Upcoming Dividend • Jun 25
Upcoming dividend of NT$4.80 per share Eligible shareholders must have bought the stock before 02 July 2026. Payment date: 31 July 2026. Payout ratio is on the higher end at 86% but the company is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (1.3%). New Risk • Jun 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 12% 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 (12% average weekly change). Shareholders have been substantially diluted in the past year (35% increase in shares outstanding). Minor Risk Paying a dividend despite having no free cash flows. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$256, the stock trades at a trailing P/E ratio of 53.3x. Average trailing P/E is 40x in the Electronic industry in Taiwan. Total returns to shareholders of 439% over the past three years. Declared Dividend • May 25
Dividend increased to NT$4.80 Dividend of NT$4.80 is 14% higher than last year. Ex-date: 2nd July 2026 Payment date: 31st July 2026 Dividend yield will be 2.0%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (88% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 9.9% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 4.8% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • May 22
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 9.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (35% increase in shares outstanding). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.5% average weekly change). Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$122, the stock trades at a trailing P/E ratio of 25.3x. Average trailing P/E is 31x in the Electronic industry in Taiwan. Total returns to shareholders of 162% over the past three years. Reported Earnings • May 07
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$1.67 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00. Revenue: NT$4.49b (up 18% from 1Q 2025). Net income: NT$479.6m (up 37% from 1Q 2025). Profit margin: 11% (up from 9.2% in 1Q 2025). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$107, the stock trades at a trailing P/E ratio of 24.4x. Average trailing P/E is 28x in the Electronic industry in Taiwan. Total returns to shareholders of 121% over the past three years. New Risk • Mar 21
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 35% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (35% increase in shares outstanding). Minor Risk Dividend is not well covered by cash flows (dividend per share is over 24x cash flows per share). Announcement • Mar 03
Nichidenbo Corporation, Annual General Meeting, May 22, 2026 Nichidenbo Corporation, Annual General Meeting, May 22, 2026, at 09:00 Taipei Standard Time. Location: 1 floor no,4 aly.1 szu wei ln., chung cheng rd., sindian district, new taipei city Taiwan Reported Earnings • Mar 03
Full year 2025 earnings released: EPS: NT$5.48 (vs NT$4.52 in FY 2024) Full year 2025 results: EPS: NT$5.48 (up from NT$4.52 in FY 2024). Revenue: NT$15.7b (up 30% from FY 2024). Net income: NT$1.25b (up 32% from FY 2024). Profit margin: 8.0% (up from 7.8% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 17% per year. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$108, the stock trades at a trailing P/E ratio of 21.4x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 146% over the past three years. Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$106, the stock trades at a trailing P/E ratio of 21x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 142% over the past three years. New Risk • Dec 03
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 Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.4% average weekly change). Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: NT$1.97 (vs NT$1.24 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.97 (up from NT$1.24 in 3Q 2024). Revenue: NT$4.05b (up 23% from 3Q 2024). Net income: NT$417.1m (up 61% from 3Q 2024). Profit margin: 10% (up from 7.9% in 3Q 2024). 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 but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$88.80, the stock trades at a trailing P/E ratio of 20.2x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 127% over the past three years. Buy Or Sell Opportunity • Oct 17
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 1.7% to NT$78.80. The fair value is estimated to be NT$64.90, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.7% over the last 3 years. Earnings per share has grown by 7.2%. Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: NT$0.56 (vs NT$1.06 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.56 (down from NT$1.06 in 2Q 2024). Revenue: NT$4.07b (up 43% from 2Q 2024). Net income: NT$118.6m (down 47% from 2Q 2024). Profit margin: 2.9% (down from 7.8% 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 7% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Jul 16
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 33% to NT$81.00. The fair value is estimated to be NT$66.81, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.6% over the last 3 years. Earnings per share has grown by 4.9%. Upcoming Dividend • Jun 27
Upcoming dividend of NT$4.20 per share Eligible shareholders must have bought the stock before 03 July 2025. Payment date: 31 July 2025. Payout ratio is on the higher end at 85% but the company is not cash flow positive. Trailing yield: 5.6%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (3.2%). Declared Dividend • Jun 13
