Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$236, the stock trades at a forward P/E ratio of 53x. Average forward P/E is 14x in the Communications industry in Taiwan. Total returns to shareholders of 122% over the past three years. New Risk • Apr 06
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% 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 Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 11% per year over the past 5 years. High level of non-cash earnings (21% accrual ratio). Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$186, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 16x in the Communications industry in Taiwan. Total returns to shareholders of 82% over the past three years. Announcement • Mar 11
PCL Technologies, Inc., Annual General Meeting, Jun 08, 2026 PCL Technologies, Inc., Annual General Meeting, Jun 08, 2026, at 09:00 Taipei Standard Time. Location: 1 floor no,129, sec.1 huo p`ing e. rd., da-an district, taipei city Taiwan Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to NT$158, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 20x in the Communications industry in Taiwan. Total returns to shareholders of 55% over the past three years. New Risk • Feb 24
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 9.3% 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 Share price has been highly volatile over the past 3 months (9.3% average weekly change). Earnings are forecast to decline by an average of 17% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$147, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 17x in the Communications industry in Taiwan. Total returns to shareholders of 51% over the past three years. New Risk • Nov 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 45% 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: Major Risk Earnings have declined by 12% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to NT$124, the stock trades at a trailing P/E ratio of 22.1x. Average trailing P/E is 23x in the Communications industry in Taiwan. Total returns to shareholders of 27% over the past three years. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: NT$1.02 (vs NT$1.11 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.02 (down from NT$1.11 in 3Q 2024). Revenue: NT$280.1m (down 22% from 3Q 2024). Net income: NT$80.4m (down 9.9% from 3Q 2024). Profit margin: 29% (up from 25% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Reported Earnings • Aug 31
Second quarter 2025 earnings released: EPS: NT$3.82 (vs NT$0.02 loss in 2Q 2024) Second quarter 2025 results: EPS: NT$3.82 (up from NT$0.02 loss in 2Q 2024). Revenue: NT$270.6m (up 33% from 2Q 2024). Net income: NT$301.0m (up NT$302.5m from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 13
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$111, the stock trades at a trailing P/E ratio of 58.7x. Average trailing P/E is 20x in the Communications industry in Taiwan. Total returns to shareholders of 34% over the past three years. Upcoming Dividend • Jun 25
Upcoming dividend of NT$2.25 per share Eligible shareholders must have bought the stock before 02 July 2025. Payment date: 01 August 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 2.3%. Lower than top quartile of Taiwanese dividend payers (5.3%). In line with average of industry peers (2.4%). Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$90.80, the stock trades at a trailing P/E ratio of 48x. Average forward P/E is 13x in the Communications industry in Taiwan. Total returns to shareholders of 28% over the past three years. New Risk • May 28
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 41% 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: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 222% Paying a dividend despite having no free cash flows. Earnings have declined by 13% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.2% average weekly change). Large one-off items impacting financial results. Reported Earnings • May 15
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: NT$1.29 loss per share (down from NT$0.15 profit in 1Q 2024). Revenue: NT$273.0m (up 99% from 1Q 2024). Net loss: NT$102.6m (down NT$114.5m from profit in 1Q 2024). Revenue missed analyst estimates by 24%. Earnings per share (EPS) were also behind analyst expectations. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • Apr 29
PCL Technologies, Inc. to Report Q1, 2025 Results on May 06, 2025 PCL Technologies, Inc. announced that they will report Q1, 2025 results on May 06, 2025 New Risk • Apr 24
New major risk - Revenue and earnings growth Earnings have declined by 8.6% 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: 222% Dividend per share is over 10x cash flows per share. Earnings have declined by 8.6% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (9.0% average weekly change). 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$76.60, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 12x in the Communications industry in Taiwan. Total returns to shareholders of 7.6% over the past three years. Announcement • Mar 14
PCL Technologies, Inc., Annual General Meeting, Jun 16, 2025 PCL Technologies, Inc., Annual General Meeting, Jun 16, 2025, at 09:00 Taipei Standard Time. Location: 1 floor no,129, sec.1 huo p`ing e. rd., da-an district, taipei city Taiwan Announcement • Mar 13
