New Risk • Apr 27
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 9.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 9.1% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.1% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$91.40, the stock trades at a trailing P/E ratio of 67x. Average trailing P/E is 30x in the Electronic industry in Taiwan. Total returns to shareholders of 105% over the past three years. New Risk • Mar 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 7.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 9.1% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (NT$2.45b market cap, or US$76.8m). Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$68.70, the stock trades at a trailing P/E ratio of 50.3x. Average trailing P/E is 25x in the Electronic industry in Taiwan. Total returns to shareholders of 68% over the past three years. New Risk • Mar 11
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% 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 9.1% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Market cap is less than US$100m (NT$2.13b market cap, or US$67.0m). Reported Earnings • Feb 26
Full year 2025 earnings released: EPS: NT$1.38 (vs NT$1.09 in FY 2024) Full year 2025 results: EPS: NT$1.38 (up from NT$1.09 in FY 2024). Revenue: NT$2.08b (up 31% from FY 2024). Net income: NT$49.6m (up 38% from FY 2024). Profit margin: 2.4% (up from 2.3% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Feb 06
SynPower Co., Ltd., Annual General Meeting, May 14, 2026 SynPower Co., Ltd., Annual General Meeting, May 14, 2026. Location: no,57, tung yuan rd., jhongli district, taoyuan city Taiwan Announcement • Jan 29
SynPower Co., Ltd. to Report Q4, 2025 Results on Feb 05, 2026 SynPower Co., Ltd. announced that they will report Q4, 2025 results on Feb 05, 2026 Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$60.20, the stock trades at a trailing P/E ratio of 52.7x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 71% over the past three years. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: NT$0.06 (vs NT$0.26 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$0.06 (up from NT$0.26 loss in 3Q 2024). Revenue: NT$375.4m (up 14% from 3Q 2024). Net income: NT$2.36m (up NT$11.0m from 3Q 2024). Profit margin: 0.6% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. New Risk • Sep 26
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 134% The company is paying a dividend despite having no free cash flows. Dividend yield: 1.9% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 134% Paying a dividend despite having no free cash flows. Earnings have declined by 10% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (1.5% net profit margin). Market cap is less than US$100m (NT$2.17b market cap, or US$71.0m). Reported Earnings • Aug 12
Second quarter 2025 earnings released: NT$0.09 loss per share (vs NT$0.47 profit in 2Q 2024) Second quarter 2025 results: NT$0.09 loss per share (down from NT$0.47 profit in 2Q 2024). Revenue: NT$719.0m (up 49% from 2Q 2024). Net loss: NT$3.13m (down 120% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$73.30, the stock trades at a trailing P/E ratio of 54.4x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 144% over the past three years. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to NT$81.80, the stock trades at a trailing P/E ratio of 60.7x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 139% over the past three years. Reported Earnings • May 13
First quarter 2025 earnings released: EPS: NT$0.40 (vs NT$0.02 in 1Q 2024) First quarter 2025 results: EPS: NT$0.40 (up from NT$0.02 in 1Q 2024). Revenue: NT$486.5m (up 72% from 1Q 2024). Net income: NT$13.7m (up NT$13.1m from 1Q 2024). Profit margin: 2.8% (up from 0.2% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Declared Dividend • May 07
Dividend of NT$1.20 announced Dividend of NT$1.20 is the same as last year. Ex-date: 22nd May 2025 Payment date: 19th June 2025 Dividend yield will be 2.1%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is not covered by earnings (110% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has remained flat since 3 years ago. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 22% to bring the payout ratio under control. However, EPS has declined by 5.2% over the last 5 years so the company would need to reverse this trend. Announcement • Apr 30
SynPower Co., Ltd. to Report Q1, 2025 Results on May 07, 2025 SynPower Co., Ltd. announced that they will report Q1, 2025 results on May 07, 2025 Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$48.20, the stock trades at a trailing P/E ratio of 48.7x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 33% over the past three years. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$66.30, the stock trades at a trailing P/E ratio of 67x. Average trailing P/E is 20x in the Electronic industry in Taiwan. Total returns to shareholders of 78% over the past three years. Announcement • Mar 20
