Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to NT$338, the stock trades at a trailing P/E ratio of 43.9x. Average trailing P/E is 40x in the Electronic industry in Taiwan. Total returns to shareholders of 612% over the past three years. New Risk • Jun 24
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improves as stock rises 37% After last week's 37% share price gain to NT$463, the stock trades at a trailing P/E ratio of 60.2x. Average trailing P/E is 41x in the Electronic industry in Taiwan. Total returns to shareholders of 877% over the past three years. Declared Dividend • Jun 08
Dividend increased to NT$4.20 Dividend of NT$4.20 is 21% higher than last year. Ex-date: 23rd June 2026 Payment date: 15th July 2026 Dividend yield will be 1.2%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (53% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 16% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 20
First quarter 2026 earnings released: EPS: NT$2.11 (vs NT$1.54 in 1Q 2025) First quarter 2026 results: EPS: NT$2.11 (up from NT$1.54 in 1Q 2025). Revenue: NT$1.13b (up 25% from 1Q 2025). Net income: NT$186.0m (up 38% from 1Q 2025). Profit margin: 17% (up from 15% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 73% per year, which means it is tracking significantly ahead of earnings growth. New Risk • May 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 9.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (348% cash payout ratio). Share price has been volatile over the past 3 months (9.4% average weekly change). Valuation Update With 7 Day Price Move • May 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$199, the stock trades at a trailing P/E ratio of 27.8x. Average trailing P/E is 31x in the Electronic industry in Taiwan. Total returns to shareholders of 312% over the past three years. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$173, the stock trades at a trailing P/E ratio of 24.2x. Average trailing P/E is 28x in the Electronic industry in Taiwan. Total returns to shareholders of 254% over the past three years. Announcement • Mar 05
Apaq Technology Co., Ltd., Annual General Meeting, May 29, 2026 Apaq Technology Co., Ltd., Annual General Meeting, May 29, 2026. Location: 2 floor no,36, k`o yen rd., jhunan township hsinchu science park, miaoli county Taiwan Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$189, the stock trades at a trailing P/E ratio of 29x. Average forward P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 355% over the past three years. Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: NT$2.28 (vs NT$1.33 in 3Q 2024) Third quarter 2025 results: EPS: NT$2.28 (up from NT$1.33 in 3Q 2024). Revenue: NT$1.16b (up 26% from 3Q 2024). Net income: NT$200.1m (up 71% from 3Q 2024). Profit margin: 17% (up from 13% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 30% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Electronic industry in Taiwan. 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 58% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$221, the stock trades at a trailing P/E ratio of 39.3x. Average forward P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 502% over the past three years. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$194, the stock trades at a trailing P/E ratio of 34.5x. Average forward P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 424% over the past three years. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to NT$159, the stock trades at a trailing P/E ratio of 28.2x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 331% over the past three years. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: NT$0.99 (vs NT$1.21 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.99 (down from NT$1.21 in 2Q 2024). Revenue: NT$1.14b (up 39% from 2Q 2024). Net income: NT$87.4m (down 18% from 2Q 2024). Profit margin: 7.7% (down from 13% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jun 09
Dividend of NT$3.48 announced Shareholders will receive a dividend of NT$3.48. Ex-date: 23rd June 2025 Payment date: 15th July 2025 Dividend yield will be 3.1%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (60% earnings payout ratio) but not adequately covered by cash flows (98% cash payout ratio). The dividend has increased by an average of 16% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 25% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$1.54 (vs NT$1.59 in 1Q 2024) First quarter 2025 results: EPS: NT$1.54 (down from NT$1.59 in 1Q 2024). Revenue: NT$905.0m (up 26% from 1Q 2024). Net income: NT$135.3m (down 3.4% from 1Q 2024). Profit margin: 15% (down from 19% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • May 08
Now 22% overvalued Over the last 90 days, the stock has fallen 24% to NT$102. The fair value is estimated to be NT$83.45, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.8% over the last 3 years. Earnings per share has grown by 15%. Announcement • Apr 30
