Reported Earnings • May 19
First quarter 2026 earnings released: NT$3.10 loss per share (vs NT$1.34 loss in 1Q 2025) First quarter 2026 results: NT$3.10 loss per share (further deteriorated from NT$1.34 loss in 1Q 2025). Revenue: NT$2.76b (down 12% from 1Q 2025). Net loss: NT$822.6m (loss widened 180% from 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 56% 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. Reported Earnings • Mar 19
Full year 2025 earnings released: NT$8.65 loss per share (vs NT$9.21 loss in FY 2024) Full year 2025 results: NT$8.65 loss per share. Revenue: NT$11.6b (down 6.8% from FY 2024). Net loss: NT$2.01b (loss widened 13% from FY 2024). Announcement • Jan 28
Apex International Co., Ltd., Annual General Meeting, Apr 29, 2026 Apex International Co., Ltd., Annual General Meeting, Apr 29, 2026. Location: 15 floor no,99, fu hsing n. rd., songshan district, taipei city Taiwan Reported Earnings • Nov 06
Third quarter 2025 earnings released: NT$2.24 loss per share (vs NT$2.69 loss in 3Q 2024) Third quarter 2025 results: NT$2.24 loss per share (improved from NT$2.69 loss in 3Q 2024). Revenue: NT$2.91b (down 15% from 3Q 2024). Net loss: NT$508.5m (flat on 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. New Risk • Oct 14
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 8.3% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (8.3% average weekly change). Earnings have declined by 62% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (20% increase in shares outstanding). Reported Earnings • Aug 20
Second quarter 2025 earnings released: NT$1.30 loss per share (vs NT$1.79 loss in 2Q 2024) Second quarter 2025 results: NT$1.30 loss per share (improved from NT$1.79 loss in 2Q 2024). Revenue: NT$2.89b (down 8.0% from 2Q 2024). Net loss: NT$286.3m (loss narrowed 16% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. New Risk • May 27
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 39% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 58% per year over the past 5 years. Shareholders have been substantially diluted in the past year (39% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (10% average weekly change). Reported Earnings • May 13
First quarter 2025 earnings released: NT$1.34 loss per share (vs NT$1.50 loss in 1Q 2024) First quarter 2025 results: NT$1.34 loss per share. Revenue: NT$3.14b (up 11% from 1Q 2024). Net loss: NT$293.8m (loss widened 3.3% from 1Q 2024). New Risk • Mar 19
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 8.0% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (8.0% average weekly change). Earnings have declined by 52% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (16% increase in shares outstanding). Reported Earnings • Mar 09
Full year 2024 earnings released: NT$9.21 loss per share (vs NT$4.20 loss in FY 2023) Full year 2024 results: NT$9.21 loss per share (further deteriorated from NT$4.20 loss in FY 2023). Revenue: NT$12.5b (down 1.3% from FY 2023). Net loss: NT$1.79b (loss widened 125% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Announcement • Mar 04
Apex International Co., Ltd., Annual General Meeting, May 28, 2025 Apex International Co., Ltd., Annual General Meeting, May 28, 2025, at 09:00 Taipei Standard Time. Location: 15 floor no,99, fu hsing n. rd., songshan district, taipei city Taiwan Announcement • Feb 21
Apex International Co., Ltd. to Report Fiscal Year 2024 Results on Feb 28, 2025 Apex International Co., Ltd. announced that they will report fiscal year 2024 results on Feb 28, 2025 New Risk • Feb 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.3% 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 Risks Debt is not well covered by operating cash flow (1.7% operating cash flow to total debt). Earnings have declined by 45% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Shareholders have been diluted in the past year (16% increase in shares outstanding). New Risk • Nov 17
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% This is considered a minor 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 Risks Debt is not well covered by operating cash flow (1.7% operating cash flow to total debt). Earnings have declined by 45% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Shareholders have been diluted in the past year (16% increase in shares outstanding). Reported Earnings • Nov 08
Third quarter 2024 earnings released: NT$2.69 loss per share (vs NT$0.95 loss in 3Q 2023) Third quarter 2024 results: NT$2.69 loss per share (further deteriorated from NT$0.95 loss in 3Q 2023). Revenue: NT$3.43b (up 11% from 3Q 2023). Net loss: NT$510.9m (loss widened 184% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. Announcement • Oct 29
Apex International Co., Ltd. to Report Q3, 2024 Results on Nov 05, 2024 Apex International Co., Ltd. announced that they will report Q3, 2024 results on Nov 05, 2024 New Risk • Aug 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% This is considered a minor 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 Risks Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 37% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Shareholders have been diluted in the past year (16% increase in shares outstanding). Announcement • Aug 23
Apex International Co., Ltd. announced that it expects to receive TWD 300 million in funding Apex International Co., Ltd. announced a private placement to issue 30,000,000 common shares at an issue price of TWD 10 per share for the gross proceeds of TWD 300,000,000 on August 21, 2024. The transaction has been approved by shareholders of company. Reported Earnings • Aug 13
