Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$156, the stock trades at a trailing P/E ratio of 65.5x. Average trailing P/E is 38x in the Electronic industry in Taiwan. Total returns to shareholders of 335% over the past three years. Reported Earnings • May 01
First quarter 2026 earnings released: EPS: NT$0.65 (vs NT$0.32 in 1Q 2025) First quarter 2026 results: EPS: NT$0.65 (up from NT$0.32 in 1Q 2025). Revenue: NT$2.42b (up 8.5% from 1Q 2025). Net income: NT$171.4m (up 108% from 1Q 2025). Profit margin: 7.1% (up from 3.7% 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 50% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$161, the stock trades at a trailing P/E ratio of 79.1x. Average trailing P/E is 30x in the Electronic industry in Taiwan. Total returns to shareholders of 356% over the past three years. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$123, the stock trades at a trailing P/E ratio of 60.1x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 240% over the past three years. Reported Earnings • Mar 04
Full year 2025 earnings released: EPS: NT$2.07 (vs NT$2.53 in FY 2024) Full year 2025 results: EPS: NT$2.07 (down from NT$2.53 in FY 2024). Revenue: NT$10.6b (up 6.8% from FY 2024). Net income: NT$535.1m (down 9.7% from FY 2024). Profit margin: 5.0% (down from 6.0% 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 9% per year but the company’s share price has increased by 34% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$97.00, the stock trades at a trailing P/E ratio of 68.6x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 171% over the past three years. Announcement • Jan 30
Taiflex Scientific Co., Ltd., Annual General Meeting, May 27, 2026 Taiflex Scientific Co., Ltd., Annual General Meeting, May 27, 2026. Location: no,1, huan ou 3rd rd., cianjhen district, kaohsiung city Taiwan Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to NT$104, the stock trades at a trailing P/E ratio of 73.2x. Average forward P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 199% over the past three years. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to NT$78.60, the stock trades at a trailing P/E ratio of 55.6x. Average forward P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 118% over the past three years. Reported Earnings • Nov 03
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: NT$0.88 (up from NT$0.66 in 3Q 2024). Revenue: NT$2.87b (flat on 3Q 2024). Net income: NT$226.3m (up 42% from 3Q 2024). Profit margin: 7.9% (up from 5.6% in 3Q 2024). Revenue missed analyst estimates by 12%. Earnings per share (EPS) also missed analyst estimates by 34%. 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. New Risk • Oct 31
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 8.7% 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 (8.7% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 213% Paying a dividend despite having no free cash flows. Earnings have declined by 11% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (2.9% net profit margin). Valuation Update With 7 Day Price Move • Sep 04
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$61.50, the stock trades at a trailing P/E ratio of 53.3x. Average forward P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 77% over the past three years. New Risk • Sep 03
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 6.6% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 214% Paying a dividend despite having no free cash flows. Earnings have declined by 11% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Profit margins are more than 30% lower than last year (2.9% net profit margin). Shareholders have been diluted in the past year (17% increase in shares outstanding). Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$54.60, the stock trades at a trailing P/E ratio of 47.3x. Average forward P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 58% over the past three years. Buy Or Sell Opportunity • Aug 13
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 1.7% to NT$47.80. The fair value is estimated to be NT$39.79, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has declined by 16%. New Risk • Aug 01
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: 2.9% Last year net profit margin: 7.8% 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: 214% Paying a dividend despite having no free cash flows. Earnings have declined by 11% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (2.9% net profit margin). Shareholders have been diluted in the past year (17% increase in shares outstanding). Price Target Changed • Jul 31
Price target decreased by 22% to NT$45.00 Down from NT$57.36, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of NT$45.35. Stock is down 18% over the past year. The company is forecast to post earnings per share of NT$3.65 for next year compared to NT$2.53 last year. Buy Or Sell Opportunity • Jul 14
