Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$370, the stock trades at a trailing P/E ratio of 75.2x. Average trailing P/E is 40x in the Electronic industry in Taiwan. Total returns to shareholders of 251% over the past three years. Declared Dividend • Jun 01
Dividend increased to NT$2.00 Dividend of NT$2.00 is 11% higher than last year. Ex-date: 15th June 2026 Payment date: 14th July 2026 Dividend yield will be 0.5%, which is lower than the industry average of 4.0%. Payout Ratios Payout ratio: 41%. Cash payout ratio: 34%. Reported Earnings • May 20
First quarter 2026 earnings released: EPS: NT$2.12 (vs NT$1.03 in 1Q 2025) First quarter 2026 results: EPS: NT$2.12 (up from NT$1.03 in 1Q 2025). Revenue: NT$791.0m (up 47% from 1Q 2025). Net income: NT$88.0m (up 105% from 1Q 2025). Profit margin: 11% (up from 8.0% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 56% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$146, the stock trades at a trailing P/E ratio of 37.9x. Average trailing P/E is 28x in the Electronic industry in Taiwan. Total returns to shareholders of 22% over the past three years. Buy Or Sell Opportunity • Apr 09
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 108% to NT$136. The fair value is estimated to be NT$109, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.7% over the last 3 years. Earnings per share has declined by 12%. Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: NT$3.84 (vs NT$3.75 in FY 2024) Full year 2025 results: EPS: NT$3.84 (up from NT$3.75 in FY 2024). Revenue: NT$2.29b (up 15% from FY 2024). Net income: NT$159.5m (up 4.3% from FY 2024). Profit margin: 7.0% (down from 7.7% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. 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$178, the stock trades at a trailing P/E ratio of 50.9x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 45% over the past three years. Buy Or Sell Opportunity • Mar 09
Now 24% undervalued Over the last 90 days, the stock has risen 131% to NT$136. The fair value is estimated to be NT$177, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.1% over the last 3 years. Earnings per share has declined by 18%. Announcement • Mar 05
InnoCare Optoelectronics Corporation, Annual General Meeting, May 29, 2026 InnoCare Optoelectronics Corporation, Annual General Meeting, May 29, 2026, at 09:00 Taipei Standard Time. Location: 1 floor no,22, nan k`o 3rd rd., sinshih district, tainan city Taiwan Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$94.80, the stock trades at a trailing P/E ratio of 27.1x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total loss to shareholders of 21% over the past three years. New Risk • Feb 23
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 7.2% 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 6.6% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.2% average weekly change). Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$75.30, the stock trades at a trailing P/E ratio of 21.5x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total loss to shareholders of 23% over the past three years. Reported Earnings • Nov 09
Third quarter 2025 earnings released: EPS: NT$0.72 (vs NT$0.75 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.72 (down from NT$0.75 in 3Q 2024). Revenue: NT$554.8m (up 15% from 3Q 2024). Net income: NT$29.8m (down 3.8% from 3Q 2024). Profit margin: 5.4% (down from 6.4% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$57.60, the stock trades at a trailing P/E ratio of 16.3x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total loss to shareholders of 24% over the past three years. New Risk • Oct 02
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 6.5% 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 Earnings have declined by 7.0% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (NT$2.72b market cap, or US$89.5m). Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: NT$0.77 (vs NT$1.51 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.77 (down from NT$1.51 in 2Q 2024). Revenue: NT$550.8m (up 8.0% from 2Q 2024). Net income: NT$32.0m (down 47% from 2Q 2024). Profit margin: 5.8% (down from 12% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 22% per year whereas the company’s share price has fallen by 19% per year. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$54.00, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total loss to shareholders of 17% over the past three years. Declared Dividend • May 22
Dividend increased to NT$1.80 Dividend of NT$1.80 is 64% higher than last year. Ex-date: 5th June 2025 Payment date: 9th July 2025 Dividend yield will be 3.2%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is well covered by both earnings (42% earnings payout ratio) and cash flows (31% cash payout ratio). The dividend has increased by an average of 18% per year over the past 3 years and payments have been stable during that time. Earnings per share has grown by 9.6% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: NT$1.03 (vs NT$0.51 in 1Q 2024) First quarter 2025 results: EPS: NT$1.03 (up from NT$0.51 in 1Q 2024). Revenue: NT$536.8m (up 17% from 1Q 2024). Net income: NT$42.9m (up 110% from 1Q 2024). Profit margin: 8.0% (up from 4.5% 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 24% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Announcement • May 06