Second quarter 2024 earnings released: NT$1.79 loss per share (vs NT$0.85 loss in 2Q 2023) Second quarter 2024 results: NT$1.79 loss per share (further deteriorated from NT$0.85 loss in 2Q 2023). Revenue: NT$3.14b (flat on 2Q 2023). Net loss: NT$340.7m (loss widened 111% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 95 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Aug 06
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 16% to NT$49.00. The fair value is estimated to be NT$39.28, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. New Risk • Aug 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 7.0% 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 Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 474% Earnings have declined by 28% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.0% average weekly change). Announcement • Aug 02
Apex International Co., Ltd. to Report Q2, 2024 Results on Aug 09, 2024 Apex International Co., Ltd. announced that they will report Q2, 2024 results on Aug 09, 2024 Buy Or Sell Opportunity • Jul 10
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 8.3% to NT$43.05. The fair value is estimated to be NT$35.07, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • May 24
Now 20% overvalued Over the last 90 days, the stock has fallen 17% to NT$40.65. The fair value is estimated to be NT$33.86, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • May 11
First quarter 2024 earnings released: NT$1.50 loss per share (vs NT$0.50 loss in 1Q 2023) First quarter 2024 results: NT$1.50 loss per share (further deteriorated from NT$0.50 loss in 1Q 2023). Revenue: NT$2.81b (down 14% from 1Q 2023). Net loss: NT$284.4m (loss widened 201% from 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Announcement • May 02
Apex International Co., Ltd. to Report Q1, 2024 Results on May 09, 2024 Apex International Co., Ltd. announced that they will report Q1, 2024 results on May 09, 2024 Buy Or Sell Opportunity • Apr 29
Now 21% overvalued Over the last 90 days, the stock has fallen 15% to NT$40.70. The fair value is estimated to be NT$33.73, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Mar 14
Now 22% overvalued Over the last 90 days, the stock has fallen 19% to NT$41.15. The fair value is estimated to be NT$33.67, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Mar 01
Full year 2023 earnings released: NT$4.20 loss per share (vs NT$4.60 profit in FY 2022) Full year 2023 results: NT$4.20 loss per share (down from NT$4.60 profit in FY 2022). Revenue: NT$12.6b (down 15% from FY 2022). Net loss: NT$796.9m (down 191% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Feb 23
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.5% to NT$48.85. The fair value is estimated to be NT$61.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.0% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Nov 15
Third quarter 2023 earnings released: NT$0.95 loss per share (vs NT$0.30 profit in 3Q 2022) Third quarter 2023 results: NT$0.95 loss per share (down from NT$0.30 profit in 3Q 2022). Revenue: NT$3.10b (down 3.2% from 3Q 2022). Net loss: NT$180.1m (down 411% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. New Risk • Oct 28
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 5.7% 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 Interest payments are not well covered by earnings (0.09x net interest cover). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 232% Minor Risk Share price has been volatile over the past 3 months (5.7% average weekly change). Reported Earnings • Aug 13
Second quarter 2023 earnings released: NT$0.85 loss per share (vs NT$1.90 profit in 2Q 2022) Second quarter 2023 results: NT$0.85 loss per share (down from NT$1.90 profit in 2Q 2022). Revenue: NT$3.15b (down 21% from 2Q 2022). Net loss: NT$161.3m (down 145% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jul 26
Upcoming dividend of NT$2.00 per share at 3.2% yield Eligible shareholders must have bought the stock before 02 August 2023. Payment date: 30 August 2023. Payout ratio is a comfortable 55% but the company is paying out more than the cash it is generating. Trailing yield: 3.2%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (4.1%). Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$70.20, the stock trades at a trailing P/E ratio of 36.4x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 2.1% over the past three years. Announcement • May 17
Apex International Co., Ltd. Announces Corporate Governance Officer Changes Apex International Co., Ltd. announced that due to change of the position, the Company's Chief Governance Officer position will be transferred from Mr. Li-Yuan Kuo to Ms. Yu-Ying Tsao, and the appointment will take effect retroactively from April 20, 2023. Reported Earnings • May 11
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: NT$0.50 loss per share (down from NT$2.18 profit in 1Q 2022). Revenue: NT$3.29b (down 21% from 1Q 2022). Net loss: NT$94.6m (down 123% from profit in 1Q 2022). Revenue missed analyst estimates by 14%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 3% per year. Reported Earnings • Mar 03