PCL Technologies, Inc. announced a financing transaction PCL Technologies, Inc. announced a private placement to issue not more than 6,000,000 shares on March 12, 2025. The transaction has been approved by shareholders of company . Announcement • Mar 05
PCL Technologies, Inc. to Report Q4, 2024 Results on Mar 12, 2025 PCL Technologies, Inc. announced that they will report Q4, 2024 results on Mar 12, 2025 Reported Earnings • Nov 18
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: NT$1.11 (up from NT$0.40 in 3Q 2023). Revenue: NT$357.6m (up 55% from 3Q 2023). Net income: NT$89.2m (up 175% from 3Q 2023). Profit margin: 25% (up from 14% in 3Q 2023). Revenue exceeded analyst estimates by 30%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 47% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Communications industry in Taiwan. 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 8% per year, which means it is well ahead of earnings. Announcement • Nov 05
PCL Technologies, Inc. to Report Q3, 2024 Results on Nov 12, 2024 PCL Technologies, Inc. announced that they will report Q3, 2024 results on Nov 12, 2024 New Risk • Sep 12
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 7.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (dividend per share is over 7x earnings per share). Share price has been volatile over the past 3 months (7.9% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.9% net profit margin). Reported Earnings • Aug 31
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: NT$0.02 loss per share (down from NT$1.60 profit in 2Q 2023). Revenue: NT$203.9m (down 62% from 2Q 2023). Net loss: NT$1.57m (down 101% from profit in 2Q 2023). Revenue missed analyst estimates by 16%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 73% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Communications industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • Aug 15
PCL Technologies, Inc. to Report Q2, 2024 Results on Aug 22, 2024 PCL Technologies, Inc. announced that they will report Q2, 2024 results on Aug 22, 2024 New Risk • Aug 07
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 7.3% 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: Minor Risks Dividend is not well covered by earnings (116% payout ratio). Share price has been volatile over the past 3 months (7.3% average weekly change). Large one-off items impacting financial results. Buy Or Sell Opportunity • Aug 07
Now 20% overvalued Over the last 90 days, the stock has fallen 2.6% to NT$68.30. The fair value is estimated to be NT$56.91, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 17% over the last 3 years. Earnings per share has declined by 7.2%. Revenue is forecast to grow by 21% in a year. Earnings are forecast to decline by 28% in the next year. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$62.30, the stock trades at a forward P/E ratio of 46x. Average forward P/E is 15x in the Communications industry in Taiwan. Total loss to shareholders of 20% over the past three years. Declared Dividend • Jul 31
Dividend reduced to NT$2.20 Dividend of NT$2.20 is 12% lower than last year. Ex-date: 13th August 2024 Payment date: 16th September 2024 Dividend yield will be 3.0%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is not covered by earnings (116% earnings payout ratio). However, it is covered by cash flows (61% cash payout ratio). The dividend has increased by an average of 4.9% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 29% to bring the payout ratio under control. EPS is expected to grow by 60% over the next year, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • May 18
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: EPS: NT$0.15 (down from NT$2.52 in 1Q 2023). Revenue: NT$137.4m (down 82% from 1Q 2023). Net income: NT$11.9m (down 94% from 1Q 2023). Profit margin: 8.7% (down from 26% in 1Q 2023). Revenue missed analyst estimates by 37%. Earnings per share (EPS) exceeded analyst estimates. Revenue is forecast to grow 45% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Communications industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 5% per year. Announcement • May 09
PCL Technologies, Inc. to Report Q1, 2024 Results on May 15, 2024 PCL Technologies, Inc. announced that they will report Q1, 2024 results on May 15, 2024 Reported Earnings • Apr 03
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: NT$4.26 (down from NT$6.20 in FY 2022). Revenue: NT$1.74b (down 41% from FY 2022). Net income: NT$340.8m (down 20% from FY 2022). Profit margin: 20% (up from 14% in FY 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) also missed analyst estimates by 5.8%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Communications industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. Announcement • Mar 15
PCL Technologies, Inc., Annual General Meeting, Jun 27, 2024 PCL Technologies, Inc., Annual General Meeting, Jun 27, 2024. Major Estimate Revision • Nov 21
Consensus revenue estimates decrease by 21% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from NT$2.25b to NT$1.78b. EPS estimate unchanged at NT$0.52 per share. Net income forecast to shrink 78% next year vs 12% growth forecast for Communications industry in Taiwan . Consensus price target up from NT$76.00 to NT$80.00. Share price rose 6.1% to NT$80.20 over the past week. Reported Earnings • Nov 15
