New Risk • Jun 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 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 Earnings have declined by 7.3% per year over the past 5 years. 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 (9.5% average weekly change). Profit margins are more than 30% lower than last year (1.5% net profit margin). Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$60.60, the stock trades at a trailing P/E ratio of 36.3x. Average trailing P/E is 41x in the Electronic industry in Taiwan. Total returns to shareholders of 200% over the past three years. Reported Earnings • May 20
First quarter 2026 earnings released: EPS: NT$1.03 (vs NT$1.05 in 1Q 2025) First quarter 2026 results: EPS: NT$1.03. Revenue: NT$5.66b (flat on 1Q 2025). Net income: NT$187.4m (up 9.8% from 1Q 2025). Profit margin: 3.3% (up from 3.0% in 1Q 2025). Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$48.90, the stock trades at a trailing P/E ratio of 30.9x. Average trailing P/E is 32x in the Electronic industry in Taiwan. Total returns to shareholders of 165% over the past three years. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$41.95, the stock trades at a trailing P/E ratio of 26.5x. Average trailing P/E is 29x in the Electronic industry in Taiwan. Total returns to shareholders of 127% over the past three years. New Risk • Mar 17
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 7.8% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 106% Paying a dividend despite having no free cash flows. Earnings have declined by 4.1% per year over the past 5 years. High level of non-cash earnings (25% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Profit margins are more than 30% lower than last year (1.4% net profit margin). New Risk • Mar 15
New major risk - Revenue and earnings growth Earnings have declined by 4.1% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 106% Paying a dividend despite having no free cash flows. Earnings have declined by 4.1% per year over the past 5 years. High level of non-cash earnings (25% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (1.4% net profit margin). Announcement • Mar 10
GMI Technology Inc., Annual General Meeting, Jun 17, 2026 GMI Technology Inc., Annual General Meeting, Jun 17, 2026. Location: 1 floor no,399, jui kuang rd., neihu district, taipei city Taiwan Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$31.65, the stock trades at a trailing P/E ratio of 24x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 99% over the past three years. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$42.10, the stock trades at a trailing P/E ratio of 31.9x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 180% over the past three years. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: NT$1.04 (vs NT$0.31 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.04 (up from NT$0.31 in 3Q 2024). Revenue: NT$5.21b (up 9.1% from 3Q 2024). Net income: NT$168.8m (up 239% from 3Q 2024). Profit margin: 3.2% (up from 1.0% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 30% per year, which means it is well ahead of earnings. New Risk • Sep 18
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 238% The company is paying a dividend despite having no free cash flows. Dividend yield: 3.1% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 238% Paying a dividend despite having no free cash flows. High level of non-cash earnings (48% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (0.5% net profit margin). Reported Earnings • Aug 15
Second quarter 2025 earnings released: NT$1.52 loss per share (vs NT$0.74 profit in 2Q 2024) Second quarter 2025 results: NT$1.52 loss per share (down from NT$0.74 profit in 2Q 2024). Revenue: NT$5.20b (up 14% from 2Q 2024). Net loss: NT$247.3m (down 305% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 31% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 23
Upcoming dividend of NT$1.40 per share Eligible shareholders must have bought the stock before 30 July 2025. Payment date: 19 August 2025. Payout ratio is a comfortable 56% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (3.0%). Announcement • Jun 26
GMI Technology Inc. Elects Bo-Chun Yeh as Director, Effective from June 25, 2025 GMI Technology Inc. at the General Shareholders Meeting held on June 25, 2025 elected representative of De-Jet Investment Co. Ltd.: Bo-Chun Yeh as director. Term of office: From June 25, 2025 to June 24, 2027. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: NT$1.05 (vs NT$0.58 in 1Q 2024) First quarter 2025 results: EPS: NT$1.05 (up from NT$0.58 in 1Q 2024). Revenue: NT$5.71b (up 42% from 1Q 2024). Net income: NT$170.7m (up 82% from 1Q 2024). Profit margin: 3.0% (up from 2.3% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 30% per year, which means it is well ahead of earnings. Announcement • May 01
