Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$243, the stock trades at a trailing P/E ratio of 22.1x. Average trailing P/E is 36x in the Electronic industry in Taiwan. Total returns to shareholders of 73% over the past three years. Reported Earnings • May 08
First quarter 2026 earnings released: EPS: NT$2.00 (vs NT$2.97 in 1Q 2025) First quarter 2026 results: EPS: NT$2.00 (down from NT$2.97 in 1Q 2025). Revenue: NT$2.05b (up 8.3% from 1Q 2025). Net income: NT$283.0m (down 26% from 1Q 2025). Profit margin: 14% (down from 20% 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 9% per year whereas the company’s share price has increased by 8% per year. Buy Or Sell Opportunity • May 05
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 8.5% to NT$186. The fair value is estimated to be NT$153, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last 3 years. Earnings per share has grown by 7.9%. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$177, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 27x in the Electronic industry in Taiwan. Total returns to shareholders of 21% over the past three years. Reported Earnings • Mar 08
Full year 2025 earnings released: EPS: NT$11.76 (vs NT$12.10 in FY 2024) Full year 2025 results: EPS: NT$11.76 (down from NT$12.10 in FY 2024). Revenue: NT$8.03b (up 6.8% from FY 2024). Net income: NT$1.51b (down 2.9% from FY 2024). Profit margin: 19% (down from 21% in FY 2024). 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 whereas the company’s share price has increased by 7% per year. Announcement • Mar 06
Thinking Electronic Industrial Co., Ltd., Annual General Meeting, May 26, 2026 Thinking Electronic Industrial Co., Ltd., Annual General Meeting, May 26, 2026, at 09:00 Taipei Standard Time. Location: no,600-7, chia ch`ang rd., nanzih district, kaohsiung city Taiwan Buy Or Sell Opportunity • Mar 05
Now 21% overvalued Over the last 90 days, the stock has fallen 4.1% to NT$175. The fair value is estimated to be NT$144, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.6% over the last 3 years. Earnings per share has grown by 5.1%. Buy Or Sell Opportunity • Feb 03
Now 21% overvalued Over the last 90 days, the stock has fallen 8.1% to NT$170. The fair value is estimated to be NT$140, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.6% over the last 3 years. Earnings per share has grown by 5.1%. New Risk • Dec 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 0.7% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.4% average weekly change). New Risk • Nov 07
New major risk - Revenue and earnings growth Earnings have declined by 0.7% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Oct 22
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$205, the stock trades at a trailing P/E ratio of 18.1x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 99% over the past three years. Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$177, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 71% over the past three years. Buy Or Sell Opportunity • Sep 22
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to NT$158. The fair value is estimated to be NT$131, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 2.9%. Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: NT$2.26 (vs NT$3.42 in 2Q 2024) Second quarter 2025 results: EPS: NT$2.26 (down from NT$3.42 in 2Q 2024). Revenue: NT$2.06b (up 5.4% from 2Q 2024). Net income: NT$289.8m (down 34% from 2Q 2024). Profit margin: 14% (down from 22% in 2Q 2024). The decrease in margin was driven by higher expenses. 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 1% per year. Buy Or Sell Opportunity • May 08
Now 23% overvalued Over the last 90 days, the stock has fallen 20% to NT$130. The fair value is estimated to be NT$106, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Announcement • Apr 30
Thinking Electronic Industrial Co., Ltd. to Report Q1, 2025 Results on May 07, 2025 Thinking Electronic Industrial Co., Ltd. announced that they will report Q1, 2025 results on May 07, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$121, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Negligible returns to shareholders over past three years. Announcement • Feb 21
Thinking Electronic Industrial Co., Ltd., Annual General Meeting, Jun 17, 2025 Thinking Electronic Industrial Co., Ltd., Annual General Meeting, Jun 17, 2025, at 09:00 Taipei Standard Time. Location: no,600-7, chia ch`ang rd., nanzih district, kaohsiung city Taiwan Announcement • Feb 13
Thinking Electronic Industrial Co., Ltd. to Report Fiscal Year 2024 Results on Feb 20, 2025 Thinking Electronic Industrial Co., Ltd. announced that they will report fiscal year 2024 results on Feb 20, 2025 Reported Earnings • Nov 15
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: NT$2.96 (up from NT$2.60 in 3Q 2023). Revenue: NT$1.98b (up 12% from 3Q 2023). Net income: NT$378.6m (up 14% from 3Q 2023). Profit margin: 19% (in line with 3Q 2023). Revenue missed analyst estimates by 4.5%. Earnings per share (EPS) also missed analyst estimates by 8.4%. Revenue is forecast to grow 12% 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 fallen by 6% per year whereas the company’s share price has fallen by 5% per year. Announcement • Nov 02
Thinking Electronic Industrial Co., Ltd. to Report Q3, 2024 Results on Nov 11, 2024 Thinking Electronic Industrial Co., Ltd. announced that they will report Q3, 2024 results on Nov 11, 2024 Reported Earnings • Aug 10
