Upcoming Dividend • Jul 13
Upcoming dividend of NT$1.14 per share Eligible shareholders must have bought the stock before 20 July 2026. Payment date: 14 August 2026. Payout ratio is a comfortable 53% but the company is not cash flow positive. Trailing yield: 4.0%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (1.4%). Declared Dividend • May 30
Dividend reduced to NT$1.14 Dividend of NT$1.14 is 17% lower than last year. Ex-date: 20th July 2026 Payment date: 14th August 2026 Dividend yield will be 2.9%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (53% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has 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 decline by 41% to shift the payout ratio to a potentially unsustainable range, which is more than the 18% EPS decline seen over the last 5 years. Reported Earnings • May 18
First quarter 2026 earnings released: EPS: NT$0.30 (vs NT$0.64 in 1Q 2025) First quarter 2026 results: EPS: NT$0.30 (down from NT$0.64 in 1Q 2025). Revenue: NT$4.85b (up 7.6% from 1Q 2025). Net income: NT$82.3m (down 52% from 1Q 2025). Profit margin: 1.7% (down from 3.8% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: NT$2.27 (vs NT$2.75 in FY 2024) Full year 2025 results: EPS: NT$2.27 (down from NT$2.75 in FY 2024). Revenue: NT$18.4b (up 3.7% from FY 2024). Net income: NT$614.5m (down 18% from FY 2024). Profit margin: 3.3% (down from 4.2% 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 24% 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. Announcement • Mar 12
Taiwan Printed Circuit Board Techvest Co.,Ltd., Annual General Meeting, May 27, 2026 Taiwan Printed Circuit Board Techvest Co.,Ltd., Annual General Meeting, May 27, 2026, at 09:00 Taipei Standard Time. Location: 2 floor no,12, kung yeh rd., pingjhen district, taoyuan city Taiwan Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: NT$0.54 (vs NT$0.74 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.54 (down from NT$0.74 in 3Q 2024). Revenue: NT$4.59b (down 1.1% from 3Q 2024). Net income: NT$146.9m (down 27% from 3Q 2024). Profit margin: 3.2% (down from 4.3% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 13
Second quarter 2025 earnings released: EPS: NT$0.60 (vs NT$0.79 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.60 (down from NT$0.79 in 2Q 2024). Revenue: NT$4.67b (down 1.7% from 2Q 2024). Net income: NT$161.9m (down 25% from 2Q 2024). Profit margin: 3.5% (down from 4.5% in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 36% 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. Upcoming Dividend • Jul 24
Upcoming dividend of NT$1.38 per share Eligible shareholders must have bought the stock before 31 July 2025. Payment date: 21 August 2025. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Taiwanese dividend payers (5.3%). In line with average of industry peers (3.0%). Reported Earnings • May 13
First quarter 2025 earnings released: EPS: NT$0.64 (vs NT$0.41 in 1Q 2024) First quarter 2025 results: EPS: NT$0.64 (up from NT$0.41 in 1Q 2024). Revenue: NT$4.51b (up 7.9% from 1Q 2024). Net income: NT$172.6m (up 57% from 1Q 2024). Profit margin: 3.8% (up from 2.6% 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 40% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Announcement • May 03
Taiwan Printed Circuit Board Techvest Co.,Ltd. to Report Q1, 2025 Results on May 12, 2025 Taiwan Printed Circuit Board Techvest 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 15% After last week's 15% share price decline to NT$27.45, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total loss to shareholders of 30% over the past three years. Reported Earnings • Mar 18
Full year 2024 earnings released: EPS: NT$2.75 (vs NT$4.03 in FY 2023) Full year 2024 results: EPS: NT$2.75 (down from NT$4.03 in FY 2023). Revenue: NT$17.7b (down 6.5% from FY 2023). Net income: NT$746.3m (down 32% from FY 2023). Profit margin: 4.2% (down from 5.8% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 41% 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. Announcement • Mar 13
Taiwan Printed Circuit Board Techvest Co.,Ltd., Annual General Meeting, May 28, 2025 Taiwan Printed Circuit Board Techvest Co.,Ltd., Annual General Meeting, May 28, 2025. Location: 2 floor no,12, kung yeh rd., pingjhen district, taoyuan city Taiwan Announcement • Mar 05
Taiwan Printed Circuit Board Techvest Co.,Ltd. to Report Fiscal Year 2024 Results on Mar 12, 2025 Taiwan Printed Circuit Board Techvest Co.,Ltd. announced that they will report fiscal year 2024 results on Mar 12, 2025 New Risk • Jan 02
New major risk - Revenue and earnings growth Earnings have declined by 8.1% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 8.1% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. 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 Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 15
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: NT$0.74 (down from NT$1.10 in 3Q 2023). Revenue: NT$4.65b (down 10.0% from 3Q 2023). Net income: NT$200.0m (down 33% from 3Q 2023). Profit margin: 4.3% (down from 5.8% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 32%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. New Risk • Nov 15
