Reported Earnings • May 09
Full year 2025 earnings released: EPS: US$0.003 (vs US$0.009 loss in FY 2024) Full year 2025 results: EPS: US$0.003 (up from US$0.009 loss in FY 2024). Revenue: US$53.3m (down 9.3% from FY 2024). Net income: US$2.05m (up US$7.95m from FY 2024). Profit margin: 3.8% (up from net loss in FY 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 40% per year whereas the company’s share price has fallen by 41% per year. New Risk • Apr 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Filipino stocks, typically moving 7.7% 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 Earnings have declined by 60% per year over the past 5 years. Market cap is less than US$10m (₱409.0m market cap, or US$6.67m). Minor Risk Share price has been volatile over the past 3 months (7.7% average weekly change). Tillkännagivande • Mar 24
Cirtek Holdings Philippines Corporation, Annual General Meeting, May 29, 2026 Cirtek Holdings Philippines Corporation, Annual General Meeting, May 29, 2026, at 10:30 W. Australia Standard Time. New Risk • Dec 27
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 Filipino stocks, typically moving 7.9% 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 Earnings have declined by 60% per year over the past 5 years. Market cap is less than US$10m (₱409.0m market cap, or US$6.96m). Minor Risk Share price has been volatile over the past 3 months (7.9% average weekly change). Reported Earnings • Nov 19
Third quarter 2025 earnings released: EPS: US$0.002 (vs US$0 in 3Q 2024) Third quarter 2025 results: EPS: US$0.002 (up from US$0 in 3Q 2024). Revenue: US$13.8m (down 28% from 3Q 2024). Net income: US$1.16m (up US$975.7k from 3Q 2024). Profit margin: 8.4% (up from 1.0% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 32 percentage points per year, which is a significant difference in performance. New Risk • Aug 22
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 Filipino stocks, typically moving 7.9% 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 Earnings have declined by 65% per year over the past 5 years. Market cap is less than US$10m (₱441.5m market cap, or US$7.75m). Minor Risk Share price has been volatile over the past 3 months (7.9% average weekly change). Reported Earnings • Aug 14
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: US$13.0m (down 8.6% from 2Q 2024). Net income: US$164.9k (up US$2.40m from 2Q 2024). Profit margin: 1.3% (up from net loss in 2Q 2024). The move to profitability was driven by lower expenses. Reported Earnings • May 03
Full year 2024 earnings released: US$0.009 loss per share (vs US$0.004 loss in FY 2023) Full year 2024 results: US$0.009 loss per share. Revenue: US$58.7m (down 19% from FY 2023). Net income: US$5.12m (up US$7.51m from FY 2023). Profit margin: 8.7% (up from net loss in FY 2023). The move to profitability was driven by lower expenses. New Risk • Apr 30
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 Filipino stocks, typically moving 8.7% 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 Earnings have declined by 48% per year over the past 5 years. Market cap is less than US$10m (₱558.3m market cap, or US$10.00m). Minor Risk Share price has been volatile over the past 3 months (8.7% average weekly change). Tillkännagivande • Mar 24
Cirtek Holdings Philippines Corporation, Annual General Meeting, May 30, 2025 Cirtek Holdings Philippines Corporation, Annual General Meeting, May 30, 2025, at 10:30 W. Australia Standard Time. New Risk • Mar 12
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₱558.3m (US$9.74m) This is considered a major 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 Earnings have declined by 48% per year over the past 5 years. Market cap is less than US$10m (₱558.3m market cap, or US$9.74m). Reported Earnings • Nov 20
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: US$19.1m (down 16% from 3Q 2023). Net income: US$2.96m (down 18% from 3Q 2023). Profit margin: 16% (in line with 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 20
Second quarter 2024 earnings released: US$0.003 loss per share (vs US$0 in 2Q 2023) Second quarter 2024 results: US$0.003 loss per share (further deteriorated from US$0 in 2Q 2023). Revenue: US$14.2m (down 39% from 2Q 2023). Net income: US$502.9k (down 82% from 2Q 2023). Profit margin: 3.5% (down from 12% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. Reported Earnings • May 02
Full year 2023 earnings released Full year 2023 results: Revenue: US$72.8m (down 14% from FY 2022). Net income: US$8.60m (up 226% from FY 2022). Profit margin: 12% (up from 3.1% in FY 2022). The increase in margin was driven by lower expenses. Tillkännagivande • Apr 26
Cirtek Holdings Philippines Corporation Announces Retirement of Jorge Aguilar as Vice-Chairman, President and Director, Effective from May 15, 2024 Cirtek Holdings Philippines Corporation is announcing the retirement of Mr. Jorge Aguilar ("Mr. Aguilar"), who is 66 years old and currently serves as Vice-Chairman, President and Director, and Director of the Corporation. His retirement will be effective on May 15, 2024, subject to the Board's formal confirmation. The nominee/s for directorship and replacement/s for the key positions currently held by Mr. Aguilar will be duly announced by the Corporation after the selection process has been completed. Reason: Retirement due to health reasons. Buy Or Sell Opportunity • Apr 22
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to ₱1.57. The fair value is estimated to be ₱1.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.9% over the last 3 years. Earnings per share has declined by 64%. Tillkännagivande • Mar 23
Cirtek Holdings Philippines Corporation, Annual General Meeting, May 31, 2024 Cirtek Holdings Philippines Corporation, Annual General Meeting, May 31, 2024, at 10:30 Singapore Standard Time. New Risk • Nov 23