Dividend increased to NT$4.20 Dividend of NT$4.20 is 24% higher than last year. Ex-date: 3rd July 2025 Payment date: 31st July 2025 Dividend yield will be 5.5%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (85% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 9.1% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jun 12
Nichidenbo Corporation Adopts Cash Dividend Distribution for 2024, Payable on July 31, 2025 Nichidenbo Corporation in its Shareholders meeting held on June 11, 2025 adoption of cash dividend distribution of TWD 4.2 per share for 2024. Ex-rights (ex-dividend) trading date: July 3, 2025. Ex-rights (ex-dividend) record date: July 9, 2025. Payment date of common stock cash dividend distribution is July 31, 2025. Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$73.80, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 74% over the past three years. New Risk • May 08
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 26% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (26% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • May 08
First quarter 2025 earnings released: EPS: NT$1.67 (vs NT$1.24 in 1Q 2024) First quarter 2025 results: EPS: NT$1.67 (up from NT$1.24 in 1Q 2024). Revenue: NT$3.80b (up 33% from 1Q 2024). Net income: NT$350.4m (up 36% from 1Q 2024). Profit margin: 9.2% (up from 9.1% in 1Q 2024). 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. Announcement • Apr 30
Nichidenbo Corporation to Report Q1, 2025 Results on May 07, 2025 Nichidenbo Corporation announced that they will report Q1, 2025 results on May 07, 2025 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to NT$55.20, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 30% over the past three years. New Risk • Mar 27
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 93% The company is paying a dividend despite having no free cash flows. Dividend yield: 5.8% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 22
Full year 2024 earnings released: EPS: NT$4.52 (vs NT$3.39 in FY 2023) Full year 2024 results: EPS: NT$4.52 (up from NT$3.39 in FY 2023). Revenue: NT$12.1b (up 14% from FY 2023). Net income: NT$946.8m (up 34% from FY 2023). Profit margin: 7.8% (up from 6.6% 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 1% per year but the company’s share price has increased by 10% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 14
Nichidenbo Corporation, Annual General Meeting, Jun 11, 2025 Nichidenbo Corporation, Annual General Meeting, Jun 11, 2025. Location: 1 floor no,4 aly.1 szu wei ln., chung cheng rd., sindian district, new taipei city Taiwan Announcement • Mar 06
Nichidenbo Corporation to Report Q4, 2024 Results on Mar 13, 2025 Nichidenbo Corporation announced that they will report Q4, 2024 results on Mar 13, 2025 New Risk • Jan 29
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 6.1% 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 Dividend is not well covered by cash flows (122% cash payout ratio). Share price has been volatile over the past 3 months (6.1% average weekly change). New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 08
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: NT$1.24 (down from NT$1.28 in 3Q 2023). Revenue: NT$3.29b (up 14% from 3Q 2023). Net income: NT$259.6m (down 2.8% from 3Q 2023). Profit margin: 7.9% (down from 9.3% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 18%. Earnings per share (EPS) also surpassed analyst estimates by 36%. Revenue is forecast to grow 2.7% 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 2% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Oct 30
Nichidenbo Corporation to Report Q3, 2024 Results on Nov 06, 2024 Nichidenbo Corporation announced that they will report Q3, 2024 results on Nov 06, 2024 Reported Earnings • Aug 10
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: EPS: NT$1.06 (up from NT$0.89 in 2Q 2023). Revenue: NT$2.84b (up 11% from 2Q 2023). Net income: NT$222.1m (up 19% from 2Q 2023). Profit margin: 7.8% (up from 7.3% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) exceeded analyst estimates by 14%. Revenue is forecast to grow 4.0% 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 4% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • Jul 31
Nichidenbo Corporation to Report Q2, 2024 Results on Aug 07, 2024 Nichidenbo Corporation announced that they will report Q2, 2024 results on Aug 07, 2024 Board Change • Jul 01
High number of new directors Independent Director Gwo Wei Wan was the last director to join the board, commencing their role in 2024. Declared Dividend • Jun 14
Dividend reduced to NT$3.40 Dividend of NT$3.40 is 38% lower than last year. Ex-date: 27th June 2024 Payment date: 31st July 2024 Dividend yield will be 4.9%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (87% earnings payout ratio) and cash flows (83% cash payout ratio). The dividend has increased by an average of 16% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 2.1% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 14
Nichidenbo Corporation Announces Cash Dividend for the Year 2023, Payable on July 31, 2024 Nichidenbo Corporation announced Total cash dividend of TWD 723,034,310 for the year 2023. Ex-rights (ex-dividend) trading date is June 27, 2024. Ex-rights (ex-dividend) record date is July 3, 2024. Payment date of common stock cash dividend distribution is July 31, 2024. Reported Earnings • May 11