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 17% to NT$48.00. The fair value is estimated to be NT$39.79, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.9% over the last 3 years. Earnings per share has declined by 12%. Upcoming Dividend • Jul 10
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 17 July 2025. Payment date: 07 August 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 5.5%. Within top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (3.1%). Buy Or Sell Opportunity • Jun 17
Now 21% overvalued Over the last 90 days, the stock has fallen 5.3% to NT$46.00. The fair value is estimated to be NT$38.01, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.9% over the last 3 years. Earnings per share has declined by 12%. Declared Dividend • Jun 14
Dividend of NT$2.50 announced Shareholders will receive a dividend of NT$2.50. Ex-date: 17th July 2025 Payment date: 7th August 2025 Dividend yield will be 5.5%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is not covered by earnings (112% 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 decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 25% to bring the payout ratio under control. However, EPS has declined by 8.5% over the last 5 years so the company would need to reverse this trend. Announcement • Jun 13
Taiflex Scientific Co., Ltd. Announces Cash Dividend, Payable on August 7, 2025 Taiflex Scientific Co., Ltd. announced cash dividend of NTD 2.49523885 per share. Ex-rights (ex-dividend) trading date: July 17, 2025. Ex-rights (ex-dividend) record date: July 23, 2025. Payment date of common stock cash dividend distribution is August 7, 2025. Buy Or Sell Opportunity • May 14
Now 20% overvalued Over the last 90 days, the stock has fallen 6.7% to NT$46.20. The fair value is estimated to be NT$38.50, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.9% over the last 3 years. Earnings per share has declined by 12%. Reported Earnings • May 01
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: NT$0.32 (down from NT$0.60 in 1Q 2024). Revenue: NT$2.23b (up 13% from 1Q 2024). Net income: NT$82.5m (down 38% from 1Q 2024). Profit margin: 3.7% (down from 6.7% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) missed analyst estimates by 18%. 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 1% per year, which means it is well ahead of earnings. Announcement • Apr 23
Taiflex Scientific Co., Ltd. to Report Q1, 2025 Results on Apr 30, 2025 Taiflex Scientific Co., Ltd. announced that they will report Q1, 2025 results on Apr 30, 2025 New Risk • Apr 10
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% 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 6.9% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (99% payout ratio). Shareholders have been diluted in the past year (17% increase in shares outstanding). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$36.55, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 13x in the Electronic industry in Taiwan. Total loss to shareholders of 1.8% over the past three years. Reported Earnings • Feb 28
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: NT$2.53 (up from NT$1.93 in FY 2023). Revenue: NT$9.94b (up 22% from FY 2023). Net income: NT$592.8m (up 40% from FY 2023). Profit margin: 6.0% (up from 5.2% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 16%. 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 4% per year, which means it is well ahead of earnings. Announcement • Feb 27
Taiflex Scientific Co., Ltd., Annual General Meeting, May 27, 2025 Taiflex Scientific Co., Ltd., Annual General Meeting, May 27, 2025. Location: no,1, huan ou 3rd rd., cianjhen district, kaohsiung city Taiwan Announcement • Feb 19
Taiflex Scientific Co., Ltd. to Report Q4, 2024 Results on Feb 26, 2025 Taiflex Scientific Co., Ltd. announced that they will report Q4, 2024 results on Feb 26, 2025 Announcement • Jan 17
Taiflex Scientific Co., Ltd. Appoints Lin Cheng as Member of Sustainable Development Committee Taiflex Scientific Co., Ltd. appointed Lin Cheng as member of Sustainable Development Committee. Effective date of the new member is January 16, 2025. New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (6.9% increase in shares outstanding). Announcement • Nov 30
Taiflex Scientific Co., Ltd. Announces Resignation of Fang-I Hsieh as Sustainable Development Committee Member, Effective on December 1, 2024 Taiflex Scientific Co., Ltd. announced resignation of Fang-I Hsieh as Sustainable Development Committee member. Resume of the previous position holder: Chief of Staff of Chairman's Office
of Taiflex Scientific. Reason for the change: Because of personal career planning, Mrs. Hsieh Fang-I resigned as Sustainable Development Committee member of the company on December 1, 2024. Reported Earnings • Nov 04