GMI Technology Inc. to Report Q1, 2025 Results on May 09, 2025 GMI Technology Inc. announced that they will report Q1, 2025 results on May 09, 2025 Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$52.40, the stock trades at a trailing P/E ratio of 22.1x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 173% over the past three years. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$42.80, the stock trades at a trailing P/E ratio of 18x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 127% over the past three years. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$46.75, the stock trades at a trailing P/E ratio of 19.7x. Average trailing P/E is 20x in the Electronic industry in Taiwan. Total returns to shareholders of 147% over the past three years. Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: NT$2.38 (vs NT$1.98 in FY 2023) Full year 2024 results: EPS: NT$2.38 (up from NT$1.98 in FY 2023). Revenue: NT$17.7b (up 16% from FY 2023). Net income: NT$386.4m (up 20% from FY 2023). Profit margin: 2.2% (in line with FY 2023). 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 28% per year, which means it is well ahead of earnings. Announcement • Mar 12
GMI Technology Inc., Annual General Meeting, Jun 25, 2025 GMI Technology Inc., Annual General Meeting, Jun 25, 2025. Location: 1 floor no,399, jui kuang rd., neihu district, taipei city Taiwan Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$61.80, the stock trades at a trailing P/E ratio of 29x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 205% over the past three years. New Risk • Mar 10
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 6.2% 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 High level of non-cash earnings (20% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.2% average weekly change). Announcement • Mar 04
GMI Technology Inc. to Report Q4, 2024 Results on Mar 11, 2025 GMI Technology Inc. announced that they will report Q4, 2024 results on Mar 11, 2025 Board Change • Jan 15
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Chung-Chi Chou was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Jan 11
GMI Technology Inc. Announces Institutional Director Changes GMI Technology Inc. announced that YEHHSU, LI-LI will replace Yeh, Po-Chun as institutional director, effective January 10, 2024. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$0.31 (vs NT$0.91 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.31 (down from NT$0.91 in 3Q 2023). Revenue: NT$4.77b (up 15% from 3Q 2023). Net income: NT$49.7m (down 67% from 3Q 2023). Profit margin: 1.0% (down from 3.6% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 36% per year, which means it is well ahead of earnings. Announcement • Nov 05
GMI Technology Inc. to Report Q3, 2024 Results on Nov 12, 2024 GMI Technology Inc. announced that they will report Q3, 2024 results on Nov 12, 2024 New Risk • Oct 01
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 29% 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 (29% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (8.9% average weekly change). Announcement • Sep 06
GMI Technology Inc. Announces Resignation of Yeh,Po-Chun as Chief of Staff and Acting Spokesperson of the Company, Effective September 10, 2024 GMI Technology Inc. announced resignation of Yeh,Po-Chun as Chief of Staff and Acting Spokesperson of the Company. Name, title, and resume of the previous position holder: YEH,PO-CHUN/Executive Assistant to the Chairman of the Company. Effective date: September 10, 2024. Valuation Update With 7 Day Price Move • Sep 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$77.40, the stock trades at a trailing P/E ratio of 35.5x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 358% over the past three years. Upcoming Dividend • Aug 31
Upcoming dividend of NT$1.20 per share Eligible shareholders must have bought the stock before 05 September 2024. Payment date: 03 October 2024. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Taiwanese dividend payers (4.3%). Lower than average of industry peers (2.7%). Announcement • Aug 10
GMI Technology Inc. Announces Cash Dividend, Payable on October 03, 2024 GMI Technology Inc. announced cash dividend of TWD 195,150,546 at TWD 1.2 per share. Ex-rights (ex-dividend) trading date is September 5, 2024. Ex-rights (ex-dividend) record date is September 12, 2024. Payment date of cash dividend distribution is October 03, 2024. Declared Dividend • Aug 10
Dividend reduced to NT$1.20 Dividend of NT$1.20 is 40% lower than last year. Ex-date: 5th September 2024 Payment date: 3rd October 2024 Dividend yield will be 1.6%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (55% earnings payout ratio) and cash flows (26% cash payout ratio). The dividend has increased by an average of 20% per year over the past 5 years. However, payments have been volatile during that time. Earnings per share has grown by 19% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$70.50, the stock trades at a trailing P/E ratio of 32.4x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 285% over the past three years. Announcement • Aug 02