New major risk - Revenue and earnings growth Earnings have declined by 6.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 6.5% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Nov 06
Taiwan Printed Circuit Board Techvest Co.,Ltd. to Report Q3, 2024 Results on Nov 13, 2024 Taiwan Printed Circuit Board Techvest Co.,Ltd. announced that they will report Q3, 2024 results on Nov 13, 2024 Reported Earnings • Aug 14
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: EPS: NT$0.79 (down from NT$1.03 in 2Q 2023). Revenue: NT$4.75b (down 6.1% from 2Q 2023). Net income: NT$214.8m (down 23% from 2Q 2023). Profit margin: 4.5% (down from 5.5% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) exceeded analyst estimates by 11%. Revenue is forecast to grow 8.6% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Aug 03
Taiwan Printed Circuit Board Techvest Co.,Ltd. to Report Q2, 2024 Results on Aug 12, 2024 Taiwan Printed Circuit Board Techvest Co.,Ltd. announced that they will report Q2, 2024 results on Aug 12, 2024 Declared Dividend • Jun 14
Dividend reduced to NT$1.00 Dividend of NT$1.00 is 60% lower than last year. Ex-date: 4th July 2024 Payment date: 26th July 2024 Dividend yield will be 2.6%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (26% earnings payout ratio) and cash flows (87% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 5.8% over the next year, which should provide support to the dividend and adequate earnings cover. New Risk • May 18
New major risk - Revenue and earnings growth Earnings have declined by 1.4% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.4% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: NT$0.41 (vs NT$0.82 in 1Q 2023) First quarter 2024 results: EPS: NT$0.41 (down from NT$0.82 in 1Q 2023). Revenue: NT$4.17b (down 12% from 1Q 2023). Net income: NT$109.9m (down 51% from 1Q 2023). Profit margin: 2.6% (down from 4.7% in 1Q 2023). The decrease in margin was driven by lower revenue. 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. Announcement • May 05
Taiwan Printed Circuit Board Techvest Co.,Ltd. to Report Q1, 2024 Results on May 13, 2024 Taiwan Printed Circuit Board Techvest Co.,Ltd. announced that they will report Q1, 2024 results on May 13, 2024 Reported Earnings • Mar 17
Full year 2023 earnings released: EPS: NT$4.03 (vs NT$5.44 in FY 2022) Full year 2023 results: EPS: NT$4.03 (down from NT$5.44 in FY 2022). Revenue: NT$18.9b (down 14% from FY 2022). Net income: NT$1.09b (down 26% from FY 2022). Profit margin: 5.8% (down from 6.7% 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 17% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Announcement • Mar 16
Taiwan Printed Circuit Board Techvest Co.,Ltd., Annual General Meeting, Jun 12, 2024 Taiwan Printed Circuit Board Techvest Co.,Ltd., Annual General Meeting, Jun 12, 2024. Location: Pingzhen Industrial Park Service Center (2F., No. 261, Nanfeng Rd., Pingzhen Dist., Taoyuan City) Taoyuan City Taiwan Agenda: To consider 2023 Business Report; Audit Committee Report; Report on the 2023 Distribution of Employees; Compensation and Directors Remuneration; Report on the 2023 Distribution of Cash Dividends of Earning Distribution; and to discuss other matters. Buy Or Sell Opportunity • Mar 05
Now 20% overvalued Over the last 90 days, the stock has fallen 3.6% to NT$42.50. The fair value is estimated to be NT$35.34, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 6.4% over the last 3 years. Earnings per share has declined by 12%. New Risk • Nov 25
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: 5.6% Last year net profit margin: 8.6% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (5.6% net profit margin). Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: NT$1.03 (vs NT$1.24 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.03 (down from NT$1.24 in 2Q 2022). Revenue: NT$5.06b (down 17% from 2Q 2022). Net income: NT$278.7m (down 17% from 2Q 2022). Profit margin: 5.5% (in line with 2Q 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 2% per year. Upcoming Dividend • Jun 20
Upcoming dividend of NT$2.50 per share at 5.9% yield Eligible shareholders must have bought the stock before 27 June 2023. Payment date: 19 July 2023. Payout ratio is a comfortable 59% and this is well supported by cash flows. Trailing yield: 5.9%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (4.2%). Announcement • May 13
Taiwan Printed Circuit Board Techvest Co.,Ltd Announces Cash Dividend, Payable on July 19, 2023 Taiwan Printed Circuit Board Techvest Co.,Ltd announced cash dividends to common shareholders of TWD 678,106,220 or TWD 2.5 per share. Payment date of cash dividend distribution is July 19, 2023. Ex-rights (ex-dividend) trading date is June 27, 2023. Last date before book closure is June 28, 2023. Book closure starting date is June 29, 2023. Book closure ending date is July 3, 2023. Ex-rights (ex-dividend) record date is July 3, 2023. Reported Earnings • Mar 26