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: NT$0.65 (down from NT$1.26 in 3Q 2023). Revenue: NT$2.85b (up 15% from 3Q 2023). Net income: NT$159.3m (down 42% from 3Q 2023). Profit margin: 5.6% (down from 11% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 10%. Earnings per share (EPS) also missed analyst estimates by 58%. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Oct 23
Taiflex Scientific Co., Ltd. to Report Q3, 2024 Results on Oct 30, 2024 Taiflex Scientific Co., Ltd. announced that they will report Q3, 2024 results on Oct 30, 2024 New Risk • Oct 08
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.9% 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 5.8% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Shareholders have been diluted in the past year (6.9% increase in shares outstanding). New Risk • Sep 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 7.4% 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: Major Risk Earnings have declined by 5.8% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.4% average weekly change). Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$62.20, the stock trades at a trailing P/E ratio of 18.3x. Average forward P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 55% over the past three years. Reported Earnings • Aug 06
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: NT$1.27 (up from NT$0.63 in 2Q 2023). Revenue: NT$2.88b (up 39% from 2Q 2023). Net income: NT$279.7m (up 102% from 2Q 2023). Profit margin: 9.7% (up from 6.7% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.3%. Earnings per share (EPS) also surpassed analyst estimates by 9.6%. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Jul 24
Taiflex Scientific Co., Ltd. to Report Q2, 2024 Results on Jul 31, 2024 Taiflex Scientific Co., Ltd. announced that they will report Q2, 2024 results on Jul 31, 2024 Upcoming Dividend • Jul 16
Upcoming dividend of NT$0.92 per share Eligible shareholders must have bought the stock before 23 July 2024. Payment date: 26 August 2024. Payout ratio is a comfortable 35% but the company is paying out more than the cash it is generating. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (2.5%). Announcement • Jun 26
Taiflex Scientific Co., Ltd. Announces Cash Dividend on Common Stock, Payable on August 26, 2024 Taiflex Scientific Co., Ltd. announced Cash dividend on common stock of TWD 209,119,692. Ex-rights (ex-dividend) trading date: July 23, 2024. Ex-rights (ex-dividend) record date: July 29, 2024. Payment date of common stock cash dividend distribution: August 26, 2024. Date of the resolution by the board of directors or shareholders meeting or decision by the Company: June 25, 2024. Announcement • Apr 26
Taiflex Scientific Co., Ltd. Announces Executive Changes, Effective May 1, 2024 Taiflex Scientific Co., Ltd. announced Executive Changes. Type of personnel changed: research and development officer. Date of occurrence of the change: April 24, 2024. Name, title, and resume of the previous position holder: Kuo-Hsiung Hsia,Senior Assistant Vice President of Research & Development Center,Taiflex Scientific Co.,Ltd. Name, title, and resume of the new position holder: Yu-Chih Kao,Senior Manager of Research & Development Center, Taiflex Scientific Co.,Ltd. Type of the change: position adjustment. Reason for the change: position adjustment. Effective date: May 1, 2024. Reported Earnings • Apr 25
First quarter 2024 earnings released: EPS: NT$0.63 (vs NT$0.22 loss in 1Q 2023) First quarter 2024 results: EPS: NT$0.63 (up from NT$0.22 loss in 1Q 2023). Revenue: NT$1.97b (up 41% from 1Q 2023). Net income: NT$132.3m (up NT$177.9m from 1Q 2023). Profit margin: 6.7% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Apr 19
Taiflex Scientific Co., Ltd. to Report Q1, 2024 Results on Apr 24, 2024 Taiflex Scientific Co., Ltd. announced that they will report Q1, 2024 results on Apr 24, 2024 Announcement • Feb 21
Taiflex Scientific Co., Ltd., Annual General Meeting, May 24, 2024 Taiflex Scientific Co., Ltd., Annual General Meeting, May 24, 2024. Location: No.1, Huanqu 3rd Rd., Qianzhen Dist. Kaohsiung City Taiwan Agenda: To consider report of distributing remuneration to directors and the bonus to employees for Year 2023; to consider business Report for Year 2023; to consider Audit Committee's Review Report on the Financial Statements for Year 2023; to consider report of earnings distribution of cash dividends for Year 2023; to consider amendments to the Rules of Procedure for the Board of Directors Meetings; and to consider other matters. Reported Earnings • Feb 21
Full year 2023 earnings released: EPS: NT$2.02 (vs NT$3.35 in FY 2022) Full year 2023 results: EPS: NT$2.02 (down from NT$3.35 in FY 2022). Revenue: NT$8.15b (down 6.6% from FY 2022). Net income: NT$423.0m (down 40% from FY 2022). Profit margin: 5.2% (down from 8.0% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$50.80, the stock trades at a trailing P/E ratio of 28x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 11% over the past three years. Reported Earnings • Oct 27