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: NT$0.40 (down from NT$2.02 in 3Q 2022). Revenue: NT$231.0m (down 72% from 3Q 2022). Net income: NT$32.4m (down 77% from 3Q 2022). Profit margin: 14% (down from 17% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 50%. Earnings per share (EPS) also missed analyst estimates by 42%. Revenue is expected to decline by 11% p.a. on average during the next 2 years, while revenues in the Communications industry in Taiwan are expected to grow by 16%. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$84.30, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 18x in the Communications industry in Taiwan. Total loss to shareholders of 14% over the past three years. Reported Earnings • Aug 26
Second quarter 2023 earnings: EPS exceeds analyst expectations Second quarter 2023 results: EPS: NT$1.59 (up from NT$0.61 in 2Q 2022). Revenue: NT$529.5m (down 23% from 2Q 2022). Net income: NT$128.1m (up 205% from 2Q 2022). Profit margin: 24% (up from 6.1% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.9%. Revenue is expected to decline by 23% p.a. on average during the next 2 years, while revenues in the Communications industry in Taiwan are expected to grow by 11%. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$71.30, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 15x in the Communications industry in Taiwan. Total loss to shareholders of 34% over the past three years. Buying Opportunity • Aug 02
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be NT$108, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.3% over the last 3 years, while earnings per share has been flat. Revenue is forecast to decline by 31% in a year. Earnings is forecast to decline by 30% in the next year. New Risk • Jul 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 36% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Risk Earnings are forecast to decline by an average of 36% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.8% average weekly change). Shareholders have been diluted in the past year (17% increase in shares outstanding). Upcoming Dividend • Jul 26
Upcoming dividend of NT$2.50 per share at 3.8% yield Eligible shareholders must have bought the stock before 02 August 2023. Payment date: 31 August 2023. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (2.8%). Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to NT$91.40, the stock trades at a trailing P/E ratio of 12.6x. Average forward P/E is 17x in the Communications industry in Taiwan. Total loss to shareholders of 11% over the past three years. Price Target Changed • Jun 07
Price target increased by 21% to NT$135 Up from NT$112, the current price target is an average from 2 analysts. New target price is 29% above last closing price of NT$105. Stock is up 31% over the past year. The company posted earnings per share of NT$6.20 last year. Buying Opportunity • May 25
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 8.2%. The fair value is estimated to be NT$129, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.3% over the last 3 years. Earnings per share has declined by 6.0%. Revenue is forecast to grow by 14% in a year. Earnings is forecast to grow by 67% in the next year. Buying Opportunity • May 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 8.9%. The fair value is estimated to be NT$128, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.3% over the last 3 years. Earnings per share has declined by 6.0%. Revenue is forecast to grow by 14% in a year. Earnings is forecast to grow by 67% in the next year. Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$107, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 14x in the Communications industry in Taiwan. Total returns to shareholders of 18% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$126 per share. Reported Earnings • Mar 30
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: NT$6.20 (up from NT$3.88 in FY 2021). Revenue: NT$2.97b (up 17% from FY 2021). Net income: NT$424.2m (up 60% from FY 2021). Profit margin: 14% (up from 10% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 17%. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improved over the past week After last week's 18% share price gain to NT$106, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 11x in the Communications industry in Taiwan. Total returns to shareholders of 16% over the past three years. Reported Earnings • Nov 18
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: EPS: NT$2.02 (up from NT$0.78 in 3Q 2021). Revenue: NT$819.9m (up 44% from 3Q 2021). Net income: NT$138.1m (up 158% from 3Q 2021). Profit margin: 17% (up from 9.4% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.2%. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Communications industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 4% per year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director E-Tay Lee was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 26
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: NT$0.61 (down from NT$1.52 in 2Q 2021). Revenue: NT$689.0m (down 4.6% from 2Q 2021). Net income: NT$42.0m (down 60% from 2Q 2021). Profit margin: 6.1% (down from 14% in 2Q 2021). The decrease in margin was primarily driven by higher expenses. Revenue exceeded analyst estimates by 9.5%. Earnings per share (EPS) missed analyst estimates by 40%. Over the next year, revenue is forecast to grow 34%, compared to a 20% growth forecast for the Communications industry in Taiwan. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment improved over the past week After last week's 21% share price gain to NT$116, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 14x in the Communications industry in Taiwan. Total returns to shareholders of 43% over the past three years. Announcement • Aug 24