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: EPS: NT$1.24 (up from NT$0.72 in 1Q 2023). Revenue: NT$2.85b (up 12% from 1Q 2023). Net income: NT$258.4m (up 72% from 1Q 2023). Profit margin: 9.1% (up from 5.9% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 8.4%. Earnings per share (EPS) exceeded analyst estimates by 12%. Revenue is forecast to grow 6.1% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Electronic industry in Taiwan. 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 9% per year, which means it is well ahead of earnings. Announcement • May 03
Nichidenbo Corporation to Report Q1, 2024 Results on May 08, 2024 Nichidenbo Corporation announced that they will report Q1, 2024 results on May 08, 2024 Announcement • Mar 27
Nichidenbo Corporation, Annual General Meeting, Jun 25, 2024 Nichidenbo Corporation, Annual General Meeting, Jun 25, 2024. Reported Earnings • Mar 17
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: NT$3.39 (down from NT$3.92 in FY 2022). Revenue: NT$10.7b (up 2.1% from FY 2022). Net income: NT$706.3m (down 3.0% from FY 2022). Profit margin: 6.6% (down from 7.0% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.2%. Revenue is forecast to grow 6.7% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Electronic industry in Taiwan. 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 3% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Mar 01
Now 20% undervalued Over the last 90 days, the stock has risen 3.5% to NT$62.00. The fair value is estimated to be NT$77.75, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 18% in the next 2 years. Buying Opportunity • Jan 05
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 3.0%. The fair value is estimated to be NT$72.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 16% in 2 years. Earnings is forecast to grow by 18% in the next 2 years. Buying Opportunity • Dec 15
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 3.8%. The fair value is estimated to be NT$73.80, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 16% in 2 years. Earnings is forecast to grow by 18% in the next 2 years. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: NT$1.28 (vs NT$0.83 in 3Q 2022) Third quarter 2023 results: EPS: NT$1.28 (up from NT$0.83 in 3Q 2022). Revenue: NT$2.88b (up 18% from 3Q 2022). Net income: NT$267.1m (up 80% from 3Q 2022). Profit margin: 9.3% (up from 6.1% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 7% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Oct 04
Now 20% undervalued Over the last 90 days, the stock is up 8.8%. The fair value is estimated to be NT$72.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.4% over the last 3 years. Earnings per share has grown by 2.9%. Announcement • Aug 11
Nichidenbo Corporation Appoints Wu Chia Hsun as Member of Remuneration Committee Nichidenbo Corporation appointed WU CHIA HSUN as member of Remuneration Committee. Name of the new position holder: WU CHIA HSUN. Resume of the new position holder: Associate Professor, Department of Finance and International Business, Fu Jen Catholic University. Effective date of the new member: August 10, 2023. Upcoming Dividend • Jun 29
Upcoming dividend of NT$5.50 per share at 9.4% yield Eligible shareholders must have bought the stock before 06 July 2023. Payment date: 28 July 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 9.4%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (4.3%). Announcement • Jun 17
Nichidenbo Corporation Appoints Gwu Chia Hsun as Additional Independent Director Nichidenbo Corporation announced election result of the 13th term one additional Independent Director. Title and name of the new position holder: Independent director- GWU CHIA HSUN. Resume of the new position holder: Associate Professor, Department of Finance and International Business, Fu Jen Catholic University. Effective date of the new appointment: June 15, 2023. Reason for the change: Election of one additional independent director. Reported Earnings • Mar 21
Full year 2022 earnings released: EPS: NT$3.92 (vs NT$4.59 in FY 2021) Full year 2022 results: EPS: NT$3.92 (down from NT$4.59 in FY 2021). Revenue: NT$10.4b (down 4.3% from FY 2021). Net income: NT$728.1m (down 11% from FY 2021). Profit margin: 7.0% (down from 7.5% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 18% per year. Board Change • Nov 16
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. 8 non-independent directors. Independent Director Ming Yang Su was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: NT$0.83 (down from NT$1.22 in 3Q 2021). Revenue: NT$2.45b (down 12% from 3Q 2021). Net income: NT$148.7m (down 32% from 3Q 2021). Profit margin: 6.1% (down from 7.9% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 22%. Earnings per share (EPS) exceeded analyst estimates. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 7.2% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Oct 21
Now 20% undervalued Over the last 90 days, the stock is up 2.5%. The fair value is estimated to be NT$59.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.9% over the last 3 years. Earnings per share has grown by 7.1%. Revenue is forecast to grow by 14% in a year. Earnings is forecast to grow by 13% in the next year. Reported Earnings • Aug 13