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: NT$3.42 (up from NT$2.43 in 2Q 2023). Revenue: NT$1.95b (up 7.3% from 2Q 2023). Net income: NT$437.6m (up 41% from 2Q 2023). Profit margin: 22% (up from 17% in 2Q 2023). Revenue exceeded analyst estimates by 4.7%. Earnings per share (EPS) also surpassed analyst estimates by 32%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 8% per year. Declared Dividend • Aug 10
Dividend reduced to NT$5.20 Dividend of NT$5.20 is 3.7% lower than last year. Ex-date: 26th August 2024 Payment date: 20th September 2024 Dividend yield will be 3.2%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is well covered by both earnings (45% earnings payout ratio) and cash flows (46% cash payout ratio). The dividend has increased by an average of 10% 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. EPS is expected to grow by 9.7% over the next year, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Aug 05
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to NT$147. The fair value is estimated to be NT$184, 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 11%. Revenue is forecast to grow by 11% in a year. Earnings are forecast to grow by 4.8% in the next year. Announcement • Aug 01
Thinking Electronic Industrial Co., Ltd. to Report Q2, 2024 Results on Aug 08, 2024 Thinking Electronic Industrial Co., Ltd. announced that they will report Q2, 2024 results on Aug 08, 2024 Reported Earnings • May 09
First quarter 2024 earnings released: EPS: NT$2.60 (vs NT$2.34 in 1Q 2023) First quarter 2024 results: EPS: NT$2.60 (up from NT$2.34 in 1Q 2023). Revenue: NT$1.56b (down 9.2% from 1Q 2023). Net income: NT$329.7m (up 10.0% from 1Q 2023). Profit margin: 21% (up from 17% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 11% p.a. on average during the next 2 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 11% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • May 01
Thinking Electronic Industrial Co., Ltd. to Report Q1, 2024 Results on May 07, 2024 Thinking Electronic Industrial Co., Ltd. announced that they will report Q1, 2024 results on May 07, 2024 Reported Earnings • Mar 03
Full year 2023 earnings released: EPS: NT$10.21 (vs NT$10.72 in FY 2022) Full year 2023 results: EPS: NT$10.21 (down from NT$10.72 in FY 2022). Revenue: NT$7.08b (down 5.2% from FY 2022). Net income: NT$1.31b (down 4.8% from FY 2022). Profit margin: 19% (in line with FY 2022). Over the last 3 years on average, earnings per share has fallen by 10% 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 • Feb 27
Thinking Electronic Industrial Co., Ltd., Annual General Meeting, Jun 18, 2024 Thinking Electronic Industrial Co., Ltd., Annual General Meeting, Jun 18, 2024. Agenda: To consider 2023 business report; to consider Audit Committee's review of the 2023 annual final accounting books and statements; to consider Report on 2023 employees' and directors' remuneration; to consider acknowledgment of the 2023 business report and financial statements; and to consider acknowledgment of the 2023 Earnings Distribution. Reported Earnings • Nov 09
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: NT$2.60 (down from NT$3.13 in 3Q 2022). Revenue: NT$1.76b (down 6.6% from 3Q 2022). Net income: NT$333.0m (down 17% from 3Q 2022). Profit margin: 19% (down from 21% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 21%. Earnings per share (EPS) also missed analyst estimates by 23%. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 9.0% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Nov 09
Thinking Electronic Industrial Co., Ltd. Announces Change of President Thinking Electronic Industrial Co., Ltd. announced the Change to the president of the company. Name of the previous position holder: Chung, Shih-Ying; Resume of the previous position holder: president of the company. Name of the new position holder: Ho, Yi-Sheng; Resume of the new position holder: president of the company. Effective date of the new appointment: November 08, 2023. Upcoming Dividend • Aug 17
Upcoming dividend of NT$5.40 per share at 3.4% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 22 September 2023. Payout ratio is a comfortable 59% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (5.7%). Lower than average of industry peers (4.2%). Reported Earnings • Aug 10
Second quarter 2023 earnings: EPS misses analyst expectations Second quarter 2023 results: EPS: NT$2.43 (down from NT$3.18 in 2Q 2022). Revenue: NT$1.82b (down 4.4% from 2Q 2022). Net income: NT$311.5m (down 24% from 2Q 2022). Profit margin: 17% (down from 21% in 2Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.2%. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 8.1% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Reported Earnings • Mar 26
Full year 2022 earnings released: EPS: NT$10.72 (vs NT$12.31 in FY 2021) Full year 2022 results: EPS: NT$10.72 (down from NT$12.31 in FY 2021). Revenue: NT$7.46b (flat on FY 2021). Net income: NT$1.37b (down 13% from FY 2021). Profit margin: 18% (down from 21% in FY 2021). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Nov 21
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be NT$149, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 15%. 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 Cheng-Nan Huang was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$101, the stock trades at a trailing P/E ratio of 8.4x. Average forward P/E is 9x in the Electronic industry in Taiwan. Total returns to shareholders of 37% over the past three years. Upcoming Dividend • Aug 17
