Reported Earnings • May 20
First quarter 2026 earnings released: EPS: NT$0.85 (vs NT$1.42 in 1Q 2025) First quarter 2026 results: EPS: NT$0.85 (down from NT$1.42 in 1Q 2025). Revenue: NT$2.72b (up 16% from 1Q 2025). Net income: NT$96.6m (down 40% from 1Q 2025). Profit margin: 3.6% (down from 6.8% in 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 20
Full year 2025 earnings released: NT$7.93 loss per share (vs NT$4.61 profit in FY 2024) Full year 2025 results: NT$7.93 loss per share (down from NT$4.61 profit in FY 2024). Revenue: NT$11.2b (up 51% from FY 2024). Net loss: NT$894.3m (down 273% from profit in FY 2024). Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Announcement • Mar 13
Compucase Enterprise Co., Ltd., Annual General Meeting, Jun 24, 2026 Compucase Enterprise Co., Ltd., Annual General Meeting, Jun 24, 2026. Location: no,225 ln.54, sec.2 an huo rd., tainan city Taiwan Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: NT$0.76 (vs NT$0.62 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.76 (up from NT$0.62 in 3Q 2024). Revenue: NT$3.30b (up 102% from 3Q 2024). Net income: NT$86.3m (up 23% from 3Q 2024). Profit margin: 2.6% (down from 4.3% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 47% per year, which means it is well ahead of earnings. Reported Earnings • Aug 15
Second quarter 2025 earnings released: NT$4.36 loss per share (vs NT$1.92 profit in 2Q 2024) Second quarter 2025 results: NT$4.36 loss per share (down from NT$1.92 profit in 2Q 2024). Revenue: NT$2.50b (up 40% from 2Q 2024). Net loss: NT$490.4m (down 327% from profit in 2Q 2024). 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 51% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 05
Upcoming dividend of NT$2.73 per share Eligible shareholders must have bought the stock before 12 August 2025. Payment date: 03 September 2025. Payout ratio is a comfortable 59% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (3.6%). New Risk • Jun 26
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 10% 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 Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$86.90, the stock trades at a trailing P/E ratio of 18.7x. Average trailing P/E is 20x in the Tech industry in Taiwan. Total returns to shareholders of 257% over the past three years. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$1.42 (vs NT$1.40 in 1Q 2024) First quarter 2025 results: EPS: NT$1.42 (up from NT$1.40 in 1Q 2024). Revenue: NT$2.34b (up 15% from 1Q 2024). Net income: NT$159.6m (up 1.9% from 1Q 2024). Profit margin: 6.8% (down from 7.7% 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 23% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 01
Compucase Enterprise Co., Ltd. to Report Q1, 2025 Results on May 08, 2025 Compucase Enterprise Co., Ltd. announced that they will report Q1, 2025 results on May 08, 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$67.20, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 18x in the Tech industry in Taiwan. Total returns to shareholders of 168% over the past three years. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$59.20, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 16x in the Tech industry in Taiwan. Total returns to shareholders of 126% over the past three years. Reported Earnings • Mar 28
Full year 2024 earnings released: EPS: NT$4.61 (vs NT$5.41 in FY 2023) Full year 2024 results: EPS: NT$4.61 (down from NT$5.41 in FY 2023). Revenue: NT$7.40b (down 9.0% from FY 2023). Net income: NT$517.9m (down 14% from FY 2023). Profit margin: 7.0% (down from 7.4% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$83.40, the stock trades at a trailing P/E ratio of 16.3x. Average trailing P/E is 20x in the Tech industry in Taiwan. Total returns to shareholders of 216% over the past three years. New Risk • Mar 24
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 7.7% 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 Risk Share price has been highly volatile over the past 3 months (7.7% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Mar 21
Compucase Enterprise Co., Ltd. (TWSE:3032) agreed to acquire Amber Investment Partners Limited for $43 million. Compucase Enterprise Co., Ltd. (TWSE:3032) agreed to acquire Amber Investment Partners Limited for $43 million on March 20, 2025. Board of Compucase Enterprise resolved the transaction. Announcement • Mar 14
Compucase Enterprise Co., Ltd., Annual General Meeting, Jun 20, 2025 Compucase Enterprise Co., Ltd., Annual General Meeting, Jun 20, 2025. Location: no,225 ln.54, sec.2 an huo rd., tainan city Taiwan Announcement • Mar 06
