New Risk • Mar 26
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 103% The company is paying a dividend despite having no free cash flows. Dividend yield: 2.6% 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: 103% Paying a dividend despite having no free cash flows. High level of non-cash earnings (52% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (2.7% net profit margin). Market cap is less than US$100m (NT$2.52b market cap, or US$78.8m). Buy Or Sell Opportunity • Mar 25
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at NT$38.80. The fair value is estimated to be NT$32.10, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 14%. New Risk • Mar 11
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: 2.7% Last year net profit margin: 11% 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 Risk High level of non-cash earnings (54% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (2.7% net profit margin). Market cap is less than US$100m (NT$2.59b market cap, or US$81.6m). Buy Or Sell Opportunity • Mar 05
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at NT$39.00. The fair value is estimated to be NT$32.17, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 2.6% over the last 3 years. Earnings per share has declined by 9.1%. Announcement • Mar 02
Complex Micro Interconnection Co.,Ltd., Annual General Meeting, May 29, 2026 Complex Micro Interconnection Co.,Ltd., Annual General Meeting, May 29, 2026. Location: 1 floor no,223, sec.3 pei hsin rd., sindian district, new taipei city Taiwan Buy Or Sell Opportunity • Feb 02
Now 22% overvalued The stock has been flat over the last 90 days, currently trading at NT$38.20. The fair value is estimated to be NT$31.21, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 2.6% over the last 3 years. Earnings per share has declined by 9.1%. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: NT$0.49 (vs NT$0.44 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.49 (up from NT$0.44 in 3Q 2024). Revenue: NT$609.9m (down 4.9% from 3Q 2024). Net income: NT$32.4m (up 12% from 3Q 2024). Profit margin: 5.3% (up from 4.5% 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 9% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 13
Second quarter 2025 earnings released: NT$0.46 loss per share (vs NT$0.98 profit in 2Q 2024) Second quarter 2025 results: NT$0.46 loss per share (down from NT$0.98 profit in 2Q 2024). Revenue: NT$648.9m (up 9.1% from 2Q 2024). Net loss: NT$30.1m (down 146% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • Aug 12
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to NT$37.85. The fair value is estimated to be NT$47.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.0% over the last 3 years, while earnings per share has been flat. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.89 (vs NT$0.96 in 1Q 2024) First quarter 2025 results: EPS: NT$0.89 (down from NT$0.96 in 1Q 2024). Revenue: NT$599.2m (up 4.1% from 1Q 2024). Net income: NT$58.8m (down 7.3% from 1Q 2024). Profit margin: 9.8% (down from 11% 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 2% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • May 03
Complex Micro Interconnection Co.,Ltd. to Report Q1, 2025 Results on May 12, 2025 Complex Micro Interconnection Co.,Ltd. announced that they will report Q1, 2025 results on May 12, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to NT$37.20, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total loss to shareholders of 16% over the past three years. New Risk • Mar 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.0% average weekly change). Market cap is less than US$100m (NT$3.06b market cap, or US$92.2m). Upcoming Dividend • Mar 21
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 21 April 2025. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 3.9%. Lower than top quartile of Taiwanese dividend payers (4.6%). Higher than average of industry peers (3.0%). Reported Earnings • Mar 02
Full year 2024 earnings released: EPS: NT$4.06 (vs NT$3.57 in FY 2023) Full year 2024 results: EPS: NT$4.06 (up from NT$3.57 in FY 2023). Revenue: NT$2.44b (up 11% from FY 2023). Net income: NT$268.7m (up 14% from FY 2023). Profit margin: 11% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 2% per year. Valuation Update With 7 Day Price Move • Feb 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$53.60, the stock trades at a trailing P/E ratio of 15.8x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 20% over the past three years. Announcement • Feb 26
Complex Micro Interconnection Co.,Ltd., Annual General Meeting, Jun 25, 2025 Complex Micro Interconnection Co.,Ltd., Annual General Meeting, Jun 25, 2025. Location: 1 floor no,223, sec.3 pei hsin rd., sindian district, new taipei city Taiwan Announcement • Feb 18