InnoCare Optoelectronics Corporation to Report Q1, 2025 Results on May 13, 2025 InnoCare Optoelectronics Corporation announced that they will report Q1, 2025 results on May 13, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$45.90, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total loss to shareholders of 67% over the past three years. Announcement • Apr 03
InnoCare Optoelectronics Corporation Announces Executive Changes InnoCare Optoelectronics Corporation announced that the Change to the Principal financial officer and principal accounting officer of the company. Name, title, and resume of the previous position holder: financial officer: Huang,Chung-Wei/Director/the financial officer and accounting officer of the company accounting officer: Huang,Chung-Wei/Director/the financial officer and accounting officer of the company with Name, title, and resume of the new position holder: accounting officer(Temporary): Ivy Cheng/Manager/Finance and
Accounting Manager of the Company. Type of change is Resignation. Reason for the change: Personal career planning. Effective date is April 2, 2025. The accounting director is temporary and the financial and accounting directors will be announced after the board of directors formally appoints them. Reported Earnings • Mar 15
Full year 2024 earnings released: EPS: NT$3.75 (vs NT$3.00 in FY 2023) Full year 2024 results: EPS: NT$3.75 (up from NT$3.00 in FY 2023). Revenue: NT$1.99b (up 8.3% from FY 2023). Net income: NT$152.9m (up 31% from FY 2023). Profit margin: 7.7% (up from 6.4% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 28% per year whereas the company’s share price has fallen by 24% per year. Announcement • Mar 06
InnoCare Optoelectronics Corporation, Annual General Meeting, May 20, 2025 InnoCare Optoelectronics Corporation, Annual General Meeting, May 20, 2025, at 09:00 Taipei Standard Time. Location: 1 floor no,22, nan k`o 3rd rd., sinshih district, tainan city Taiwan Announcement • Feb 26
InnoCare Optoelectronics Corporation to Report Q4, 2024 Results on Mar 05, 2025 InnoCare Optoelectronics Corporation announced that they will report Q4, 2024 results at 9:00 AM, Taipei Standard Time on Mar 05, 2025 New Risk • Dec 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.2% 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 Earnings have declined by 3.1% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (408% cash payout ratio). Shareholders have been diluted in the past year (3.2% increase in shares outstanding). Market cap is less than US$100m (NT$2.52b market cap, or US$77.2m). Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.75 (vs NT$0.78 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.75 (down from NT$0.78 in 3Q 2023). Revenue: NT$483.7m (up 19% from 3Q 2023). Net income: NT$30.9m (down 1.2% from 3Q 2023). Profit margin: 6.4% (down from 7.7% in 3Q 2023). The decrease in margin was driven by higher expenses. Announcement • Oct 17
InnoCare Optoelectronics Corporation to Report Q3, 2024 Results on Oct 24, 2024 InnoCare Optoelectronics Corporation announced that they will report Q3, 2024 results on Oct 24, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$1.51 (vs NT$1.31 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.51 (up from NT$1.31 in 2Q 2023). Revenue: NT$509.9m (up 13% from 2Q 2023). Net income: NT$60.9m (up 24% from 2Q 2023). Profit margin: 12% (up from 11% in 2Q 2023). The increase in margin was driven by higher revenue. Announcement • Jul 18
InnoCare Optoelectronics Corporation to Report Q2, 2024 Results on Jul 25, 2024 InnoCare Optoelectronics Corporation announced that they will report Q2, 2024 results on Jul 25, 2024 Declared Dividend • May 27
Dividend reduced to NT$1.10 Dividend of NT$1.10 is 15% lower than last year. Ex-date: 12th June 2024 Payment date: 16th July 2024 Dividend yield will be 1.5%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (36% 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 8.7% per year over the past 2 years and payments have been stable during that time. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Announcement • May 25
Innocare Optoelectronics Corporation Announces Cash Dividend, Payable on July 16, 2024 InnoCare Optoelectronics Corporation announced cash dividend of TWD 1.1 per share. Ex-rights (ex-dividend) trading date is June 12, 2024. Ex-rights (ex-dividend) record date is June 18, 2024. Payment date of common stock cash dividend distribution is July 16, 2024. The total amount of cash dividend from earnings is TWD 44,293,700. Date of the resolution by the board of directors or shareholders meeting or decision by the Company: May 24, 2024. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.51 (vs NT$0.82 in 1Q 2023) First quarter 2024 results: EPS: NT$0.51 (down from NT$0.82 in 1Q 2023). Revenue: NT$458.3m (down 3.7% from 1Q 2023). Net income: NT$20.4m (down 31% from 1Q 2023). Profit margin: 4.5% (down from 6.3% in 1Q 2023). The decrease in margin was driven by lower revenue. Buy Or Sell Opportunity • May 15
Now 20% overvalued Over the last 90 days, the stock has fallen 9.3% to NT$72.30. The fair value is estimated to be NT$60.08, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 6.2% over the last 3 years. Earnings per share has declined by 10%. New Risk • Apr 16