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: NT$4.60 (down from NT$7.25 in FY 2021). Revenue: NT$14.9b (flat on FY 2021). Net income: NT$874.5m (down 37% from FY 2021). Profit margin: 5.9% (down from 9.3% in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.1%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 6.1% 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. Announcement • Feb 01
Apex International Co., Ltd. Announces Executive Changes Apex International Co., Ltd. announced the change of acting spokesperson and chief internal auditor. Name, title, and resume of the previous position holder: acting spokesperson: Mr. Shou Hua Hsu, previously executive secretary of corporate governance and sustainable development team of the company. chief internal auditor: Ms. Jia Rong He, previously chief internal auditor of the company. Name, title, and resume of the new position holder: acting spokesperson: Mr. Hsin Wang Yang, currently chief financial officer of the company. The position of the chief internal auditor is temporarily performed by the deputy person, Ms. Yun Ju Wang. The new chief internal auditor will be announced after the resolution of the Audit Committee and the Board of Directors. Reason for the change is resignation. Effective date is February 01, 2023. 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 an independent director. The company's board is composed of: 1 new director. 6 experienced directors. 5 highly experienced directors. 4 independent directors (8 non-independent directors). Independent Director Ray-Hua Horng was the last independent 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. Major Estimate Revision • Oct 25
Consensus EPS estimates fall by 34% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from NT$15.2b to NT$14.9b. EPS estimate also fell from NT$7.33 per share to NT$4.81 per share. Net income forecast to shrink 29% next year vs 3.9% growth forecast for Electronic industry in Taiwan . Consensus price target down from NT$85.00 to NT$77.50. Share price fell 2.9% to NT$50.00 over the past week. Reported Earnings • Aug 20
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: NT$1.90 (up from NT$1.53 in 2Q 2021). Revenue: NT$3.97b (up 14% from 2Q 2021). Net income: NT$361.1m (up 24% from 2Q 2021). Profit margin: 9.1% (up from 8.3% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.3%. Earnings per share (EPS) also missed analyst estimates by 13%. Over the next year, revenue is forecast to grow 15%, compared to a 7.5% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 04
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 11 July 2022. Payment date: 05 August 2022. Payout ratio is a comfortable 46% but the company is not cash flow positive. Trailing yield: 6.0%. Lower than top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (4.9%). Major Estimate Revision • Jun 14
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from NT$19.1b to NT$17.3b. EPS estimate also fell from NT$12.02 per share to NT$10.45 per share. Net income forecast to grow 28% next year vs 11% growth forecast for Electronic industry in Taiwan. Consensus price target down from NT$146 to NT$131. Share price fell 9.1% to NT$78.50 over the past week. Reported Earnings • May 13
First quarter 2022 earnings: EPS in line with expectations, revenues disappoint First quarter 2022 results: EPS: NT$2.18 (up from NT$0.81 in 1Q 2021). Revenue: NT$4.14b (up 27% from 1Q 2021). Net income: NT$413.9m (up 168% from 1Q 2021). Profit margin: 10.0% (up from 4.7% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 26%, compared to a 9.8% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 04
Apex International Co., Ltd. Announces Cash Dividend The board of directors of Apex International Co., Ltd. at its meeting held on May 3, 2022, resolved cash dividend of THB 1,696,840,000. Board Change • Apr 27
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. 4 experienced directors. 5 highly experienced directors. 3 independent directors (7 non-independent directors). Independent Director Chau-Chin Su was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Apr 03
Apex International Co., Ltd. Announces COO Changes Apex International Co., Ltd. announced the change of COO. Name, title, and resume of the previous position holder: Mr. Shou-Hua Hsu /COO. Name, title, and resume of the new position holder: Chih-Chung Liu. Reason for the change: position adjustment. Effective date is April 1, 2022. Announcement • Apr 01
APEX Announces the Change of Chief Financial Officer, Effective April 1, 2022 Apex International Co., Ltd. announced the change of Chief Financial Officer. Name, title, and resume of the previous position holder: Mr. Shou-Hua Hsu /Chief Financial Officer. Name, title, and resume of the new position holder: Mr. Hsin Wang Yang /Senior Manager. Reason for the change: position adjustment. Effective date is April 1, 2022. Reported Earnings • Mar 06
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: NT$7.25 (up from NT$6.31 in FY 2020). Revenue: NT$14.8b (up 25% from FY 2020). Net income: NT$1.38b (up 15% from FY 2020). Profit margin: 9.3% (in line with FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.3%. Over the next year, revenue is forecast to grow 27%, compared to a 9.3% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 01