GMI Technology Inc. to Report Q2, 2024 Results on Aug 08, 2024 GMI Technology Inc. announced that they will report Q2, 2024 results on Aug 08, 2024 Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$82.90, the stock trades at a trailing P/E ratio of 38x. Average trailing P/E is 25x in the Electronic industry in Taiwan. Total returns to shareholders of 424% over the past three years. Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$59.20, the stock trades at a trailing P/E ratio of 27.2x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 297% over the past three years. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: NT$0.58 (vs NT$0.38 in 1Q 2023) First quarter 2024 results: EPS: NT$0.58 (up from NT$0.38 in 1Q 2023). Revenue: NT$4.03b (up 21% from 1Q 2023). Net income: NT$93.7m (up 52% from 1Q 2023). Profit margin: 2.3% (up from 1.9% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 40% per year, which means it is well ahead of earnings. Announcement • Apr 13
G.M.I Technology Inc. Announces Resignation of Lin, Ming-Ji as Independent Director and Member of the Audit Committee, Remuneration Committee and Sustainable Development Committee G.M.I Technology Inc. announced resignation of Lin, Ming-Ji as independent director and member of the Audit Committee, Remuneration Committee and Sustainable Development Committee. Resume of the previous position holder: Independent Director, Chicony Electronics Co. Ltd., Independent Director of C SUN MFG. LTD. Reason for the change: Career planning. The company received a letter of resignation on April 12, 2024, effective on the same day. Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to NT$51.50, the stock trades at a trailing P/E ratio of 26x. Average trailing P/E is 25x in the Electronic industry in Taiwan. Total returns to shareholders of 233% over the past three years. Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: NT$1.98 (vs NT$3.08 in FY 2022) Full year 2023 results: EPS: NT$1.98 (down from NT$3.08 in FY 2022). Revenue: NT$15.3b (down 21% from FY 2022). Net income: NT$322.4m (down 29% from FY 2022). Profit margin: 2.1% (down from 2.3% in FY 2022). The decrease in margin was driven by lower 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 35% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 14
Gmi Technology Inc. Appoints LEE WEI-CHANG as Sustainable Committee GMI Technology Inc. announced the board of directors has decided to add a LEE WEI-CHANG to the Sustainable Committee. Resume of the new position holder: President of the Diamond Business Unit, Kinik Company. Effective date of the new member is March 12, 2024. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$38.35, the stock trades at a trailing P/E ratio of 16.8x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 183% over the past three years. Buy Or Sell Opportunity • Feb 21
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 56% to NT$34.15. The fair value is estimated to be NT$28.32, 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 13%. New Risk • Feb 19
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 5.6% 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 (5.6% average weekly change). Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to NT$32.35, the stock trades at a trailing P/E ratio of 14.2x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 194% over the past three years. Buying Opportunity • Dec 11
Now 20% undervalued Over the last 90 days, the stock is up 17%. The fair value is estimated to be NT$26.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.6% over the last 3 years. Earnings per share has grown by 13%. Valuation Update With 7 Day Price Move • Aug 28
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$18.25, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 77% over the past three years. New Risk • Aug 24
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.01b (US$94.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (100% payout ratio). Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (NT$3.01b market cap, or US$94.7m). Buying Opportunity • Aug 24
Now 30% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be NT$26.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 24%. Reported Earnings • Aug 18
Second quarter 2023 earnings released: EPS: NT$0.18 (vs NT$0.63 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.18 (down from NT$0.63 in 2Q 2022). Revenue: NT$3.74b (down 21% from 2Q 2022). Net income: NT$29.4m (down 66% from 2Q 2022). Profit margin: 0.8% (down from 1.8% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 17
Upcoming dividend of NT$2.00 per share at 9.5% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 20 September 2023. Payout ratio and cash payout ratio are on the higher end at 81% and 94% respectively. Trailing yield: 9.5%. Within top quartile of Taiwanese dividend payers (5.7%). Higher than average of industry peers (4.2%). Announcement • Aug 09
GMI Technology Inc. Announces Cash Dividend, Payable on September 20, 2023 GMI Technology Inc. announced cash dividend of TWD 325,250,910 at TWD 2 per share. Ex-rights (ex-dividend) trading date is August 24, 2023. Ex-rights (ex-dividend) record date is August 30, 2023. Payment date of cash dividend distribution is September 20, 2023. Reported Earnings • Mar 31
Full year 2022 earnings released: EPS: NT$3.08 (vs NT$3.24 in FY 2021) Full year 2022 results: EPS: NT$3.08. Revenue: NT$19.3b (up 2.6% from FY 2021). Net income: NT$453.9m (up 1.9% from FY 2021). Profit margin: 2.3% (down from 2.4% in FY 2021). The decrease in margin was driven by higher expenses. Buying Opportunity • Feb 13