Third quarter 2023 earnings released: EPS: NT$1.32 (vs NT$1.23 in 3Q 2022) Third quarter 2023 results: EPS: NT$1.32 (up from NT$1.23 in 3Q 2022). Revenue: NT$2.49b (up 4.8% from 3Q 2022). Net income: NT$276.5m (up 7.6% from 3Q 2022). Profit margin: 11% (in line with 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Reported Earnings • Jul 29
Second quarter 2023 earnings released: EPS: NT$0.66 (vs NT$1.08 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.66 (down from NT$1.08 in 2Q 2022). Revenue: NT$2.08b (down 9.8% from 2Q 2022). Net income: NT$138.7m (down 38% from 2Q 2022). Profit margin: 6.7% (down from 9.8% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 7% per year. Announcement • Jul 27
Taiflex Scientific Co., Ltd. Announces Appointment of Zhao,Jian-Zhi as Chief Information Security Officer Effective August 1, 2023 Taiflex Scientific Co., Ltd. announced appointment of Zhao,Jian-Zhi as Chief Information Security Officer. Name, title, and resume of the new position holder: Zhao,Jian-Zhi,Vice President of Information Security And Knowledge Management Division,Taiflex Scientific Co.,Ltd. Effective date: August 1, 2023. Upcoming Dividend • Jun 30
Upcoming dividend of NT$2.50 per share at 5.7% yield Eligible shareholders must have bought the stock before 07 July 2023. Payment date: 03 August 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 5.7%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (4.2%). Announcement • Jun 08
Taiflex Scientific Co., Ltd. Approves Cash Dividend, Payable on August 3, 2023 Taiflex Scientific Co., Ltd. approved Cash dividend is TWD 522,799,230 (TWD 2.5 per share). that is TWD 1.9 per share distributed from earning and TWD 0.6 per share distributed from capital surplus. Ex-rights (ex-dividend) record date is July 15, 2023. Payment date of cash dividend distribution is August 3, 2023. Ex-rights (ex-dividend) trading date is July 7, 2023. Announcement • May 31
Taiflex Scientific Co., Ltd. Approves Cash Dividend Taiflex Scientific Co., Ltd. announced that at the Annual Shareholders' Meeting held on May 30, 2023 approved cash dividend per share is TWD 2.5 which is composed of the earning at TWD 1.9 per share and the capital surplus at TWD 0.6 per share. Reported Earnings • Apr 28
First quarter 2023 earnings released: NT$0.22 loss per share (vs NT$1.00 profit in 1Q 2022) First quarter 2023 results: NT$0.22 loss per share (down from NT$1.00 profit in 1Q 2022). Revenue: NT$1.40b (down 36% from 1Q 2022). Net loss: NT$45.6m (down 122% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 4% per year. Reported Earnings • Feb 23
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: NT$3.35 (down from NT$3.51 in FY 2021). Revenue: NT$8.72b (down 7.3% from FY 2021). Net income: NT$700.5m (down 4.7% from FY 2021). Profit margin: 8.0% (up from 7.8% in FY 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 9.7%. Earnings per share (EPS) also missed analyst estimates by 21%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 6.5% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Jan 12
Taiflex Scientific Co., Ltd., Annual General Meeting, May 30, 2023 Taiflex Scientific Co., Ltd., Annual General Meeting, May 30, 2023. Location: No.1, Huanqu 3rd Rd. Qianzhen Dist., Kaohsiung City Kaohsiung City Taiwan Agenda: To consider report of distributing remuneration to directors and the bonus to employees for Year 2022; to consider business Report for Year 2022; to consider audit Committee's Review Report on the Financial Statements for Year 2022; to consider report of earnings distribution of cash dividends for Year 2022; and to consider other matters. Price Target Changed • Nov 16
Price target decreased to NT$40.00 Down from NT$53.00, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of NT$41.75. Stock is down 9.7% over the past year. The company is forecast to post earnings per share of NT$4.23 for next year compared to NT$3.51 last year. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 4 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Yung-Shun Chuang was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Oct 28
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: NT$1.23 (up from NT$1.18 in 3Q 2021). Revenue: NT$2.37b (down 12% from 3Q 2021). Net income: NT$257.0m (up 4.1% from 3Q 2021). Profit margin: 11% (up from 9.2% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 13%. Earnings per share (EPS) exceeded analyst estimates by 4.2%. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Oct 26