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 110% Dividend yield: 1.8% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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: Minor Risks Dividend is not well covered by cash flows (110% cash payout ratio). Profit margins are more than 30% lower than last year (6.4% net profit margin). Shareholders have been diluted in the past year (12% increase in shares outstanding). Market cap is less than US$100m (NT$3.00b market cap, or US$92.1m). Announcement • Apr 05
InnoCare Optoelectronics Corporation to Report Q1, 2024 Results on Apr 11, 2024 InnoCare Optoelectronics Corporation announced that they will report Q1, 2024 results on Apr 11, 2024 New Risk • Apr 02
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.20b (US$99.7m) 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. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (6.4% net profit margin). Shareholders have been diluted in the past year (12% increase in shares outstanding). Market cap is less than US$100m (NT$3.20b market cap, or US$99.7m). New Risk • Mar 12
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: 6.4% 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: Minor Risks Profit margins are more than 30% lower than last year (6.4% net profit margin). Shareholders have been diluted in the past year (12% increase in shares outstanding). Announcement • Feb 21
InnoCare Optoelectronics Corporation, Annual General Meeting, May 24, 2024 InnoCare Optoelectronics Corporation, Annual General Meeting, May 24, 2024. Location: No. 22, Nanke 3rd Road, Xinshi District, Performance Hall on the first floor of the Southern Taiwan Science Park, Tainan City Taiwan Agenda: To consider Business Report of 2023; to consider audit Committee Review Report; to consider report on allocation of 2023 Remuneration to Board of Directors and Employees; to approve the proposals of the 2023 Annual Business Report and Financial Statements; to consider exemption of the limitation of non-competition on the directors of the Company; to consider Overall re-election of directors; and to consider other matters. New Risk • Oct 18
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.23b (US$99.6m) 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: Major Risks Revenue has declined by 5.8% over the past year. High level of non-cash earnings (148% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Shareholders have been diluted in the past year (13% increase in shares outstanding). Market cap is less than US$100m (NT$3.23b market cap, or US$99.6m). New Risk • Oct 11
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 7.9% 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 (7.9% average weekly change). Revenue has declined by 5.8% over the past year. High level of non-cash earnings (148% accrual ratio). Minor Risk Shareholders have been diluted in the past year (13% increase in shares outstanding). Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$118, the stock trades at a trailing P/E ratio of 22.4x. Average forward P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 69% over the past year. Upcoming Dividend • Jun 02
Upcoming dividend of NT$1.30 per share at 1.1% yield Eligible shareholders must have bought the stock before 09 June 2023. Payment date: 14 July 2023. Payout ratio is a comfortable 19% but the company is not cash flow positive. Trailing yield: 1.1%. Lower than top quartile of Taiwanese dividend payers (5.6%). Lower than average of industry peers (4.4%). Announcement • May 25
InnoCare Optoelectronics Corporation Announces Cash Distribution, Payable on July 14, 2023 InnoCare Optoelectronics Corporation announced distribution of cash dividend of TWD 1.3 per share, payable on July 14, 2023. Ex-rights (Ex-dividend) record date is June 17, 2023. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$157, the stock trades at a trailing P/E ratio of 27.1x. Average forward P/E is 13x in the Electronic industry in Taiwan. Total returns to shareholders of 9.2% over the past year. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$115, the stock trades at a trailing P/E ratio of 19.9x. Average trailing P/E is 12x in the Electronic industry in Taiwan. Total loss to shareholders of 22% over the past year. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$74.00, the stock trades at a trailing P/E ratio of 12.3x. Average trailing P/E is 11x in the Electronic industry in Taiwan. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improved over the past week After last week's 19% share price gain to NT$76.20, the stock trades at a trailing P/E ratio of 13.3x. Average trailing P/E is 13x in the Electronic industry in Taiwan. Announcement • May 26
InnoCare Optoelectronics Corporation Announces Distribution, Payable on July 14, 2022 InnoCare Optoelectronics Corporation announced distribution of cash is TWD 1.10 per share, payable on July 14, 2022. Ex-rights (Ex-dividend) record date is June 18, 2022. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$119, the stock trades at a trailing P/E ratio of 21x. Average trailing P/E is 16x in the Electronic industry in Taiwan.