Second quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2022 results: EPS: NT$1.40 (up from NT$1.27 in 2Q 2021). Revenue: NT$2.89b (up 2.9% from 2Q 2021). Net income: NT$249.5m (up 9.7% from 2Q 2021). Profit margin: 8.6% (up from 8.1% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 6.0%. Earnings per share (EPS) exceeded analyst estimates by 6.9%. Over the next year, revenue is forecast to grow 14%, compared to a 8.6% growth forecast for the industry in Taiwan. 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 4% per year. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$44.70, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Electronic industry in Taiwan. Total loss to shareholders of 6.0% over the past three years. Upcoming Dividend • Jun 27
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 04 July 2022. Payment date: 29 July 2022. Payout ratio is on the higher end at 81% but the company is not cash flow positive. Trailing yield: 7.6%. Within top quartile of Taiwanese dividend payers (6.3%). Higher than average of industry peers (4.6%). Buying Opportunity • Jun 20
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 3.9%. The fair value is estimated to be NT$65.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.1% over the last 3 years. Earnings per share has declined by 7.8%. Revenue is forecast to grow by 11% in a year. Earnings is forecast to grow by 13% in the next year. Announcement • Jun 17
Nichidenbo Corporation Announces Total Cash Dividend, Payable on July 29, 2022 Nichidenbo Corporation announced total cash dividend is TWD 714,628,600, at the AGM held on June 16, 2022. Ex-rights (ex-dividend) trading date is July 4, 2022. Ex-rights (ex-dividend) record date is July 10, 2022. The dividend will be payable on July 29, 2022. Announcement • May 06
Nichidenbo Corporation announced a financing transaction Nichidenbo Corporation announced a private placement of not more than 30,000,000 common shares on May 4, 2022. Reported Earnings • May 06
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: NT$1.61 (up from NT$1.26 in 1Q 2021). Revenue: NT$3.06b (up 10% from 1Q 2021). Net income: NT$287.4m (up 28% from 1Q 2021). Profit margin: 9.4% (up from 8.1% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) missed analyst estimates by 9.7%. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. 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. 8 non-independent directors. Independent Director Ming Yang Su was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 31
Nichidenbo Corporation, Annual General Meeting, Jun 15, 2022 Nichidenbo Corporation, Annual General Meeting, Jun 15, 2022. Reported Earnings • Nov 05
Third quarter 2021 earnings released: EPS NT$1.22 (vs NT$0.99 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$2.77b (up 15% from 3Q 2020). Net income: NT$217.5m (up 23% from 3Q 2020). Profit margin: 7.9% (up from 7.3% 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 32% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$1.27 (vs NT$0.88 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$2.81b (up 14% from 2Q 2020). Net income: NT$227.4m (up 45% from 2Q 2020). Profit margin: 8.1% (up from 6.4% 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 34% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Aug 02
Upcoming dividend of NT$3.10 per share Eligible shareholders must have bought the stock before 09 August 2021. Payment date: 25 August 2021. Trailing yield: 5.4%. Within top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (3.0%). Valuation Update With 7 Day Price Move • May 17
Investor sentiment deteriorated over the past week After last week's 20% share price decline to NT$47.80, the stock trades at a trailing P/E ratio of 12.6x. Average forward P/E is 11x in the Electronic industry in Taiwan. Total loss to shareholders of 29% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$43.45 per share. Reported Earnings • May 08
First quarter 2021 earnings released: EPS NT$1.25 (vs NT$0.82 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$2.78b (up 34% from 1Q 2020). Net income: NT$224.2m (up 53% from 1Q 2020). Profit margin: 8.1% (up from 7.1% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 26
Full year 2020 earnings released: EPS NT$3.36 (vs NT$3.32 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: NT$9.24b (up 4.8% from FY 2019). Net income: NT$599.8m (up 1.1% from FY 2019). Profit margin: 6.5% (down from 6.7% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 23
New 90-day high: NT$53.70 The company is up 12% from its price of NT$47.90 on 25 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 25% over the same period. Is New 90 Day High Low • Jan 05
New 90-day high: NT$52.50 The company is up 19% from its price of NT$44.15 on 07 October 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electronic industry, which is up 20% over the same period. Is New 90 Day High Low • Dec 09
New 90-day high: NT$51.60 The company is up 15% from its price of NT$44.80 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. Is New 90 Day High Low • Nov 20
New 90-day high: NT$48.55 The company is up 8.0% from its price of NT$45.15 on 21 August 2020. The Taiwanese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Electronic industry, which is up 5.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.99 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: NT$2.41b (up 4.9% from 3Q 2019). Net income: NT$177.1m (down 20% from 3Q 2019). Profit margin: 7.3% (down from 9.6% in 3Q 2019). The decrease in margin was driven by higher expenses. 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 14% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Sep 24
New 90-day low: NT$43.20 The company is down 20% from its price of NT$53.70 on 24 June 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is flat over the same period.