Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$17.80, the stock trades at a trailing P/E ratio of 45.8x. Average trailing P/E is 40x in the Electronic industry in Taiwan. Total returns to shareholders of 35% over the past three years. New Risk • May 13
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 145% Cash payout ratio: 136% Dividend yield: 4.9% 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 Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 145% Cash payout ratio: 136% Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (NT$1.75b market cap, or US$55.5m). Reported Earnings • May 13
First quarter 2026 earnings released: EPS: NT$0.028 (vs NT$0.34 loss in 1Q 2025) First quarter 2026 results: EPS: NT$0.028 (up from NT$0.34 loss in 1Q 2025). Revenue: NT$642.3m (flat on 1Q 2025). Net income: NT$3.37m (up NT$45.1m from 1Q 2025). Profit margin: 0.5% (up from net loss in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 118% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. New Risk • Apr 04
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 103% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (145% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.08% net profit margin). Market cap is less than US$100m (NT$1.72b market cap, or US$53.8m). Announcement • Mar 13
Coxon Precise Industrial Co., Ltd, Annual General Meeting, Jun 15, 2026 Coxon Precise Industrial Co., Ltd, Annual General Meeting, Jun 15, 2026. Location: no,19-5 ln.170, chung ta rd., jhongli district, taoyuan city Taiwan Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: NT$0.02 (vs NT$0.17 in FY 2024) Full year 2025 results: EPS: NT$0.02 (down from NT$0.17 in FY 2024). Revenue: NT$2.78b (down 11% from FY 2024). Net income: NT$2.21m (down 89% from FY 2024). Profit margin: 0.1% (down from 0.7% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 115% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. New Risk • Mar 13
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.08% Last year net profit margin: 0.7% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (145% payout ratio). Profit margins are more than 30% lower than last year (0.08% net profit margin). Market cap is less than US$100m (NT$1.70b market cap, or US$53.4m). New Risk • Dec 03
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 97% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (145% payout ratio). Large one-off items impacting financial results. Market cap is less than US$100m (NT$1.65b market cap, or US$52.7m). Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: NT$0.42 (vs NT$0.17 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$0.42 (up from NT$0.17 loss in 3Q 2024). Revenue: NT$714.0m (down 16% from 3Q 2024). Net income: NT$51.6m (up NT$72.8m from 3Q 2024). Profit margin: 7.2% (up from net loss in 3Q 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 17
Second quarter 2025 earnings released: NT$0.04 loss per share (vs NT$0.29 profit in 2Q 2024) Second quarter 2025 results: NT$0.04 loss per share (down from NT$0.29 profit in 2Q 2024). Revenue: NT$787.5m (up 1.0% from 2Q 2024). Net loss: NT$4.58m (down 113% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Declared Dividend • Jun 30
Dividend of NT$0.70 announced Shareholders will receive a dividend of NT$0.70. Ex-date: 14th July 2025 Payment date: 7th August 2025 Dividend yield will be 4.6%, which is higher than the industry average of 4.0%. Sustainability & Growth The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Reported Earnings • May 15
First quarter 2025 earnings released: NT$0.34 loss per share (vs NT$0.39 loss in 1Q 2024) First quarter 2025 results: NT$0.34 loss per share (improved from NT$0.39 loss in 1Q 2024). Revenue: NT$644.1m (up 9.7% from 1Q 2024). Net loss: NT$41.7m (loss narrowed 12% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • May 06
Coxon Precise Industrial Co., Ltd to Report Q1, 2025 Results on May 13, 2025 Coxon Precise Industrial Co., Ltd announced that they will report Q1, 2025 results on May 13, 2025 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 27% After last week's 27% share price decline to NT$12.75, the stock trades at a trailing P/E ratio of 75.8x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 12% over the past three years. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: NT$0.17 (vs NT$0.36 loss in FY 2023) Full year 2024 results: EPS: NT$0.17 (up from NT$0.36 loss in FY 2023). Revenue: NT$3.14b (up 19% from FY 2023). Net income: NT$20.5m (up NT$64.7m from FY 2023). Profit margin: 0.7% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Mar 05