Apaq Technology Co., Ltd. to Report Q1, 2025 Results on May 07, 2025 Apaq Technology Co., Ltd. announced that they will report Q1, 2025 results on May 07, 2025 Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$92.60, the stock trades at a trailing P/E ratio of 15.2x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 86% over the past three years. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$113, the stock trades at a trailing P/E ratio of 18.6x. Average trailing P/E is 20x in the Electronic industry in Taiwan. Total returns to shareholders of 127% over the past three years. Reported Earnings • Mar 26
Full year 2024 earnings released: EPS: NT$6.08 (vs NT$3.73 in FY 2023) Full year 2024 results: EPS: NT$6.08 (up from NT$3.73 in FY 2023). Revenue: NT$3.50b (up 19% from FY 2023). Net income: NT$534.4m (up 63% from FY 2023). Profit margin: 15% (up from 11% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 27
Apaq Technology Co., Ltd., Annual General Meeting, May 26, 2025 Apaq Technology Co., Ltd., Annual General Meeting, May 26, 2025. Location: 2 floor no,36, k`o yen rd., jhunan township, miaoli county Taiwan Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$153, the stock trades at a trailing P/E ratio of 31.6x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 198% over the past three years. Announcement • Feb 19
Apaq Technology Co., Ltd. to Report Fiscal Year 2024 Results on Feb 26, 2025 Apaq Technology Co., Ltd. announced that they will report fiscal year 2024 results on Feb 26, 2025 Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$121, the stock trades at a trailing P/E ratio of 25.1x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 139% over the past three years. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$1.33 (vs NT$1.45 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.33 (down from NT$1.45 in 3Q 2023). Revenue: NT$921.5m (up 12% from 3Q 2023). Net income: NT$117.1m (down 8.2% from 3Q 2023). Profit margin: 13% (down from 16% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 30
Apaq Technology Co., Ltd. to Report Q3, 2024 Results on Nov 06, 2024 Apaq Technology Co., Ltd. announced that they will report Q3, 2024 results on Nov 06, 2024 Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to NT$124, the stock trades at a trailing P/E ratio of 24.8x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 153% over the past three years. Announcement • Jul 30
Apaq Technology Co., Ltd. to Report Q2, 2024 Results on Aug 06, 2024 Apaq Technology Co., Ltd. announced that they will report Q2, 2024 results on Aug 06, 2024 Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$185, the stock trades at a trailing P/E ratio of 37x. Average trailing P/E is 26x in the Electronic industry in Taiwan. Total returns to shareholders of 244% over the past three years. Upcoming Dividend • Jun 18
Upcoming dividend of NT$2.30 per share Eligible shareholders must have bought the stock before 25 June 2024. Payment date: 15 July 2024. Payout ratio is a comfortable 67% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (2.6%). Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$150, the stock trades at a trailing P/E ratio of 40.2x. Average trailing P/E is 25x in the Electronic industry in Taiwan. Total returns to shareholders of 188% over the past three years. Valuation Update With 7 Day Price Move • May 10
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$114, the stock trades at a trailing P/E ratio of 30.5x. Average trailing P/E is 25x in the Electronic industry in Taiwan. Total returns to shareholders of 127% over the past three years. Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$118, the stock trades at a trailing P/E ratio of 31.6x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 88% over the past three years. New Risk • Apr 24
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 6.9% 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 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 (6.9% average weekly change). Announcement • Apr 19
Apaq Technology Co., Ltd. to Report Q1, 2024 Results on Apr 25, 2024 Apaq Technology Co., Ltd. announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on Apr 25, 2024 Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$89.90, the stock trades at a trailing P/E ratio of 24.1x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 52% over the past three years. Reported Earnings • Mar 05
Full year 2023 earnings released: EPS: NT$3.73 (vs NT$3.82 in FY 2022) Full year 2023 results: EPS: NT$3.73 (down from NT$3.82 in FY 2022). Revenue: NT$2.93b (up 18% from FY 2022). Net income: NT$328.4m (down 3.0% from FY 2022). Profit margin: 11% (down from 14% in FY 2022). The decrease in margin was driven by higher expenses. 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 12% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 21