PCL Technologies, Inc. Appoints New member of the Company's Salary and Remuneration Committee PCL Technologies, Inc. appointed new member of the company's salary and remuneration committee. Name of the new position holder: Independent Director: Mr. SHIH, KUANG-HSUN; Independent Director: Mr. WANG, CHIN-LAI; Independent Director: Mr. LEE,E-TAY. Resume of the new position holder: Mr. SHIH, KUANG-HSUN /Professor, Department of finance, CTBC Business School, Professor, Department of finance, China Culture University, Independent Directors of PCL Technologies Co., Inc., Independent Directors of Samebest Co.,LTD. and Independent Directors of SENAO NETWORKS, INC.; Mr. WANG, CHIN-LAI /Vice-president & G.M. of Elitegroup Computer Systems Co. Ltd.,Independent Directors of LandMark Optoelectronics Corporation, Independent Directors of SYSAGE, Independent Directors of PCL Technologies Co., Inc. and President of NCKU Venture Capital Co.,Ltd.; Mr. LEE,E-TAY /Director & G.M. of GIGABYTE Technology,President of GIGAIPC CO., LTD., Director of MyelinTek Inc., Director of Giga Computing Technology Co. Ltd. and Director of WELLYSUN INC. Effective date of the new member is August 23, 2022. Price Target Changed • Aug 24
Price target increased to NT$135 Up from NT$96.00, the current price target is provided by 1 analyst. New target price is 29% above last closing price of NT$105. Stock is up 30% over the past year. The company is forecast to post earnings per share of NT$5.20 for next year compared to NT$3.88 last year. Upcoming Dividend • Jul 07
Upcoming dividend of NT$3.22 per share Eligible shareholders must have bought the stock before 14 July 2022. Payment date: 16 August 2022. Payout ratio is on the higher end at 79%, and the cash payout ratio is above 100%. Trailing yield: 3.9%. Lower than top quartile of Taiwanese dividend payers (6.8%). Higher than average of industry peers (3.5%). Announcement • Jun 29
PCL Technologies, Inc. Announces Adjust Cash Dividend Distribution PCL Technologies, Inc. Announcement of adjust cash dividend distribution. Appropriations of earnings in cash dividends to shareholders TWD 3.0 per share and cash distributed from capital surplus to shareholders TWD 0.2 per share. dividend distribution after the change: Appropriations of earnings in cash dividends to shareholders TWD 3.01836774 per share and cash distributed from capital surplus to shareholders TWD 0.20122452 per share. Reported Earnings • May 21
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: NT$0.63 (down from NT$0.71 in 1Q 2021). Revenue: NT$543.9m (down 27% from 1Q 2021). Net income: NT$42.8m (down 12% from 1Q 2021). Profit margin: 7.9% (up from 6.5% in 1Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) exceeded analyst estimates by 8.8%. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 27
Price target decreased to NT$91.00 Down from NT$106, the current price target is provided by 1 analyst. New target price is 15% above last closing price of NT$79.00. Stock is down 30% over the past year. The company is forecast to post earnings per share of NT$4.51 for next year compared to NT$3.88 last year. 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 an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Chin-Lai Wang was the last independent director to join the board, commencing their role in 2019. 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: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: NT$3.88 (down from NT$8.02 in FY 2020). Revenue: NT$2.55b (down 24% from FY 2020). Net income: NT$266.0m (down 52% from FY 2020). Profit margin: 10% (down from 17% in FY 2020). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) exceeded analyst estimates by 8.8%. Over the next year, revenue is forecast to grow 11%, compared to a 14% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Apr 02
PCL Technologies, Inc., Annual General Meeting, Jun 24, 2022 PCL Technologies, Inc., Annual General Meeting, Jun 24, 2022. Location: Auditorium, Library Campus, In-service and Continuing Education Building NTNU Extension, School of Continuing Education Tai Pei Taiwan Agenda: To consider Business report for 2021; to consider Audit Committee's review of the annual final accounting books and statements for 2021; to consider report employees' and directors' remuneration for 2021; to consider Treasury share repurchase result report; to consider report on the handling of private placement of securities; to consider Corporate Social Responsibility Practice Principles amended report; to consider Sustainable Development Best Practice principles amended report; to consider the report for the performance appraisal results and salary gratuity of directors and managers; to consider report cash dividends of earnings distribution for 2021; and to transact other matters. Major Estimate Revision • Apr 01