Complex Micro Interconnection Co.,Ltd. to Report Fiscal Year 2024 Results on Feb 25, 2025 Complex Micro Interconnection Co.,Ltd. announced that they will report fiscal year 2024 results on Feb 25, 2025 Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$0.44 (vs NT$1.23 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.44 (down from NT$1.23 in 3Q 2023). Revenue: NT$641.1m (up 7.4% from 3Q 2023). Net income: NT$29.0m (down 64% from 3Q 2023). Profit margin: 4.5% (down from 14% 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 6% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. New Risk • Nov 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.14b (US$97.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.98 (vs NT$0.76 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.98 (up from NT$0.76 in 2Q 2023). Revenue: NT$594.9m (up 20% from 2Q 2023). Net income: NT$65.1m (up 30% from 2Q 2023). Profit margin: 11% (in line with 2Q 2023). 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 3% per year. Announcement • Aug 02
Complex Micro Interconnection Co.,Ltd. to Report Q2, 2024 Results on Aug 08, 2024 Complex Micro Interconnection Co.,Ltd. announced that they will report Q2, 2024 results on Aug 08, 2024 New Risk • Jul 19
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.15b (US$96.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. 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. Market cap is less than US$100m (NT$3.15b market cap, or US$96.1m). Upcoming Dividend • Jul 01
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 08 July 2024. Payment date: 31 July 2024. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.6%). Declared Dividend • Jul 01
Dividend of NT$2.00 announced Dividend of NT$2.00 is the same as last year. Ex-date: 8th July 2024 Payment date: 31st July 2024 Dividend yield will be 3.8%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (44% cash payout ratio). The dividend has not increased over the past 2 years but payments have been stable during that time. Earnings per share has grown by 7.0% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.96 (vs NT$0.57 in 1Q 2023) First quarter 2024 results: EPS: NT$0.96 (up from NT$0.57 in 1Q 2023). Revenue: NT$575.5m (up 8.6% from 1Q 2023). Net income: NT$63.4m (up 68% from 1Q 2023). Profit margin: 11% (up from 7.1% in 1Q 2023). The increase in margin was driven by higher revenue. Announcement • May 05
Complex Micro Interconnection Co.,Ltd. to Report Q1, 2024 Results on May 13, 2024 Complex Micro Interconnection Co.,Ltd. announced that they will report Q1, 2024 results on May 13, 2024 New Risk • Apr 22
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.24b (US$99.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. 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. Market cap is less than US$100m (NT$3.24b market cap, or US$99.3m). Announcement • Mar 19
Complex Micro Interconnection Co.,Ltd., Annual General Meeting, Jun 26, 2024 Complex Micro Interconnection Co.,Ltd., Annual General Meeting, Jun 26, 2024. Reported Earnings • Mar 17
Full year 2023 earnings released: EPS: NT$3.57 (vs NT$4.05 in FY 2022) Full year 2023 results: EPS: NT$3.57 (down from NT$4.05 in FY 2022). Revenue: NT$2.20b (down 19% from FY 2022). Net income: NT$236.1m (down 4.4% from FY 2022). Profit margin: 11% (up from 9.1% in FY 2022). The increase in margin was driven by lower expenses. Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: NT$0.76 (vs NT$1.15 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.76 (down from NT$1.15 in 2Q 2022). Revenue: NT$497.2m (down 22% from 2Q 2022). Net income: NT$50.2m (down 27% from 2Q 2022). Profit margin: 10% (in line with 2Q 2022). Upcoming Dividend • Jun 26
Upcoming dividend of NT$2.00 per share at 4.4% yield Eligible shareholders must have bought the stock before 03 July 2023. Payment date: 28 July 2023. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 4.4%. Lower than top quartile of Taiwanese dividend payers (5.5%). In line with average of industry peers (4.2%). Valuation Update With 7 Day Price Move • May 25
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$50.50, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 15x in the Electronic industry in Taiwan. Total returns to shareholders of 2.6% over the past year. Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: NT$4.05 (vs NT$2.72 in FY 2021) Full year 2022 results: EPS: NT$4.05 (up from NT$2.72 in FY 2021). Revenue: NT$2.72b (down 2.2% from FY 2021). Net income: NT$247.1m (up 52% from FY 2021). Profit margin: 9.1% (up from 5.8% in FY 2021). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$49.20, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 12x in the Electronic industry in Taiwan. Total returns to shareholders of 1.5% over the past year. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$1.81 (vs NT$0.61 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.81 (up from NT$0.61 in 3Q 2021). Revenue: NT$741.3m (up 3.5% from 3Q 2021). Net income: NT$109.1m (up 198% from 3Q 2021). Profit margin: 15% (up from 5.1% in 3Q 2021). The increase in margin was primarily driven by lower expenses. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$1.81 (vs NT$0.61 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.81 (up from NT$0.61 in 3Q 2021). Revenue: NT$741.3m (up 3.5% from 3Q 2021). Net income: NT$109.1m (up 198% from 3Q 2021). Profit margin: 15% (up from 5.1% in 3Q 2021). The increase in margin was primarily driven by lower expenses. Announcement • Apr 10
Complex Micro Interconnection Co.,Ltd., Annual General Meeting, Jun 27, 2022 Complex Micro Interconnection Co.,Ltd., Annual General Meeting, Jun 27, 2022.