Apaq Technology Co., Ltd., Annual General Meeting, May 29, 2024 Apaq Technology Co., Ltd., Annual General Meeting, May 29, 2024. Location: Room, 2nd Floor, Administrative Service Center, Jhunan Science Park, Hsinchu Science Park Bureau, Ministry of Science and Technology, No. 36-2, Keyan Rd., Zhunan Township, Miaoli County Taiwan Agenda: To consider 2023 business report; to consider Audit Committee's review of the 2023 annual final accounting books and statements; to consider Report on material transactions of the Company's investments, financing endorsements, and derivatives overseas and in China in 2023; to consider Report employees' and directors' remuneration; to consider 2023 Business Reports and Financial Statements; to consider 2023 Earnings Distribution Plan; and to consider Proposal of Release the Prohibition on Directors from Participation in Competitive Business. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: NT$1.45 (vs NT$1.17 in 3Q 2022) Third quarter 2023 results: EPS: NT$1.45 (up from NT$1.17 in 3Q 2022). Revenue: NT$822.1m (up 58% from 3Q 2022). Net income: NT$127.6m (up 23% from 3Q 2022). Profit margin: 16% (down from 20% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 5% per year and the company’s share price has also increased by 5% per year. Reported Earnings • Aug 18
Second quarter 2023 earnings released: EPS: NT$1.25 (vs NT$1.27 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.25 (down from NT$1.27 in 2Q 2022). Revenue: NT$703.1m (up 17% from 2Q 2022). Net income: NT$109.9m (down 2.9% from 2Q 2022). Profit margin: 16% (down from 19% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 11% per year. Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$65.70, the stock trades at a trailing P/E ratio of 20.4x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 109% over the past three years. Upcoming Dividend • Jul 12
Upcoming dividend of NT$2.30 per share at 4.2% yield Eligible shareholders must have bought the stock before 19 July 2023. Payment date: 08 August 2023. Payout ratio is a comfortable 60% and this is well supported by cash flows. Trailing yield: 4.2%. Lower than top quartile of Taiwanese dividend payers (5.5%). In line with average of industry peers (4.2%). Announcement • Jul 04
Apaq Technology Co., Ltd. Announces Cash Dividend, Payable on August 8, 2023 Apaq Technology Co., Ltd. at the cash dividends TWD 202,293,083 of common stock. Ex-rights (ex-dividend) trading date: July 19, 2023. Ex-rights (ex-dividend) record date: July 25, 2023. The payment date of the cash dividend distribution of August 8, 2023. Board Change • Jun 22
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 Yung Tsai Wu was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 28
Full year 2022 earnings released: EPS: NT$3.82 (vs NT$3.49 in FY 2021) Full year 2022 results: EPS: NT$3.82 (up from NT$3.49 in FY 2021). Revenue: NT$2.49b (down 12% from FY 2021). Net income: NT$338.4m (up 11% from FY 2021). Profit margin: 14% (up from 11% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: NT$1.17 (vs NT$0.96 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.17 (up from NT$0.96 in 3Q 2021). Revenue: NT$518.9m (down 28% from 3Q 2021). Net income: NT$103.7m (up 21% from 3Q 2021). Profit margin: 20% (up from 12% in 3Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 16
Price target decreased to NT$44.00 Down from NT$68.00, the current price target is provided by 1 analyst. New target price is 6.0% above last closing price of NT$41.50. Stock is down 25% over the past year. The company posted earnings per share of NT$3.49 last 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 Chia-Ning Chang was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$1.27 (vs NT$0.84 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.27 (up from NT$0.84 in 2Q 2021). Revenue: NT$600.6m (down 15% from 2Q 2021). Net income: NT$113.2m (up 53% from 2Q 2021). Profit margin: 19% (up from 10% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 04
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 11 July 2022. Payment date: 29 July 2022. Payout ratio is a comfortable 55% but the company is not cash flow positive. Trailing yield: 4.5%. Lower than top quartile of Taiwanese dividend payers (6.7%). In line with average of industry peers (4.9%). Reported Earnings • May 14
First quarter 2022 earnings released: EPS: NT$0.96 (vs NT$0.82 in 1Q 2021) First quarter 2022 results: EPS: NT$0.96 (up from NT$0.82 in 1Q 2021). Revenue: NT$736.1m (up 12% from 1Q 2021). Net income: NT$85.0m (up 21% from 1Q 2021). Profit margin: 12% (in line with 1Q 2021). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target decreased to NT$68.00 Down from NT$80.00, the current price target is provided by 1 analyst. New target price is 24% above last closing price of NT$54.90. Stock is down 23% over the past year. The company posted earnings per share of NT$3.49 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Chia-Ning Chang was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 01
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: NT$2.82b (up 18% from FY 2020). Net income: NT$306.4m (up 17% from FY 2020). Profit margin: 11% (in line with FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 19%, compared to a 9.0% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Announcement • Feb 12