SynPower Co., Ltd. Announces the Resignation of Lin, Ge-Ming as an Institutional Director SynPower Co., Ltd. announced the resignation of an institutional director. Title and name of the previous position holder: Kao Mei Industrial Co., Ltd. Representative: Lin, Ge-Ming. Resume of the previous position holder: Director, SynPower Co., Ltd. New Risk • Mar 12
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 Share price has been highly volatile over the past 3 months (8.0% average weekly change). Earnings have declined by 5.1% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$2.72b market cap, or US$82.4m). Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$82.70, the stock trades at a trailing P/E ratio of 75.6x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 120% over the past three years. Reported Earnings • Mar 02
Full year 2024 earnings released: EPS: NT$1.09 (vs NT$0.99 in FY 2023) Full year 2024 results: EPS: NT$1.09 (up from NT$0.99 in FY 2023). Revenue: NT$1.59b (up 24% from FY 2023). Net income: NT$36.0m (up 20% from FY 2023). Profit margin: 2.3% (in line with FY 2023). 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 18% per year, which means it is well ahead of earnings. Announcement • Feb 18
SynPower Co., Ltd., Annual General Meeting, May 07, 2025 SynPower Co., Ltd., Annual General Meeting, May 07, 2025, at 09:00 Taipei Standard Time. Location: no,57, tung yuan rd., jhongli district, taoyuan city Taiwan Announcement • Feb 08
SynPower Co., Ltd. to Report Q4, 2024 Results on Feb 17, 2025 SynPower Co., Ltd. announced that they will report Q4, 2024 results on Feb 17, 2025 New Risk • Feb 06
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 21% 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 Earnings have declined by 1.4% per year over the past 5 years. High level of non-cash earnings (27% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Profit margins are more than 30% lower than last year (0.5% net profit margin). Shareholders have been diluted in the past year (21% increase in shares outstanding). Market cap is less than US$100m (NT$2.47b market cap, or US$75.3m). Reported Earnings • Nov 18
Third quarter 2024 earnings released: NT$0.26 loss per share (vs NT$0.64 profit in 3Q 2023) Third quarter 2024 results: NT$0.26 loss per share (down from NT$0.64 profit in 3Q 2023). Revenue: NT$327.9m (down 14% from 3Q 2023). Net loss: NT$8.61m (down 145% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Announcement • Oct 29
SynPower Co., Ltd. to Report Q3, 2024 Results on Nov 05, 2024 SynPower Co., Ltd. announced that they will report Q3, 2024 results on Nov 05, 2024 Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$81.50, the stock trades at a trailing P/E ratio of 77.7x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 67% over the past year. Valuation Update With 7 Day Price Move • Sep 02
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$81.30, the stock trades at a trailing P/E ratio of 77.5x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 68% over the past year. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$79.50, the stock trades at a trailing P/E ratio of 75.8x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 78% over the past year. Reported Earnings • Aug 13
Second quarter 2024 earnings released: EPS: NT$0.47 (vs NT$0.35 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.47 (up from NT$0.35 in 2Q 2023). Revenue: NT$481.9m (up 55% from 2Q 2023). Net income: NT$15.3m (up 45% from 2Q 2023). Profit margin: 3.2% (down from 3.4% in 2Q 2023). The decrease in margin was driven by higher expenses. Announcement • Aug 10
SynPower Co., Ltd. Announces Board Changes SynPower Co., Ltd. announced the change in legal person director representative for the company. Name of the previous position holder: Kao Mei Industrial Co., Ltd., Representative: Chen, Wen-Sheng. Resume of the previous position holder: Director, SynPower Co., Ltd. Name of the new position holder: Kao Mei Industrial Co., Ltd. Representative: Lin, Ge-Ming; Resume of the new position holder: Director, SynPower Co., Ltd. Effective date of the new appointment is August 8, 2024. Announcement • Aug 02
SynPower Co., Ltd. to Report Q2, 2024 Results on Aug 09, 2024 SynPower Co., Ltd. announced that they will report Q2, 2024 results on Aug 09, 2024 Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$61.00, the stock trades at a trailing P/E ratio of 67.4x. Average trailing P/E is 25x in the Electronic industry in Taiwan. Total returns to shareholders of 33% over the past year. Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to NT$58.70, the stock trades at a trailing P/E ratio of 64.9x. Average trailing P/E is 25x in the Electronic industry in Taiwan. Total returns to shareholders of 35% over the past year. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$52.90, the stock trades at a trailing P/E ratio of 58.5x. Average trailing P/E is 25x in the Electronic industry in Taiwan. Total returns to shareholders of 22% over the past year. Announcement • May 16