Full year 2022 earnings released: EPS: NT$5.24 (vs NT$8.60 in FY 2021) Full year 2022 results: EPS: NT$5.24 (down from NT$8.60 in FY 2021). Revenue: NT$22.0b (down 20% from FY 2021). Net income: NT$1.47b (down 35% from FY 2021). Profit margin: 6.7% (down from 8.2% in FY 2021). The decrease in margin was driven by lower revenue. 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 12% per year. Reported Earnings • Nov 10
Third quarter 2022 earnings released: EPS: NT$1.13 (vs NT$1.64 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.13 (down from NT$1.64 in 3Q 2021). Revenue: NT$4.26b (down 42% from 3Q 2021). Net income: NT$306.2m (down 29% from 3Q 2021). Profit margin: 7.2% (up from 5.8% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 08
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: NT$6.12b (down 9.1% from 2Q 2021). Net income: NT$337.5m (down 32% from 2Q 2021). Profit margin: 5.5% (down from 7.3% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$40.75, the stock trades at a trailing P/E ratio of 4.6x. Average trailing P/E is 13x in the Electronic industry in Taiwan. Total returns to shareholders of 50% over the past three years. Upcoming Dividend • Jun 16
Upcoming dividend of NT$5.00 per share Eligible shareholders must have bought the stock before 23 June 2022. Payment date: 15 July 2022. Payout ratio is a comfortable 39% but the company is paying out more than the cash it is generating. Trailing yield: 7.1%. Within top quartile of Taiwanese dividend payers (6.0%). Higher than average of industry peers (4.3%). Announcement • Jun 10
Taiwan Pcb Techvest Co., Ltd., Annual General Meeting, Jun 09, 2022 Taiwan Pcb Techvest Co., Ltd., Annual General Meeting, Jun 09, 2022. Agenda: To consider Profit distribution/ deficit compensation: Recognized 2021 Earnings Distribution; to consider Amendments to the corporate charter; to consider Recognized 2021 Business Report and Financial Statements; to consider Release the new institutional director and its representative from Non-Compete Restriction. Reported Earnings • May 08
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: NT$1.81 (up from NT$1.41 in 1Q 2021). Revenue: NT$6.94b (up 12% from 1Q 2021). Net income: NT$488.7m (up 33% from 1Q 2021). Profit margin: 7.0% (up from 6.0% in 1Q 2021). Revenue exceeded analyst estimates by 21%. Earnings per share (EPS) missed analyst estimates by 36%. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target increased to NT$48.15 Up from NT$44.00, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of NT$49.10. Stock is down 10% over the past year. The company is forecast to post earnings per share of NT$7.20 for next year compared to NT$8.60 last year. Reported Earnings • Nov 16
Third quarter 2021 earnings released: EPS NT$1.64 (vs NT$1.49 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: NT$7.40b (up 20% from 3Q 2020). Net income: NT$432.6m (up 11% from 3Q 2020). Profit margin: 5.8% (down from 6.3% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS NT$1.89 (vs NT$1.28 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$6.74b (up 15% from 2Q 2020). Net income: NT$493.5m (up 47% from 2Q 2020). Profit margin: 7.3% (up from 5.7% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 21% per year and the company’s share price has also increased by 21% per year. Upcoming Dividend • Jun 22
Upcoming dividend of NT$3.50 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 19 July 2021. Trailing yield: 6.8%. Within top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (3.1%). Reported Earnings • May 13
First quarter 2021 earnings released: EPS NT$1.41 (vs NT$3.30 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: NT$6.18b (up 29% from 1Q 2020). Net income: NT$368.2m (down 59% from 1Q 2020). Profit margin: 6.0% (down from 19% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Announcement • Mar 17
Taiwan Pcb Techvest Co., Ltd., Annual General Meeting, Jun 10, 2021 Taiwan Pcb Techvest Co., Ltd., Annual General Meeting, Jun 10, 2021. Reported Earnings • Mar 17
Full year 2020 earnings released: EPS NT$7.28 (vs NT$4.08 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$22.8b (up 5.3% from FY 2019). Net income: NT$1.92b (up 79% from FY 2019). Profit margin: 8.4% (up from 4.9% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 22
New 90-day high: NT$48.50 The company is up 9.0% from its price of NT$44.35 on 24 November 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 23% over the same period. Is New 90 Day High Low • Jan 19
New 90-day high: NT$48.05 The company is up 16% from its price of NT$41.60 on 21 October 2020. The Taiwanese market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 24% over the same period. Is New 90 Day High Low • Dec 09
New 90-day high: NT$46.55 The company is up 10.0% from its price of NT$42.15 on 10 September 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 12% over the same period. Is New 90 Day High Low • Nov 19
New 90-day high: NT$44.40 The company is up 4.0% from its price of NT$42.50 on 21 August 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 6.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$1.49 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$6.16b (up 6.6% from 3Q 2019). Net income: NT$388.2m (up 12% from 3Q 2019). Profit margin: 6.3% (up from 6.0% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth.