New Risk • May 20
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.13b (US$99.0m) 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 Share price has been highly volatile over the past 3 months (14% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 85% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$3.13b market cap, or US$99.0m). Reported Earnings • May 19
First quarter 2026 earnings released: NT$6.73 loss per share (vs NT$0.75 profit in 1Q 2025) First quarter 2026 results: NT$6.73 loss per share (down from NT$0.75 profit in 1Q 2025). Revenue: NT$4.19b (down 26% from 1Q 2025). Net loss: NT$1.85b (down NT$2.03b from profit in 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • May 15
Now 27% undervalued after recent price drop Over the last 90 days, the stock has fallen 64% to NT$15.60. The fair value is estimated to be NT$21.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 58% over the last 3 years. Meanwhile, the company became loss making. Announcement • May 09
Shinfox Energy Co., Ltd.(TWSE:6806) dropped from Taiwan TAIEX Index Shinfox Energy Co., Ltd has been dropped from the Taiwan TAIEX Index. Buy Or Sell Opportunity • Apr 17
Now 21% overvalued Over the last 90 days, the stock has fallen 48% to NT$24.65. The fair value is estimated to be NT$20.35, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 58% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Apr 01
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: NT$60.00 loss per share (down from NT$3.58 profit in FY 2024). Revenue: NT$26.1b (up 33% from FY 2024). Net loss: NT$15.9b (down NT$16.7b from profit in FY 2024). Revenue missed analyst estimates by 4.8%. Earnings per share (EPS) were also behind analyst expectations. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 104 percentage points per year, which is a significant difference in performance. Announcement • Mar 16
Shinfox Energy Co., Ltd., Annual General Meeting, Jun 22, 2026 Shinfox Energy Co., Ltd., Annual General Meeting, Jun 22, 2026. Location: 2 floor no,49, sec.4 chung yang rd., tucheng district, new taipei city Taiwan New Risk • Jan 23
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 8.8% 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 (8.8% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Shareholders have been diluted in the past year (22% increase in shares outstanding). Reported Earnings • Nov 18
Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2025 results: NT$28.17 loss per share (down from NT$0.77 profit in 3Q 2024). Revenue: NT$8.88b (up 166% from 3Q 2024). Net loss: NT$7.74b (down NT$7.91b from profit in 3Q 2024). Revenue exceeded analyst estimates by 29%. Earnings per share (EPS) missed analyst estimates. Revenue is expected to decline by 40% p.a. on average during the next 2 years, while revenues in the Renewable Energy industry in Taiwan are expected to grow by 21%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. New Risk • Nov 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.7% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Shareholders have been diluted in the past year (24% increase in shares outstanding). Reported Earnings • Aug 15
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: NT$16.81 loss per share (down from NT$0.64 profit in 2Q 2024). Revenue: NT$6.82b (up 60% from 2Q 2024). Net loss: NT$4.62b (down NT$4.76b from profit in 2Q 2024). Revenue exceeded analyst estimates by 26%. Earnings per share (EPS) missed analyst estimates. Revenue is expected to decline by 24% p.a. on average during the next 2 years, while revenues in the Renewable Energy industry in Taiwan are expected to grow by 26%. Over the last 3 years on average, earnings per share has fallen by 45% 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. Upcoming Dividend • Aug 14
Upcoming dividend of NT$1.23 per share Eligible shareholders must have bought the stock before 21 August 2025. Payment date: 12 September 2025. Payout ratio is a comfortable 39% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (3.0%). Declared Dividend • Jul 11
Dividend of NT$1.23 announced Shareholders will receive a dividend of NT$1.23. Ex-date: 21st August 2025 Payment date: 12th September 2025 Dividend yield will be 1.4%, which is lower than the industry average of 1.9%. Sustainability & Growth Dividend is covered by earnings (39% 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 13% per year over the past 4 years. However, payments have been volatile during that time. EPS is expected to grow by 44% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 10
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: NT$0.75 (up from NT$0.46 in 1Q 2024). Revenue: NT$5.69b (up 144% from 1Q 2024). Net income: NT$179.5m (up 81% from 1Q 2024). Profit margin: 3.2% (down from 4.3% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.6%. Earnings per share (EPS) also missed analyst estimates by 34%. Revenue is expected to decline by 14% p.a. on average during the next 2 years, while revenues in the Renewable Energy industry in Asia are expected to grow by 8.0%. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Apr 27
Shinfox Energy Co., Ltd. to Report Q1, 2025 Results on May 05, 2025 Shinfox Energy Co., Ltd. announced that they will report Q1, 2025 results on May 05, 2025 New Risk • Apr 20
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 27% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (34% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.1% average weekly change). Shareholders have been diluted in the past year (27% increase in shares outstanding). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$71.10, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Renewable Energy industry in Asia. Total loss to shareholders of 12% over the past three years. New Risk • Apr 07
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.9% 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: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (34% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.6% average weekly change). Reported Earnings • Mar 21
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: NT$3.58 (up from NT$2.94 in FY 2023). Revenue: NT$19.6b (up 75% from FY 2023). Net income: NT$793.4m (up 25% from FY 2023). Profit margin: 4.0% (down from 5.7% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 16%. Earnings per share (EPS) also surpassed analyst estimates by 5.9%. Revenue is expected to decline by 1.3% p.a. on average during the next 2 years, while revenues in the Renewable Energy industry in Asia are expected to grow by 9.5%. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. New Risk • Mar 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 6.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (29% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (6.0% average weekly change). Announcement • Mar 04
Shinfox Energy Co., Ltd. has completed a Follow-on Equity Offering in the amount of TWD 1.466522 billion. Shinfox Energy Co., Ltd. has completed a Follow-on Equity Offering in the amount of TWD 1.466522 billion.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 18,331,519
Price\Range: TWD 80
Transaction Features: Reserved Share Offering; Rights Offering Announcement • Feb 27
Shinfox Energy Co., Ltd. to Report Fiscal Year 2024 Results on Mar 06, 2025 Shinfox Energy Co., Ltd. announced that they will report fiscal year 2024 results on Mar 06, 2025 Price Target Changed • Feb 06
Price target decreased by 9.9% to NT$155 Down from NT$172, the current price target is an average from 3 analysts. New target price is 32% above last closing price of NT$118. Stock is up 7.3% over the past year. The company is forecast to post earnings per share of NT$3.23 for next year compared to NT$2.94 last year. Reported Earnings • Nov 10
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: EPS: NT$0.77 (up from NT$0.56 in 3Q 2023). Revenue: NT$3.34b (up 24% from 3Q 2023). Net income: NT$173.4m (up 43% from 3Q 2023). Profit margin: 5.2% (up from 4.5% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 20%. Earnings per share (EPS) exceeded analyst estimates by 16%. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Major Estimate Revision • Oct 15
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$18.6b to NT$16.9b. EPS estimate also fell from NT$3.53 per share to NT$3.11 per share. Net income forecast to grow 44% next year vs 23% growth forecast for Renewable Energy industry in Taiwan. Consensus price target down from NT$172 to NT$163. Share price fell 3.9% to NT$123 over the past week. Major Estimate Revision • Aug 15
Consensus revenue estimates fall by 12% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$20.8b to NT$18.3b. EPS estimate fell from NT$4.24 to NT$3.53 per share. Net income forecast to grow 58% next year vs 24% growth forecast for Renewable Energy industry in Taiwan. Consensus price target down from NT$177 to NT$172. Share price was steady at NT$132 over the past week. Upcoming Dividend • Aug 13
Upcoming dividend of NT$1.44 per share Eligible shareholders must have bought the stock before 20 August 2024. Payment date: 13 September 2024. Payout ratio is a comfortable 44% but the company is not cash flow positive. Trailing yield: 1.1%. Lower than top quartile of Taiwanese dividend payers (4.5%). Lower than average of industry peers (2.5%). Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$133, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 11x in the Renewable Energy industry in Asia. Total returns to shareholders of 7.5% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$71.91 per share. Announcement • Aug 01
Shinfox Energy Co., Ltd. to Report Q2, 2024 Results on Aug 08, 2024 Shinfox Energy Co., Ltd. announced that they will report Q2, 2024 results on Aug 08, 2024 Declared Dividend • Jul 15
Dividend increased to NT$1.50 Dividend of NT$1.50 is 200% higher than last year. Ex-date: 20th August 2024 Payment date: 13th September 2024 Dividend yield will be 0.8%, which is lower than the industry average of 1.9%. Sustainability & Growth Dividend is covered by earnings (48% 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 18% per year over the past 3 years. However, payments have been volatile during that time. EPS is expected to grow by 52% over the next year, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$185, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 12x in the Renewable Energy industry in Asia. Total returns to shareholders of 54% over the past three years. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$163, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 11x in the Renewable Energy industry in Asia. Total returns to shareholders of 48% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$78.17 per share. Reported Earnings • May 16
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: NT$0.46 (up from NT$0.26 in 1Q 2023). Revenue: NT$2.33b (up 68% from 1Q 2023). Net income: NT$99.1m (up 80% from 1Q 2023). Profit margin: 4.3% (up from 4.0% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 30%. Earnings per share (EPS) also missed analyst estimates by 50%. Revenue is forecast to grow 35% p.a. on average during the next 2 years, compared to a 9.3% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Announcement • May 08
Shinfox Energy Co., Ltd. to Report Q1, 2024 Results on May 14, 2024 Shinfox Energy Co., Ltd. announced that they will report Q1, 2024 results on May 14, 2024 Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$126, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 10x in the Renewable Energy industry in Asia. Total returns to shareholders of 79% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$144 per share. Buying Opportunity • Jan 18
Now 21% undervalued Over the last 90 days, the stock is up 10%. The fair value is estimated to be NT$133, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 60% over the last 3 years. Earnings per share has declined by 31%. Revenue is forecast to grow by 224% in 2 years. Earnings is forecast to grow by 410% in the next 2 years. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: NT$0.56 (vs NT$0.16 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.56 (up from NT$0.16 in 3Q 2022). Revenue: NT$2.69b (up 371% from 3Q 2022). Net income: NT$121.1m (up 246% from 3Q 2022). Profit margin: 4.5% (down from 6.1% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 105% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Renewable Energy industry in Asia. Upcoming Dividend • Aug 16
Upcoming dividend of NT$0.50 per share at 0.5% yield Eligible shareholders must have bought the stock before 23 August 2023. Payment date: 18 September 2023. Payout ratio is a comfortable 44% but the company is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of Taiwanese dividend payers (5.7%). Lower than average of industry peers (2.1%). New Risk • Aug 11
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 41% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (41% accrual ratio). Announcement • Jul 27
Shinfox Energy Co., Ltd. Announces Dividend, Payable on September 18, 2023 Shinfox Energy Co., Ltd. announced the total amount of cash dividends is TWD 108,075,000, and TWD 0.5 is distributed per share. Ex-rights (ex-dividend) trading date is August 23, 2023; Ex-rights (ex-dividend) record date is August 29, 2023; Payment date of cash dividend distribution is September 18, 2023. Reported Earnings • Jul 13
First quarter 2023 earnings released: EPS: NT$0.26 (vs NT$0.26 in 1Q 2022) First quarter 2023 results: EPS: NT$0.26. Revenue: NT$1.39b (up 70% from 1Q 2022). Net income: NT$55.2m (up 30% from 1Q 2022). Profit margin: 4.0% (down from 5.2% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 98% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Renewable Energy industry in Asia. New Risk • Jul 11
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (29% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (7.2% average weekly change). Announcement • May 26
Shinfox Energy Co., Ltd. Announces Members of 2nd Sustainable Development Committee Shinfox Energy Co., Ltd. announced that the members of the company's 2nd Sustainable Development Committee. Name of the previous position holder: Tzu-Chun Tu. Resume of the previous position holder: Tzu-Chun Tu-Director of Shinfox Energy Co.,Ltd. Name of the new position holder: Jia-Ruey Ou. Resume of the new position holder: Jia-Ruey Ou-Director of CPC Corporation, Taiwan. Announcement • May 25
Shinfox Energy Co., Ltd. Announces Election of Board of Directors Shinfox Energy Co., Ltd. announced that at its shareholders meeting held on May 24, 2023, the shareholders approved election of Wilson Hu and Jia-Ruey Ou as directors, Shu-Fen Wang, Chorng-Shyong Ong and Wen-Shuai Liu as independent directors of the company. Reported Earnings • May 17
First quarter 2023 earnings released: EPS: NT$0.26 (vs NT$0.26 in 1Q 2022) First quarter 2023 results: EPS: NT$0.26. Revenue: NT$1.39b (up 70% from 1Q 2022). Net income: NT$55.2m (up 30% from 1Q 2022). Profit margin: 4.0% (down from 5.2% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 98% p.a. on average during the next 2 years, compared to a 9.2% growth forecast for the Renewable Energy industry in Asia. Reported Earnings • Feb 25
Full year 2022 earnings released: EPS: NT$1.14 (vs NT$3.44 in FY 2021) Full year 2022 results: EPS: NT$1.14 (down from NT$3.44 in FY 2021). Revenue: NT$4.30b (flat on FY 2021). Net income: NT$225.2m (down 51% from FY 2021). Profit margin: 5.2% (down from 11% in FY 2021). Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improved over the past week After last week's 15% share price gain to NT$70.80, the stock trades at a trailing P/E ratio of 58.2x. Average trailing P/E is 37x in the Renewable Energy industry in Taiwan. Total loss to shareholders of 16% over the past year. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . 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 • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.16 (vs NT$0.31 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.16 (down from NT$0.31 in 3Q 2021). Revenue: NT$572.1m (down 24% from 3Q 2021). Net income: NT$35.0m (down 21% from 3Q 2021). Profit margin: 6.1% (up from 5.9% in 3Q 2021). The increase in margin was driven by lower expenses. Upcoming Dividend • Aug 19
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 26 August 2022. Payment date: 16 September 2022. Payout ratio is a comfortable 73% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (6.5%). Lower than average of industry peers (2.9%). Reported Earnings • Aug 17
Second quarter 2022 earnings released: EPS: NT$0.22 (vs NT$0.015 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.22 (up from NT$0.015 in 2Q 2021). Revenue: NT$1.29b (up 215% from 2Q 2021). Net income: NT$38.7m (up NT$37.0m from 2Q 2021). Profit margin: 3.0% (up from 0.4% in 2Q 2021). The increase in margin was driven by higher revenue. Announcement • May 14
Shinfox Energy Co., Ltd (TWSE:6806) acquired 47.63& stake in Power Quotient International Co., Ltd. Shinfox Energy Co., Ltd (TWSE:6806) acquired 47.63& stake in Power Quotient International Co., Ltd. on May 10, 2022.
Shinfox Energy Co., Ltd (TWSE:6806) completed the acquisition of 47.63& stake in Power Quotient International Co., Ltd. on May 10, 2022. Announcement • May 12
Shinfox Energy Co., Ltd Announces Adjustment of Ratios of Cash Dividend Shinfox Energy Co. Ltd. announced the adjustment of ratios of cash dividend and stock dividend. Type and monetary amount of original dividend distribution: Cash dividend 196,500,000 of TWD 1.34129 per share and stock dividend 196,500,000 of TWD 134.129 per thousand shares. Type and monetary amount of dividend distribution after the change: Cash dividend 196,500,000 of TWD 1 per share and stock dividend 196,500,000 of TWD 100 per thousand shares. Reason for the change: Due to the issuance of cash capital increase and full payment of shares on May 10, 2022, as a result of the changes in the number of outstanding shares. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improved over the past week After last week's 20% share price gain to NT$118, the stock trades at a trailing P/E ratio of 37.8x. Average trailing P/E is 34x in the Renewable Energy industry in Taiwan. Total loss to shareholders of 2.1% over the past year. Reported Earnings • Mar 11
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$3.78 (up from NT$2.86 in FY 2020). Revenue: NT$4.33b (up NT$3.81b from FY 2020). Net income: NT$455.9m (up 86% from FY 2020). Profit margin: 11% (down from 47% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Announcement • Mar 10
Shinfox Energy Co., Ltd Proposes Dividend Distribution for the Year Ended December 31, 2021 The board of directors of Shinfox Energy Co. Ltd. proposed dividend distribution for the year ended December 31, 2021 of TWD 1.34129 per share. Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment deteriorated over the past week After last week's 20% share price decline to NT$105, the stock trades at a trailing P/E ratio of 25x. Average trailing P/E is 16x in the Renewable Energy industry in Asia. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.34 (vs NT$1.40 in 3Q 2020) The company reported a decent third quarter result with improved revenues, although earnings and profit margins were weaker. Third quarter 2021 results: Revenue: NT$754.4m (up 237% from 3Q 2020). Net income: NT$44.3m (down 66% from 3Q 2020). Profit margin: 5.9% (down from 58% in 3Q 2020). Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$122, the stock trades at a trailing P/E ratio of 30.1x. Average trailing P/E is 15x in the Renewable Energy industry in Asia. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$0.02 (vs NT$0.009 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$407.9m (up NT$363.4m from 2Q 2020). Net income: NT$1.72m (up NT$2.47m from 2Q 2020). Profit margin: 0.4% (up from net loss in 2Q 2020). Reported Earnings • Jun 30
First quarter 2021 earnings released: EPS NT$2.63 (vs NT$0.19 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$612.0m (up NT$580.2m from 1Q 2020). Net income: NT$263.0m (up NT$277.5m from 1Q 2020). Profit margin: 43% (up from net loss in 1Q 2020). Valuation Update With 7 Day Price Move • May 25
Investor sentiment improved over the past week After last week's 17% share price gain to NT$122, the stock trades at a trailing P/E ratio of 42.4x. Average trailing P/E is 13x in the Renewable Energy industry in Asia. Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment improved over the past week After last week's 20% share price gain to NT$122, the stock trades at a trailing P/E ratio of 42.4x. Average trailing P/E is 15x in the Renewable Energy industry in Asia. Is New 90 Day High Low • Mar 13
New 90-day high: NT$90.80 The company is up 40% from its price of NT$64.80 on 11 December 2020. The Taiwanese market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 12% over the same period. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improved over the past week After last week's 16% share price gain to NT$82.40, the stock is trading at a trailing P/E ratio of 52.6x, up from the previous P/E ratio of 45.3x. This compares to an average P/E of 13x in the Oil and Gas industry in Asia.