Taiflex Scientific Co., Ltd. Announces Established Sustainable Development Committee Taiflex Scientific Co., Ltd. announced the established Sustainable Development Committee and appoint committee members approved by the board of directors. Name of the new position holder: Shi-Chern Yen; Wen-I Lo; Yung-Shun Chuang; Zong-Han Jiang; Fang-I Hsieh. Resume of the new position holder: Shi-Chern Yen: The company's Independent Director; Wen-I Lo: The company's Independent Director; Yung-Shun Chuang: The company's Independent Director; Zong-Han Jiang: The company's President; Fang-I Hsieh: The company's Chief Financial Officer. Reason for the change: First establishment of Sustainable Development Committee. Effective date of the new member: October 25, 2022. Buying Opportunity • Sep 28
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be NT$49.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.0% over the last 3 years. Earnings per share has grown by 7.9%. Revenue is forecast to grow by 15% in 2 years. Earnings is forecast to grow by 14% in the next 2 years. Price Target Changed • Aug 04
Price target decreased to NT$48.00 Down from NT$53.00, the current price target is provided by 1 analyst. New target price is 18% above last closing price of NT$40.75. Stock is down 25% over the past year. The company is forecast to post earnings per share of NT$4.23 for next year compared to NT$3.51 last year. Reported Earnings • Jul 29
Second quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2022 results: EPS: NT$1.07 (up from NT$0.94 in 2Q 2021). Revenue: NT$2.31b (down 2.8% from 2Q 2021). Net income: NT$225.1m (up 15% from 2Q 2021). Profit margin: 9.8% (up from 8.3% in 2Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 4.9%. Earnings per share (EPS) exceeded analyst estimates by 12%. Over the next year, revenue is forecast to grow 13%, compared to a 9.6% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Buying Opportunity • Jul 20
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 9.6%. The fair value is estimated to be NT$51.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.7% over the last 3 years. Earnings per share has grown by 10%. Revenue is forecast to grow by 11% in a year. Earnings is forecast to grow by 19% in the next year. Upcoming Dividend • Jul 13
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 20 July 2022. Payment date: 11 August 2022. Payout ratio is a comfortable 68% but the company is not cash flow positive. Trailing yield: 6.0%. Lower than top quartile of Taiwanese dividend payers (6.9%). Higher than average of industry peers (5.0%). Announcement • Jun 23
Taiflex Scientific Co., Ltd. Announces Cash Dividend for the Year 2021, Payable on August 11, 2022 Taiflex Scientific Co., Ltd. announced cash dividend of TWD 522,799,230 (TWD 2.5 per share). Ex-rights (ex-dividend) trading date is July 20, 2022. Ex-rights (ex-dividend) record date is July 26, 2022. The cash dividend payment date is August 11, 2022., at the AGM held on June 22, 2022. Announcement • May 27
Taiflex Scientific Co., Ltd. Approves Cash Dividend for Fiscal Year 2021 Taiflex Scientific Co., Ltd. at the Annual Shareholders' Meeting held on May 26, 2022, approved distributing cash dividend of TWD 2.5 per share. Major Estimate Revision • May 13
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from NT$9.89b to NT$10.2b. EPS estimate increased from NT$3.80 to NT$4.30 per share. Net income forecast to grow 19% next year vs 11% growth forecast for Electronic industry in Taiwan. Consensus price target broadly unchanged at NT$53.00. Share price was steady at NT$45.10 over the past week. Reported Earnings • May 02
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: NT$1.00 (up from NT$0.83 in 1Q 2021). Revenue: NT$2.18b (flat on 1Q 2021). Net income: NT$208.5m (up 21% from 1Q 2021). Profit margin: 9.5% (up from 7.9% in 1Q 2021). Revenue exceeded analyst estimates by 7.2%. Earnings per share (EPS) also surpassed analyst estimates by 79%. Over the next year, revenue is forecast to grow 7.7%, compared to a 10% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 3 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Yung-Shun Chuang was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Major Estimate Revision • Mar 05
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from NT$10.1b to NT$9.89b. EPS estimate also fell from NT$4.29 per share to NT$3.80 per share. Net income forecast to grow 8.4% next year vs 18% growth forecast for Electronic industry in Taiwan. Consensus price target down from NT$57.00 to NT$54.00. Share price was steady at NT$46.25 over the past week. Reported Earnings • Feb 27
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: NT$3.51 (down from NT$3.70 in FY 2020). Revenue: NT$9.41b (up 7.3% from FY 2020). Net income: NT$734.7m (down 4.9% from FY 2020). Profit margin: 7.8% (down from 8.8% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.4%. Earnings per share (EPS) also missed analyst estimates by 27%. Over the next year, revenue is forecast to grow 7.4%, compared to a 9.3% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 6% per year. Announcement • Feb 25