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 2.7%. The fair value is estimated to be NT$22.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 48%. Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: NT$0.65 (vs NT$1.18 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.65 (down from NT$1.18 in 3Q 2021). Revenue: NT$4.87b (down 2.0% from 3Q 2021). Net income: NT$98.5m (down 40% from 3Q 2021). Profit margin: 2.0% (down from 3.3% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 8 experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). Director Guo Zhang Wang was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.63 (vs NT$0.85 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.63 (down from NT$0.85 in 2Q 2021). Revenue: NT$4.76b (flat on 2Q 2021). Net income: NT$86.9m (down 26% from 2Q 2021). Profit margin: 1.8% (down from 2.5% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 11
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 18 July 2022. Payment date: 05 August 2022. Trailing yield: 9.9%. Within top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (4.8%). Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$1.00 (vs NT$0.47 in 1Q 2021) First quarter 2022 results: EPS: NT$1.00 (up from NT$0.47 in 1Q 2021). Revenue: NT$5.18b (up 27% from 1Q 2021). Net income: NT$137.4m (up 111% from 1Q 2021). Profit margin: 2.7% (up from 1.6% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. 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. 9 experienced directors. No highly experienced directors. 3 independent directors (4 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: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Apr 03
Full year 2021 earnings released: EPS: NT$3.24 (vs NT$1.44 in FY 2020) Full year 2021 results: EPS: NT$3.24 (up from NT$1.44 in FY 2020). Revenue: NT$18.9b (up 38% from FY 2020). Net income: NT$445.5m (up 125% from FY 2020). Profit margin: 2.4% (up from 1.4% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Announcement • Apr 02
GMI Technology Inc., Annual General Meeting, Jun 23, 2022 GMI Technology Inc., Annual General Meeting, Jun 23, 2022. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$23.90, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 164% over the past three years. Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment improved over the past week After last week's 18% share price gain to NT$28.60, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 255% over the past three years. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$1.18 (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$4.97b (up 37% from 3Q 2020). Net income: NT$162.7m (up 176% from 3Q 2020). Profit margin: 3.3% (up from 1.6% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 37% per year whereas the company’s share price has increased by 42% per year. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$0.94 (vs NT$0.22 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$4.75b (up 50% from 2Q 2020). Net income: NT$117.3m (up 332% from 2Q 2020). Profit margin: 2.5% (up from 0.9% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$0.52 (vs NT$0.20 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$4.10b (up 37% from 1Q 2020). Net income: NT$65.3m (up 161% from 1Q 2020). Profit margin: 1.6% (up from 0.8% 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 39% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 14
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$18.70, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 140% over the past three years. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improved over the past week After last week's 22% share price gain to NT$26.05, the stock trades at a trailing P/E ratio of 16.5x. Average trailing P/E is 20x in the Electronic industry in Taiwan. Total returns to shareholders of 257% over the past three years. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improved over the past week After last week's 18% share price gain to NT$22.30, the stock trades at a trailing P/E ratio of 14.1x. Average trailing P/E is 20x in the Electronic industry in Taiwan. Total returns to shareholders of 236% over the past three years. Reported Earnings • Apr 01
Full year 2020 earnings released: EPS NT$1.58 (vs NT$1.24 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$13.7b (up 7.7% from FY 2019). Net income: NT$197.6m (up 28% from FY 2019). Profit margin: 1.4% (up from 1.2% in FY 2019). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improved over the past week After last week's 15% share price gain to NT$16.85, the stock is trading at a trailing P/E ratio of 14.6x, up from the previous P/E ratio of 12.7x. This compares to an average P/E of 19x in the Electronic industry in Taiwan. Total returns to shareholders over the past three years are 146%. Is New 90 Day High Low • Feb 23
New 90-day high: NT$15.35 The company is up 7.0% from its price of NT$14.40 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 22
New 90-day high: NT$14.85 The company is up 13% from its price of NT$13.10 on 23 October 2020. The Taiwanese market is up 23% 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.