SynPower Co., Ltd. Announces the Appointment of Chen, Wen-Sheng as Legal Person Director Representative SynPower Co., Ltd. announced the appointment of Chen, Wen-Sheng as legal person director representative, effective May 15, 2024. Upcoming Dividend • May 10
Upcoming dividend of NT$1.20 per share Eligible shareholders must have bought the stock before 17 May 2024. Payment date: 18 June 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 2.9%. Lower than top quartile of Taiwanese dividend payers (4.5%). In line with average of industry peers (3.0%). Announcement • May 02
SynPower Co., Ltd. to Report Q1, 2024 Results on May 09, 2024 SynPower Co., Ltd. announced that they will report Q1, 2024 results on May 09, 2024 New Risk • Mar 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 9.5% 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 Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 122% Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Profit margins are more than 30% lower than last year (2.3% net profit margin). Shareholders have been diluted in the past year (9.5% increase in shares outstanding). Market cap is less than US$100m (NT$1.41b market cap, or US$44.6m). Reported Earnings • Feb 27
Full year 2023 earnings released: EPS: NT$0.99 (vs NT$3.97 in FY 2022) Full year 2023 results: EPS: NT$0.99 (down from NT$3.97 in FY 2022). Revenue: NT$1.28b (down 20% from FY 2022). Net income: NT$30.1m (down 75% from FY 2022). Profit margin: 2.3% (down from 7.4% in FY 2022). The decrease in margin was driven by lower revenue. Announcement • Feb 23
SynPower Co., Ltd., Annual General Meeting, May 15, 2024 SynPower Co., Ltd., Annual General Meeting, May 15, 2024. Location: Auditorium 2F, Service Center, Zhongli Industrial Zone, Industrial Bureau, Ministry of Economic Affairs, No. 57, Dongyuan Road, Zhongli District Taoyuan City Taiwan Agenda: To consider company's 2023 business report; to consider Report on 2023 employee's and director's remuneration; to consider report on cash dividend distribution of 2023 earnings; and to transact such other business matters. New Risk • Nov 21
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.9% Last year net profit margin: 6.6% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 105% Paying a dividend despite having no free cash flows. High level of non-cash earnings (28% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (3.9% net profit margin). Market cap is less than US$100m (NT$1.16b market cap, or US$36.8m). New Risk • Nov 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 5.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (41% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.5% average weekly change). Market cap is less than US$100m (NT$1.18b market cap, or US$36.9m). Valuation Update With 7 Day Price Move • Nov 02
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$40.00, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 13% over the past year. Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: NT$0.35 (vs NT$1.07 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.35 (down from NT$1.07 in 2Q 2022). Revenue: NT$312.0m (down 7.6% from 2Q 2022). Net income: NT$10.6m (down 67% from 2Q 2022). Profit margin: 3.4% (down from 9.5% in 2Q 2022). Upcoming Dividend • May 26
Upcoming dividend of NT$2.00 per share at 4.0% yield Eligible shareholders must have bought the stock before 02 June 2023. Payment date: 05 July 2023. Payout ratio is a comfortable 64% but the company is not cash flow positive. Trailing yield: 4.0%. Lower than top quartile of Taiwanese dividend payers (5.7%). In line with average of industry peers (4.4%). Reported Earnings • May 14
First quarter 2023 earnings released: EPS: NT$0.03 (vs NT$0.92 in 1Q 2022) First quarter 2023 results: EPS: NT$0.03 (down from NT$0.92 in 1Q 2022). Revenue: NT$293.5m (down 15% from 1Q 2022). Net income: NT$1.03m (down 96% from 1Q 2022). Profit margin: 0.3% (down from 8.0% in 1Q 2022). Reported Earnings • Mar 19
Full year 2022 earnings released: EPS: NT$3.97 (vs NT$0.75 in FY 2021) Full year 2022 results: EPS: NT$3.97 (up from NT$0.75 in FY 2021). Revenue: NT$1.60b (up 17% from FY 2021). Net income: NT$119.2m (up 450% from FY 2021). Profit margin: 7.4% (up from 1.6% in FY 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment improved over the past week After last week's 18% share price gain to NT$42.50, the stock trades at a trailing P/E ratio of 20.3x. Average trailing P/E is 12x in the Electronic industry in Taiwan. Reported Earnings • Apr 17
Full year 2021 earnings released: EPS: NT$0.75 (vs NT$2.36 in FY 2020) Full year 2021 results: EPS: NT$0.75 (down from NT$2.36 in FY 2020). Revenue: NT$1.37b (up 9.9% from FY 2020). Net income: NT$21.7m (down 66% from FY 2020). Profit margin: 1.6% (down from 5.1% in FY 2020). The decrease in margin was driven by higher expenses.