Taiflex Scientific Co., Ltd., Annual General Meeting, May 26, 2022 Taiflex Scientific Co., Ltd., Annual General Meeting, May 26, 2022. Location: No.1, Huanqu 3rd Rd Kaohsiung Export Processing Zone Kao Hsiung City Taiwan Agenda: To consider report of distributing remuneration to directors and the bonus to employees for Year 2021; to consider business Report for Year 2021; to amend the Articles of Incorporation; to amend the Rules of Procedure for Shareholders' Meeting; to amend the Procedures for Acquisition or Disposal of Assets. Price Target Changed • Nov 06
Price target decreased to NT$58.00 Down from NT$65.00, the current price target is provided by 1 analyst. New target price is 23% above last closing price of NT$47.20. Stock is down 13% over the past year. The company is forecast to post earnings per share of NT$4.09 for next year compared to NT$3.70 last year. Reported Earnings • Oct 31
Third quarter 2021 earnings released: EPS NT$1.18 (vs NT$1.50 in 3Q 2020) The company reported a poor third quarter result with weaker earnings and profit margins, although revenues were flat. Third quarter 2021 results: Revenue: NT$2.69b (flat on 3Q 2020). Net income: NT$246.9m (down 21% from 3Q 2020). Profit margin: 9.2% (down from 12% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 14% per year. Upcoming Dividend • Aug 06
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 13 August 2021. Payment date: 03 September 2021. Trailing yield: 4.5%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (3.0%). Director Overboarding • Aug 04
Director Yung-Shun Chuang has joined 7th company board Independent Director Yung-Shun Chuang has been appointed to the board of Taiflex Scientific Co., Ltd. (TWSE:8039). Chuang now sits on a total of 7 company boards. With 7 board positions including the role of CEO at Onyx Healthcare Inc. (TPEX:6569), the director is at risk of having too many board obligations according to the Simply Wall St Risk Model. Reported Earnings • Jul 31
Second quarter 2021 earnings released: EPS NT$0.94 (vs NT$0.80 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$2.37b (up 15% from 2Q 2020). Net income: NT$196.1m (up 17% from 2Q 2020). Profit margin: 8.3% (up from 8.1% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 7% per year. Reported Earnings • Apr 29
First quarter 2021 earnings released: EPS NT$0.83 (vs NT$0.40 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$2.20b (up 37% from 1Q 2020). Net income: NT$173.0m (up 107% from 1Q 2020). Profit margin: 7.9% (up from 5.2% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Apr 01
Full year 2020 earnings released: EPS NT$3.70 (vs NT$3.02 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$8.77b (up 16% from FY 2019). Net income: NT$772.9m (up 23% from FY 2019). Profit margin: 8.8% (up from 8.3% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • Mar 20
Taiflex Scientific Co., Ltd. Announces the Resignation of Zheng Dun-Ren as Independent Director and Audit & Compensation Committee Taiflex Scientific Co., Ltd. announced that Mr. Zheng Dun-Ren resigned as independent director and audit & compensation committee of the company on March 17, 2021. Is New 90 Day High Low • Mar 09
New 90-day low: NT$50.40 The company is down 10.0% from its price of NT$56.00 on 09 December 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$29.41 per share. Analyst Estimate Surprise Post Earnings • Feb 26
Revenue and earnings miss expectations Revenue missed analyst estimates by 0.4%. Earnings per share (EPS) also missed analyst estimates by 8.6%. Over the next year, revenue is forecast to grow 12%, compared to a 16% growth forecast for the Electronic industry in Taiwan. Announcement • Feb 25
Taiflex Scientific Co., Ltd., Annual General Meeting, May 25, 2021 Taiflex Scientific Co., Ltd., Annual General Meeting, May 25, 2021. Location: No.1, Huanqu 3rd Rd., Kaohsiung Export Processing Zone Kaohsiung City Taiwan Agenda: To report of distributing remuneration to directors and the bonus to employees for Year 2020; to consider Business Report for Year 2020; and to consider other matters. Reported Earnings • Feb 25
Full year 2020 earnings released: EPS NT$3.70 (vs NT$3.02 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$8.77b (up 16% from FY 2019). Net income: NT$772.9m (up 23% from FY 2019). Profit margin: 8.8% (up from 8.3% in FY 2019). 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. Is New 90 Day High Low • Feb 01
New 90-day low: NT$51.00 The company is down 3.0% from its price of NT$52.70 on 03 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 26% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$39.30 per share. Is New 90 Day High Low • Nov 20
New 90-day high: NT$56.50 The company is up 9.0% from its price of NT$52.00 on 21 August 2020. The Taiwanese market is also up 9.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Electronic industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$27.56 per share.