Consensus revenue estimates fall by 16% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from NT$3.38b to NT$2.84b. EPS estimate fell from NT$5.26 to NT$4.51 per share. Net income forecast to shrink 19% next year vs 41% growth forecast for Communications industry in Taiwan . Consensus price target down from NT$106 to NT$91.00. Share price was steady at NT$81.00 over the past week. Buying Opportunity • Mar 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be NT$95.77, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% per annum over the last 3 years. Earnings per share has grown by 20% per annum over the last 3 years. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS NT$0.78 (vs NT$3.00 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$568.1m (down 40% from 3Q 2020). Net income: NT$53.5m (down 74% from 3Q 2020). Profit margin: 9.4% (down from 22% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Price Target Changed • Oct 19
Price target decreased to NT$105 Down from NT$117, the current price target is provided by 1 analyst. New target price is 36% above last closing price of NT$77.20. Stock is down 29% over the past year. The company is forecast to post earnings per share of NT$3.88 for next year compared to NT$8.02 last year. Board Change • Oct 19
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. 4 experienced directors. 2 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Chin-Lai Wang was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Jul 20
PCL Technologies, Inc. Announces Company's Malaysia Sub-Subsidiary to Extend Shutdown Until Early August PCL Technologies, Inc. announced that Company's Malaysia Sub-Subsidiary determine to extend shutdown until early August because of insufficient manpower. Upcoming Dividend • Jun 03
Upcoming dividend of NT$5.90 per share Eligible shareholders must have bought the stock before 10 June 2021. Payment date: 14 July 2021. Trailing yield: 6.0%. Within top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (3.0%). Valuation Update With 7 Day Price Move • May 24
Investor sentiment improved over the past week After last week's 16% share price gain to NT$91.40, the stock trades at a trailing P/E ratio of 11.2x. Average forward P/E is 13x in the Communications industry in Taiwan. Total returns to shareholders of 19% over the past three years. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$0.71 (vs NT$0.57 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$745.0m (up 14% from 1Q 2020). Net income: NT$48.7m (up 25% from 1Q 2020). Profit margin: 6.5% (up from 6.0% 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 19% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 06
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$94.20, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Communications industry in Taiwan. Total returns to shareholders of 30% over the past three years. Reported Earnings • Mar 29
Full year 2020 earnings released: EPS NT$8.02 (vs NT$4.22 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$3.34b (up 32% from FY 2019). Net income: NT$550.7m (up 106% from FY 2019). Profit margin: 17% (up from 11% 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 11% per year whereas the company’s share price has increased by 8% per year. Announcement • Mar 04
PCL Technologies, Inc. announced a financing transaction PCL Technologies, Inc. (TSEC:4977) announced a private placement of 6,000,000 share son March 2, 2021. The transaction has been approved by the board of directors of the company. Announcement • Mar 03
PCL Technologies, Inc., Annual General Meeting, Jun 10, 2021 PCL Technologies, Inc., Annual General Meeting, Jun 10, 2021. Location: Auditorium, Library Campus, In-service and Continuing Education Building, NTNU Extension, School of Continuing Education Taipei Taiwan Agenda: To consider 2020 business report ; to consider Audit Committee's review of the 2020 annual final accounting books and statements; to consider report on 2020 employees' and directors' remuneration; and to consider report on the handling of private placement of securities; to consider the report for the performance appraisal results and salary gratuity of directors and managers; to consider report on 2020 cash dividends of earnings distribution; and to consider other matters. Price Target Changed • Mar 03
Price target lowered to NT$147 Down from NT$166, the current price target is an average from 2 analysts. The new target price is 35% above the current share price of NT$109. As of last close, the stock is up 1.9% over the past year. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$3.00 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$946.3m (up 53% from 3Q 2019). Net income: NT$206.4m (up 224% from 3Q 2019). Profit margin: 22% (up from 10% 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 2% per year whereas the company’s share price has increased by 1% per year. Analyst Estimate Surprise Post Earnings • Nov 15
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 0.03%. Earnings per share (EPS) also surpassed analyst estimates by 45%. Over the next year, revenue is forecast to grow 24%, compared to a 15% growth forecast for the Communications industry in Taiwan. Is New 90 Day High Low • Nov 02
New 90-day low: NT$101 The company is down 25% from its price of NT$134 on 04 August 2020. The Taiwanese market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is down 3.0% over the same period. Is New 90 Day High Low • Sep 25
New 90-day low: NT$102 The company is down 18% from its price of NT$124 on 24 June 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is flat over the same period.