Compucase Enterprise Co., Ltd. to Report Fiscal Year 2024 Results on Mar 13, 2025 Compucase Enterprise Co., Ltd. announced that they will report fiscal year 2024 results on Mar 13, 2025 New Risk • Feb 01
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 7.8% 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 Risk Share price has been highly volatile over the past 3 months (7.8% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Dec 26
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: 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 (6.4% average weekly change). Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$78.50, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 21x in the Tech industry in Taiwan. Total returns to shareholders of 189% over the past three years. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$0.62 (vs NT$1.62 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.62 (down from NT$1.62 in 3Q 2023). Revenue: NT$1.63b (down 21% from 3Q 2023). Net income: NT$69.9m (down 62% from 3Q 2023). Profit margin: 4.3% (down from 8.8% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 31% per year whereas the company’s share price has increased by 28% per year. Announcement • Nov 05
Compucase Enterprise Co., Ltd. to Report Q2, 2024 Results on Nov 12, 2024 Compucase Enterprise Co., Ltd. announced that they will report Q2, 2024 results on Nov 12, 2024 Buy Or Sell Opportunity • Aug 20
Now 22% overvalued Over the last 90 days, the stock has fallen 8.9% to NT$70.60. The fair value is estimated to be NT$57.97, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.7% over the last 3 years. Earnings per share has grown by 28%. Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: NT$1.92 (vs NT$1.75 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.92 (up from NT$1.75 in 2Q 2023). Revenue: NT$1.78b (down 19% from 2Q 2023). Net income: NT$215.7m (up 10% from 2Q 2023). Profit margin: 12% (up from 8.9% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 28% per year whereas the company’s share price has increased by 29% per year. Buy Or Sell Opportunity • Aug 05
Now 27% undervalued after recent price drop Over the last 90 days, the stock has fallen 23% to NT$58.70. The fair value is estimated to be NT$80.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.6% over the last 3 years. Earnings per share has grown by 20%. Announcement • Aug 02
Compucase Enterprise Co., Ltd. to Report Q2, 2024 Results on Aug 09, 2024 Compucase Enterprise Co., Ltd. announced that they will report Q2, 2024 results on Aug 09, 2024 Upcoming Dividend • Jul 16
Upcoming dividend of NT$3.50 per share Eligible shareholders must have bought the stock before 23 July 2024. Payment date: 21 August 2024. Payout ratio is a comfortable 59% and this is well supported by cash flows. Trailing yield: 4.8%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.8%). Declared Dividend • Jun 22
Dividend of NT$3.50 announced Shareholders will receive a dividend of NT$3.50. Ex-date: 23rd July 2024 Payment date: 21st August 2024 Dividend yield will be 4.8%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (59% earnings payout ratio) and cash flows (36% cash payout ratio). The dividend has increased by an average of 28% per year over the past 10 years. However, payments have been volatile during that time. 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. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: NT$1.40 (vs NT$0.86 in 1Q 2023) First quarter 2024 results: EPS: NT$1.40 (up from NT$0.86 in 1Q 2023). Revenue: NT$2.03b (up 9.2% from 1Q 2023). Net income: NT$156.7m (up 64% from 1Q 2023). Profit margin: 7.7% (up from 5.1% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 23% per year. Announcement • May 03
Compucase Enterprise Co., Ltd. to Report Q1, 2024 Results on May 10, 2024 Compucase Enterprise Co., Ltd. announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 10, 2024 Announcement • Mar 27
Compucase Enterprise Co., Ltd., Annual General Meeting, Jun 20, 2024 Compucase Enterprise Co., Ltd., Annual General Meeting, Jun 20, 2024. Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: NT$5.41 (vs NT$3.28 in FY 2022) Full year 2023 results: EPS: NT$5.41 (up from NT$3.28 in FY 2022). Revenue: NT$8.13b (up 28% from FY 2022). Net income: NT$605.9m (up 64% from FY 2022). Profit margin: 7.4% (up from 5.8% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$80.60, the stock trades at a trailing P/E ratio of 18.9x. Average trailing P/E is 21x in the Tech industry in Taiwan. Total returns to shareholders of 120% over the past three years. New Risk • Aug 12
