0% from its price of NT$22.20 on 10 September 2020. The Taiwanese market is up 13% 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. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.43 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$588.8m (down 15% from 3Q 2019). Net income: NT$63.0m (down 28% from 3Q 2019). Profit margin: 11% (down from 13% 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 3% per year whereas the company’s share price has fallen by 1% per year. Is New 90 Day High Low • Nov 11
New 90-day high: NT$22.80 The company is up 2.0% from its price of NT$22.35 on 13 August 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 3.0% over the same period.