Coxon Precise Industrial Co., Ltd to Report Fiscal Year 2024 Results on Mar 13, 2025 Coxon Precise Industrial Co., Ltd announced that they will report fiscal year 2024 results on Mar 13, 2025 Reported Earnings • Nov 18
Third quarter 2024 earnings released: NT$0.17 loss per share (vs NT$0.26 profit in 3Q 2023) Third quarter 2024 results: NT$0.17 loss per share (down from NT$0.26 profit in 3Q 2023). Revenue: NT$854.2m (up 27% from 3Q 2023). Net loss: NT$21.2m (down 168% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Nov 05
Coxon Precise Industrial Co., Ltd to Report Q3, 2024 Results on Nov 12, 2024 Coxon Precise Industrial Co., Ltd announced that they will report Q3, 2024 results on Nov 12, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.29 (vs NT$0.30 loss in 2Q 2023) Second quarter 2024 results: EPS: NT$0.29 (up from NT$0.30 loss in 2Q 2023). Revenue: NT$779.8m (up 29% from 2Q 2023). Net income: NT$35.8m (up NT$72.7m from 2Q 2023). Profit margin: 4.6% (up from net loss in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. New Risk • Aug 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 7.5% 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 Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 109% Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Market cap is less than US$100m (NT$2.49b market cap, or US$77.3m). Declared Dividend • Jul 11
Dividend reduced to NT$0.70 Dividend of NT$0.70 is 30% lower than last year. Ex-date: 18th July 2024 Payment date: 14th August 2024 Dividend yield will be 3.2%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. The dividend is also not covered by cash flows (109% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Reported Earnings • May 12
First quarter 2024 earnings released: NT$0.39 loss per share (vs NT$0.30 loss in 1Q 2023) First quarter 2024 results: NT$0.39 loss per share (further deteriorated from NT$0.30 loss in 1Q 2023). Revenue: NT$587.4m (down 12% from 1Q 2023). Net loss: NT$47.3m (loss widened 31% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Apr 10
Coxon Precise Industrial Co., Ltd, Annual General Meeting, Jun 27, 2024 Coxon Precise Industrial Co., Ltd, Annual General Meeting, Jun 27, 2024. Reported Earnings • Mar 20
Full year 2023 earnings released: NT$0.36 loss per share (vs NT$2.23 loss in FY 2022) Full year 2023 results: NT$0.36 loss per share (improved from NT$2.23 loss in FY 2022). Revenue: NT$2.64b (down 7.7% from FY 2022). Net loss: NT$44.2m (loss narrowed 84% from FY 2022). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. New Risk • Feb 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 5.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 156% Minor Risks Share price has been volatile over the past 3 months (5.4% average weekly change). Market cap is less than US$100m (NT$2.15b market cap, or US$68.2m). Reported Earnings • Aug 17
Second quarter 2023 earnings released: NT$0.30 loss per share (vs NT$0.55 loss in 2Q 2022) Second quarter 2023 results: NT$0.30 loss per share (improved from NT$0.55 loss in 2Q 2022). Revenue: NT$605.1m (up 1.7% from 2Q 2022). Net loss: NT$36.9m (loss narrowed 45% from 2Q 2022). 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 6% per year, which means it is significantly lagging earnings growth. New Risk • Aug 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 6.3% 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 Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 174% Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Market cap is less than US$100m (NT$1.95b market cap, or US$61.6m). New Risk • Jul 23
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. Cash payout ratio: 174% Dividend yield: 6.7% 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 Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 174% Minor Risk Market cap is less than US$100m (NT$1.81b market cap, or US$57.8m). Upcoming Dividend • Jul 13