New major risk - Revenue and earnings growth Earnings have declined by 0.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 0.5% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: NT$1.75 (vs NT$0.94 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.75 (up from NT$0.94 in 2Q 2022). Revenue: NT$2.20b (up 34% from 2Q 2022). Net income: NT$195.4m (up 83% from 2Q 2022). Profit margin: 8.9% (up from 6.5% in 2Q 2022). 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 but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 09
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$71.40, the stock trades at a trailing P/E ratio of 20.3x. Average trailing P/E is 23x in the Tech industry in Taiwan. Total returns to shareholders of 136% over the past three years. Upcoming Dividend • Jul 07
Upcoming dividend of NT$2.02 per share at 3.3% yield Eligible shareholders must have bought the stock before 14 July 2023. Payment date: 16 August 2023. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (3.7%). Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$56.10, the stock trades at a trailing P/E ratio of 16x. Average trailing P/E is 19x in the Tech industry in Taiwan. Total returns to shareholders of 128% over the past three years. Announcement • Jun 16
Compucase Enterprise Co., Ltd. Announces Amount of Dividend Distribution for 2022 , Payable August 16 2023 The board of directors or shareholders meeting or decision by the Compucase Enterprise Co., Ltd: 2023/06/15 announced amount of dividend distribution: Cash dividends of TWD 226,571,252. Approval of the Distribution of the earnings of 2022: dividends of TWD 2 per share will be distributed for ordinary shares. Ex-rights (ex-dividend) trading date: July 14 2023. Last date before book closure: July 17 2023. Book closure starting date: July 18 2023. Book closure ending date: July 22 2023. Ex-rights (ex-dividend) record date: July 22 2023. Payment date of cash dividend distribution: August 16 2023. Reported Earnings • Jun 02
First quarter 2023 earnings released: EPS: NT$0.86 (vs NT$0.65 in 1Q 2022) First quarter 2023 results: EPS: NT$0.86 (up from NT$0.65 in 1Q 2022). Revenue: NT$1.86b (up 18% from 1Q 2022). Net income: NT$95.3m (up 30% from 1Q 2022). Profit margin: 5.1% (up from 4.7% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$54.30, the stock trades at a trailing P/E ratio of 16.4x. Average trailing P/E is 15x in the Tech industry in Taiwan. Total returns to shareholders of 133% over the past three years. Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$45.85, the stock trades at a trailing P/E ratio of 14.1x. Average trailing P/E is 14x in the Tech industry in Taiwan. Total returns to shareholders of 130% over the past three years. Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: NT$3.28 (vs NT$2.63 in FY 2021) Full year 2022 results: EPS: NT$3.28 (up from NT$2.63 in FY 2021). Revenue: NT$6.38b (down 23% from FY 2021). Net income: NT$368.8m (up 24% from FY 2021). Profit margin: 5.8% (up from 3.6% 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 3% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$0.89 (vs NT$0.68 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.89 (up from NT$0.68 in 3Q 2021). Revenue: NT$1.53b (down 19% from 3Q 2021). Net income: NT$100.0m (up 30% from 3Q 2021). Profit margin: 6.6% (up from 4.1% in 3Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 1% per year. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.89 (vs NT$0.68 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.89 (up from NT$0.68 in 3Q 2021). Revenue: NT$1.53b (down 19% from 3Q 2021). Net income: NT$100.0m (up 30% from 3Q 2021). Profit margin: 6.6% (up from 4.1% in 3Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 1% per year. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.94 (vs NT$0.85 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.94 (up from NT$0.85 in 2Q 2021). Revenue: NT$1.64b (down 23% from 2Q 2021). Net income: NT$106.6m (up 11% from 2Q 2021). Profit margin: 6.5% (up from 4.5% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 6% per year. Upcoming Dividend • Jul 07
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 14 July 2022. Payment date: 19 August 2022. Payout ratio is on the higher end at 76% but the company is not cash flow positive. Trailing yield: 7.1%. Within top quartile of Taiwanese dividend payers (6.8%). Lower than average of industry peers (7.9%). Buying Opportunity • Jul 01