Apaq Technology Co., Ltd., Annual General Meeting, Jun 21, 2022 Apaq Technology Co., Ltd., Annual General Meeting, Jun 21, 2022. Location: Room, 2nd Floor, Administrative Service Center, Jhunan Science Park, No. 36-2, Keyan Rd., Zhunan Township, Miaoli County Taiwan Agenda: To consider and approve the 2021 business report; audit committee's review of the 2021 annual final accounting books and statements; report on material transactions of the company’s investments, financing endorsements, and derivatives overseas and in China in 2021; and to discuss other matters. Reported Earnings • Nov 05
Third quarter 2021 earnings released: EPS NT$0.96 (vs NT$1.06 in 3Q 2020) The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: NT$722.5m (down 2.6% from 3Q 2020). Net income: NT$85.4m (down 4.3% from 3Q 2020). Profit margin: 12% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 20% per year. Reported Earnings • Aug 04
Second quarter 2021 earnings released: EPS NT$0.84 (vs NT$0.97 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$710.2m (up 19% from 2Q 2020). Net income: NT$74.2m (down 9.6% from 2Q 2020). Profit margin: 10% (down from 14% 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 only increased by 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 14
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$56.80, the stock trades at a trailing P/E ratio of 15.7x. Average forward P/E is 11x in the Electronic industry in Taiwan. Total loss to shareholders of 1.8% over the past three years. Reported Earnings • May 09
First quarter 2021 earnings released: EPS NT$0.82 (vs NT$0.30 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$654.7m (up 64% from 1Q 2020). Net income: NT$70.1m (up 177% from 1Q 2020). Profit margin: 11% (up from 6.4% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 3% per year. Reported Earnings • Mar 18
Full year 2020 earnings released: EPS NT$3.10 (vs NT$1.66 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$2.38b (up 19% from FY 2019). Net income: NT$261.6m (up 88% from FY 2019). Profit margin: 11% (up from 6.9% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Mar 15
New 90-day high: NT$61.80 The company is up 9.0% from a price of NT$56.70 on 15 December 2020. Underperformed the Taiwanese market, which is up 14% over the last 90 days. Lagged the Electronic industry, which is up 17% over the same period. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS NT$3.10 (vs NT$1.66 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$2.38b (up 19% from FY 2019). Net income: NT$261.6m (up 88% from FY 2019). Profit margin: 11% (up from 6.9% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 9% 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. Analyst Estimate Surprise Post Earnings • Feb 27
Revenue beats expectations Revenue exceeded analyst estimates by 2.0%. Over the next year, revenue is forecast to grow 22%, compared to a 16% growth forecast for the Electronic industry in Taiwan. Announcement • Feb 26
Apaq Technology Co., Ltd., Annual General Meeting, Jun 24, 2021 Apaq Technology Co., Ltd., Annual General Meeting, Jun 24, 2021. Location: Room, 2nd Floor, Administrative Service Center, Jhunan Science Park Miaoli City Taiwan Agenda: To consider 2020 business report; to Audit Committee's review of the 2020 annual final accounting books and statements; to report on material transactions of the Company's investments, financing endorsements, and derivatives overseas and in China in 2020; to report on distribution of remuneration paid to employees, directors and supervisors; to Report on amendment to the Company's Code of Ethics; and to consider other matter. Is New 90 Day High Low • Dec 11
New 90-day high: NT$62.00 The company is up 20% from its price of NT$51.70 on 11 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$145 per share. Price Target Changed • Nov 14
Price target lowered to NT$68.00 Down from NT$80.00, the current price target is an average from 2 analysts. The new target price is 30% above the current share price of NT$52.40. As of last close, the stock is up 46% over the past year. Reported Earnings • Nov 12
Third quarter 2020 earnings released: EPS NT$1.06 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$741.8m (up 27% from 3Q 2019). Net income: NT$89.2m (up 43% from 3Q 2019). Profit margin: 12% (up from 11% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Oct 20
New 90-day high: NT$56.80 The company is up 57% from its price of NT$36.10 on 22 July 2020. The Taiwanese market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is down 3.0% over the same period. Valuation Update With 7 Day Price Move • Oct 20
Market bids up stock over the past week After last week's 17% share price gain to NT$56.80, the stock is trading at a trailing P/E ratio of 22.4x, up from the previous P/E ratio of 19x. This compares to an average P/E of 17x in the Electronic industry in Taiwan. Total returns to shareholders over the past three years are 46%.