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 20 July 2023. Payment date: 14 August 2023. The company last paid an ordinary dividend in March 2013. The average dividend yield among industry peers is 4.2%. Reported Earnings • Mar 29
Full year 2022 earnings released: NT$2.23 loss per share (vs NT$2.22 loss in FY 2021) Full year 2022 results: NT$2.23 loss per share (further deteriorated from NT$2.22 loss in FY 2021). Revenue: NT$2.86b (down 26% from FY 2021). Net loss: NT$271.3m (flat on FY 2021). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 16
Third quarter 2022 earnings released: NT$0.35 loss per share (vs NT$0.12 profit in 3Q 2021) Third quarter 2022 results: NT$0.35 loss per share (down from NT$0.12 profit in 3Q 2021). Revenue: NT$770.1m (down 16% from 3Q 2021). Net loss: NT$42.9m (down 399% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 13
Third quarter 2022 earnings released: NT$0.35 loss per share (vs NT$0.12 profit in 3Q 2021) Third quarter 2022 results: NT$0.35 loss per share (down from NT$0.12 profit in 3Q 2021). Revenue: NT$770.1m (down 16% from 3Q 2021). Net loss: NT$42.9m (down 399% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 16
Second quarter 2022 earnings released: NT$0.55 loss per share (vs NT$0.91 loss in 2Q 2021) Second quarter 2022 results: NT$0.55 loss per share (up from NT$0.91 loss in 2Q 2021). Revenue: NT$594.7m (down 34% from 2Q 2021). Net loss: NT$66.8m (loss narrowed 39% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 06
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 13 July 2022. Payment date: 05 August 2022. The company last paid an ordinary dividend in August 2011. The average dividend yield among industry peers is 4.9%. Reported Earnings • May 18
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: NT$0.81 loss per share (down from NT$0.48 loss in 1Q 2021). Revenue: NT$816.0m (down 13% from 1Q 2021). Net loss: NT$98.5m (loss widened 67% from 1Q 2021). Revenue missed analyst estimates by 13%. Earnings per share (EPS) were also behind analyst expectations. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 31
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: NT$2.22 loss per share (up from NT$3.32 loss in FY 2020). Revenue: NT$3.84b (up 16% from FY 2020). Net loss: NT$270.3m (loss narrowed 33% from FY 2020). Revenue missed analyst estimates by 13%. Earnings per share (EPS) were also behind analyst expectations. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.12 (vs NT$0.66 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$918.4m (up 3.7% from 3Q 2020). Net income: NT$14.3m (up NT$95.0m from 3Q 2020). Profit margin: 1.6% (up from net loss in 3Q 2020). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 15
Second quarter 2021 earnings released: NT$0.91 loss per share (vs NT$0.97 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: NT$954.0m (up 35% from 2Q 2020). Net loss: NT$110.1m (loss narrowed 6.8% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Reported Earnings • May 16
First quarter 2021 earnings released: NT$0.48 loss per share (vs NT$1.29 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: NT$940.7m (up 55% from 1Q 2020). Net loss: NT$58.9m (loss narrowed 63% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings. Reported Earnings • Apr 01
Full year 2020 earnings released: NT$3.32 loss per share (vs NT$5.03 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: NT$3.32b (down 23% from FY 2019). Net loss: NT$403.6m (loss narrowed 34% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 18% per year and the company’s share price has also fallen by 18% per year. Is New 90 Day High Low • Dec 01
New 90-day high: NT$13.90 The company is up 8.0% from its price of NT$12.85 on 02 September 2020. The Taiwanese market is also up 8.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Electronic industry, which is up 7.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: NT$0.66 loss per share The company reported a decent third quarter result with reduced losses and improved control over expenses, although revenues were weaker. Third quarter 2020 results: Revenue: NT$885.3m (down 12% from 3Q 2019). Net loss: NT$80.7m (loss narrowed 55% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 29% per year whereas the company’s share price has fallen by 28% per year.