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be NT$34.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years, while earnings per share has been flat. Reported Earnings • May 16
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: NT$0.65 (up from NT$0.64 in 1Q 2021). Revenue: NT$1.57b (down 37% from 1Q 2021). Net income: NT$73.2m (up 1.9% from 1Q 2021). Profit margin: 4.7% (up from 2.9% in 1Q 2021). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) missed analyst estimates by 23%. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 2% per year. Reported Earnings • Apr 01
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: NT$2.63 (down from NT$4.21 in FY 2020). Revenue: NT$8.29b (down 10% from FY 2020). Net income: NT$296.8m (down 36% from FY 2020). Profit margin: 3.6% (down from 5.0% in FY 2020). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) missed analyst estimates by 23%. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 3% per year. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.68 (vs NT$1.51 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$1.88b (down 32% from 3Q 2020). Net income: NT$76.8m (down 54% from 3Q 2020). Profit margin: 4.1% (down from 6.0% 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 4% per year whereas the company’s share price has increased by 6% per year. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$0.85 (vs NT$1.19 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: NT$2.14b (up 4.9% from 2Q 2020). Net income: NT$96.2m (down 27% from 2Q 2020). Profit margin: 4.5% (down from 6.5% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 3% per year. Valuation Update With 7 Day Price Move • Aug 13
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$35.20, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 15x in the Tech industry in Taiwan. Total returns to shareholders of 37% over the past three years. Upcoming Dividend • Aug 04
Upcoming dividend of NT$3.10 per share Eligible shareholders must have bought the stock before 11 August 2021. Payment date: 31 August 2021. Trailing yield: 7.3%. Within top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (5.2%). Reported Earnings • May 14
First quarter 2021 earnings released: EPS NT$0.64 (vs NT$0.67 in 1Q 2020) The company reported a mediocre first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: NT$2.49b (up 45% from 1Q 2020). Net income: NT$71.8m (down 5.0% from 1Q 2020). Profit margin: 2.9% (down from 4.4% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$4.21 (vs NT$2.50 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$9.23b (up 20% from FY 2019). Net income: NT$466.2m (up 66% from FY 2019). Profit margin: 5.0% (up from 3.7% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 13% per year. Is New 90 Day High Low • Feb 22
New 90-day high: NT$47.00 The company is up 3.0% from its price of NT$45.55 on 24 November 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is up 10.0% over the same period. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improved over the past week After last week's 21% share price gain to NT$47.00, the stock is trading at a trailing P/E ratio of 11.9x, up from the previous P/E ratio of 9.8x. This compares to an average P/E of 15x in the Tech industry in Taiwan. Total returns to shareholders over the past three years are 74%. Is New 90 Day High Low • Jan 29
New 90-day low: NT$39.35 The company is down 19% from its price of NT$48.35 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 • Jan 13
New 90-day low: NT$41.90 The company is down 17% from its price of NT$50.70 on 15 October 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is up 9.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$1.51 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$2.77b (up 38% from 3Q 2019). Net income: NT$166.4m (up 93% from 3Q 2019). Profit margin: 6.0% (up from 4.3% 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 7% per year whereas the company’s share price has increased by 5% per year. Is New 90 Day High Low • Oct 29
New 90-day high: NT$51.10 The company is up 67% from its price of NT$30.55 on 31 July 2020. The Taiwanese market is up 1.0% 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 • Oct 07
New 90-day high: NT$47.50 The company is up 51% from its price of NT$31.40 on 09 July 2020. The Taiwanese market is up 3.0% 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.