Upcoming dividend of NT$6.30 per share Eligible shareholders must have bought the stock before 24 August 2022. Payment date: 16 September 2022. Payout ratio is a comfortable 52% and the cash payout ratio is 97%. Trailing yield: 4.4%. Lower than top quartile of Taiwanese dividend payers (6.5%). In line with average of industry peers (4.4%). Reported Earnings • Aug 13
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: NT$3.18 (down from NT$3.39 in 2Q 2021). Revenue: NT$1.90b (down 3.1% from 2Q 2021). Net income: NT$407.5m (down 6.3% from 2Q 2021). Profit margin: 21% (in line with 2Q 2021). Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 8.6%. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 22% per year. Reported Earnings • May 13
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: NT$3.10 (down from NT$3.18 in 1Q 2021). Revenue: NT$1.80b (up 2.3% from 1Q 2021). Net income: NT$397.0m (down 2.5% from 1Q 2021). Profit margin: 22% (down from 23% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) exceeded analyst estimates by 5.1%. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 18% per year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 2 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Cheng-Nan Huang was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Mar 23
Thinking Electronic Industrial Co., Ltd., Annual General Meeting, Jun 16, 2022 Thinking Electronic Industrial Co., Ltd., Annual General Meeting, Jun 16, 2022. Valuation Update With 7 Day Price Move • Nov 26
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$154, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Electronic industry in Taiwan. Total returns to shareholders of 109% over the past three years. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS NT$2.94 (vs NT$3.27 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: NT$1.92b (up 18% from 3Q 2020). Net income: NT$377.0m (down 10% from 3Q 2020). Profit margin: 20% (down from 26% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Oct 05
Price target decreased to NT$180 Down from NT$221, the current price target is an average from 2 analysts. New target price is 13% above last closing price of NT$160. Stock is up 56% over the past year. Upcoming Dividend • Aug 19
Upcoming dividend of NT$5.50 per share Eligible shareholders must have bought the stock before 26 August 2021. Payment date: 17 September 2021. Trailing yield: 2.9%. Lower than top quartile of Taiwanese dividend payers (5.2%). In line with average of industry peers (3.2%). Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS NT$3.39 (vs NT$2.64 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: NT$1.96b (up 31% from 2Q 2020). Net income: NT$434.8m (up 29% from 2Q 2020). Profit margin: 22% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improved over the past week After last week's 16% share price gain to NT$219, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 14x in the Electronic industry in Taiwan. Total returns to shareholders of 180% over the past three years. Reported Earnings • May 13
First quarter 2021 earnings released: EPS NT$3.18 (vs NT$1.56 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$1.76b (up 61% from 1Q 2020). Net income: NT$407.1m (up 104% from 1Q 2020). Profit margin: 23% (up from 18% 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 14% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 23
Full year 2020 earnings released: EPS NT$10.81 (vs NT$8.71 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$5.92b (up 1.8% from FY 2019). Net income: NT$1.39b (up 24% from FY 2019). Profit margin: 23% (up from 19% in FY 2019). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Feb 17
New 90-day high: NT$202 The company is up 44% from its price of NT$140 on 19 November 2020. The Taiwanese market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 20% over the same period. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment improved over the past week After last week's 16% share price gain to NT$193, the stock is trading at a trailing P/E ratio of 19.8x, up from the previous P/E ratio of 17x. 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 155%. Is New 90 Day High Low • Dec 29
New 90-day high: NT$161 The company is up 62% from its price of NT$99.10 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 Electronic industry, which is up 18% over the same period. Is New 90 Day High Low • Dec 09
New 90-day high: NT$160 The company is up 53% from its price of NT$104 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. Valuation Update With 7 Day Price Move • Nov 16
Market bids up stock over the past week After last week's 20% share price gain to NT$141, the stock is trading at a trailing P/E ratio of 14.5x, up from the previous P/E ratio of 12x. This compares to an average P/E of 16x in the Electronic industry in Taiwan. Total returns to shareholders over the past three years are 74%. Is New 90 Day High Low • Nov 11
New 90-day high: NT$130 The company is up 27% from its price of NT$102 on 13 August 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is down 3.0% over the same period. Reported Earnings • Nov 10
Third quarter 2020 earnings released: EPS NT$3.27 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$1.62b (up 11% from 3Q 2019). Net income: NT$419.1m (up 28% from 3Q 2019). Profit margin: 26% (up from 22% 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 5% per year whereas the company’s share price has increased by 10% per year.