Apex International Co., Ltd., Annual General Meeting, May 24, 2022 Apex International Co., Ltd., Annual General Meeting, May 24, 2022. Location: The Primasia Conference & Business Center 2F, No.99, Fuxing N. Rd., Songshan Dist Taipei Taiwan Agenda: To consider 2021 operation report; to consider 2021 final accounting books and financial statements reviewed by Audit Committee; to consider to approve 2021 final accounting books and financial statements; and to consider other matters. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improved over the past week After last week's 20% share price gain to NT$114, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Electronic industry in Taiwan. Total returns to shareholders of 276% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$120 per share. Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment improved over the past week After last week's 15% share price gain to NT$114, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Electronic industry in Taiwan. Total returns to shareholders of 267% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$118 per share. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$2.01 (vs NT$1.89 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: NT$3.61b (up 12% from 3Q 2020). Net income: NT$381.0m (up 5.9% from 3Q 2020). Profit margin: 11% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 43% per year, which means it is tracking significantly ahead of earnings growth. Executive Departure • Oct 05
Director Chao-Ting Lin has left the company On the 30th of September, Chao-Ting Lin's tenure as Director ended after 2.3 years in the role. We don't have any record of a personal shareholding under Chao-Ting's name. Chao-Ting is the only executive to leave the company over the last 12 months. Valuation Update With 7 Day Price Move • Sep 02
Investor sentiment improved over the past week After last week's 15% share price gain to NT$68.60, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Electronic industry in Taiwan. Total returns to shareholders of 123% over the past three years. Price Target Changed • Aug 25
Price target increased to NT$90.00 Up from NT$81.33, the current price target is an average from 2 analysts. New target price is 48% above last closing price of NT$60.70. Stock is down 15% over the past year. Reported Earnings • Aug 22
Second quarter 2021 earnings released: EPS NT$1.53 (vs NT$1.83 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: NT$3.49b (up 17% from 2Q 2020). Net income: NT$291.3m (down 16% from 2Q 2020). Profit margin: 8.3% (down from 12% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 12
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 19 July 2021. Payment date: 13 August 2021. Trailing yield: 5.0%. Within top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (2.9%). Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$0.81 (vs NT$1.50 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: NT$3.26b (up 25% from 1Q 2020). Net income: NT$154.4m (down 46% from 1Q 2020). Profit margin: 4.7% (down from 11% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • May 14
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from NT$13.5b to NT$13.9b. EPS estimate fell from NT$7.35 to NT$6.35 per share. Net income forecast to grow 1.0% next year vs 22% growth forecast for Electronic industry in Taiwan. Consensus price target down from NT$83.33 to NT$75.00. Share price fell 28% to NT$49.50 over the past week. Valuation Update With 7 Day Price Move • May 12
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$55.20, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Electronic industry in Taiwan. Total returns to shareholders of 175% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$57.20 per share. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS NT$6.31 (vs NT$4.46 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$11.8b (up 14% from FY 2019). Net income: NT$1.20b (up 45% from FY 2019). Profit margin: 10% (up from 8.0% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Mar 05
Price target lowered to NT$83.33 Down from NT$89.67, the current price target is an average from 3 analysts. The new target price is 21% above the current share price of NT$68.60. As of last close, the stock is up 19% over the past year. Announcement • Mar 04
Apex International Co., Ltd., Annual General Meeting, May 31, 2021 Apex International Co., Ltd., Annual General Meeting, May 31, 2021. Location: The Sunworld Dynasty Hotel,VIP1 2F, No.100, Dunhua N. Rd., Songshan Dist Taipei City Taiwan Agenda: To consider 2020 operation report; to consider 2020 final accounting books and financial statements reviewed by Audit Committee; to consider to approve 2020 final accounting books and financial statements; and to consider other matters. Is New 90 Day High Low • Jan 08
New 90-day low: NT$67.50 The company is down 8.0% from its price of NT$73.00 on 08 October 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$69.44 per share. Is New 90 Day High Low • Dec 18
New 90-day low: NT$70.50 The company is down 8.0% from its price of NT$77.00 on 18 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$69.96 per share. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$1.89 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$3.22b (up 15% from 3Q 2019). Net income: NT$359.8m (up 36% from 3Q 2019). Profit margin: 11% (up from 9.4% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has increased by 59% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Nov 06
New 90-day high: NT$78.50 The company is up 3.0% from its price of NT$76.30 on 07 August 2020. The Taiwanese market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is down 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$73.84 per share.