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: 0.3% Last year net profit margin: 0.8% 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 Risk Earnings have declined by 16% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (0.3% net profit margin). Market cap is less than US$100m (₱1.11b market cap, or US$20.0m). Reported Earnings • Nov 21
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: US$22.7m (up 4.8% from 3Q 2022). Net income: US$3.61m (up US$3.55m from 3Q 2022). Profit margin: 16% (up from 0.3% in 3Q 2022). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 36 percentage points per year, which is a significant difference in performance. Reported Earnings • May 03
Full year 2022 earnings released: EPS: US$0.004 (vs US$0.006 in FY 2021) Full year 2022 results: EPS: US$0.004. Revenue: US$84.8m (up 21% from FY 2021). Net income: US$11.3m (up 179% from FY 2021). Profit margin: 13% (up from 5.8% in FY 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₱2.85, the stock trades at a trailing P/E ratio of 18x. Average trailing P/E is 17x in the Semiconductor industry in Asia. Total loss to shareholders of 70% over the past three years. Reported Earnings • Nov 23
Third quarter 2022 earnings released: EPS: US$0 (vs US$0.003 loss in 3Q 2021) Third quarter 2022 results: EPS: US$0 (improved from US$0.003 loss in 3Q 2021). Revenue: US$21.7m (up 26% from 3Q 2021). Net income: US$66.9k (up US$1.26m from 3Q 2021). Profit margin: 0.3% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year whereas the company’s share price has fallen by 21% per 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. 2 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Bernardino Ramos was the last independent director to join the board, commencing their role in 2019. 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 • Aug 19
Second quarter 2022 earnings released: EPS: US$0.003 (vs US$0.007 in 2Q 2021) Second quarter 2022 results: EPS: US$0.003. Revenue: US$26.3m (up 16% from 2Q 2021). Net income: US$4.48m (up 54% from 2Q 2021). Profit margin: 17% (up from 13% in 2Q 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improved over the past week After last week's 20% share price gain to ₱3.18, the stock trades at a trailing P/E ratio of 29.1x. Average trailing P/E is 17x in the Semiconductor industry in Asia. Total loss to shareholders of 79% over the past three years. Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₱2.27, the stock trades at a trailing P/E ratio of 20.8x. Average trailing P/E is 17x in the Semiconductor industry in Asia. Total loss to shareholders of 87% over the past three years. Reported Earnings • May 05
Full year 2021 earnings released: EPS: US$0.006 (vs US$0.006 in FY 2020) Full year 2021 results: EPS: US$0.006 (vs US$0.006 in FY 2020). Revenue: US$70.2m (up 1.8% from FY 2020). Net income: US$8.14m (up 240% from FY 2020). Profit margin: 12% (up from 3.5% in FY 2020). The increase in margin was primarily driven by lower expenses. 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 51% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Bernardino Ramos was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Third quarter 2021 earnings released The company reported a solid third quarter result with improved earnings and profit margins, although revenues were flat. Third quarter 2021 results: Revenue: US$17.3m (flat on 3Q 2020). Net income: US$133.1k (up US$2.52m from 3Q 2020). Profit margin: 0.8% (up from net loss in 3Q 2020). Recent Insider Transactions • Oct 09
Executive Chairman recently sold ₱31m worth of stock On the 7th of October, Jerry Liu sold around 20m shares on-market at roughly ₱1.57 per share. This was the largest sale by an insider in the last 3 months. This was Jerry's only on-market trade for the last 12 months. Reported Earnings • Aug 04
Second quarter 2021 earnings released: EPS US$0.007 (vs US$0.004 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$22.8m (up 14% from 2Q 2020). Net income: US$2.92m (up 89% from 2Q 2020). Profit margin: 13% (up from 7.7% 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 20% per year but the company’s share price has fallen by 50% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment improved over the past week After last week's 18% share price gain to US$6.70, the stock trades at a trailing P/E ratio of 17.3x. Average trailing P/E is 28x in the Semiconductor industry in Asia. Total loss to shareholders of 86% over the past three years. Reported Earnings • May 29
First quarter 2021 earnings released: EPS US$0.006 (vs US$0.003 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$22.7m (up 2.1% from 1Q 2020). Net income: US$2.31m (up 68% from 1Q 2020). Profit margin: 10% (up from 6.2% in 1Q 2020). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 51% per year, which means it is significantly lagging earnings. Reported Earnings • May 11
Full year 2020 earnings released: EPS US$0.006 (vs US$0.011 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: US$68.9m (down 14% from FY 2019). Net income: US$6.60m (up 53% from FY 2019). Profit margin: 9.6% (up from 5.4% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 52% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Mar 09
New 90-day low: ₱5.81 The company is down 18% from its price of ₱7.12 on 09 December 2020. The Filipino market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 7.0% over the same period. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$6.92, the stock is trading at a trailing P/E ratio of 13.3x, down from the previous P/E ratio of 15.8x. This compares to an average P/E of 32x in the Semiconductor industry in Asia. Total return to shareholders over the past three years is a loss of 87%. Valuation Update With 7 Day Price Move • Jan 11
Investor sentiment improved over the past week After last week's 24% share price gain to US$8.24, the stock is trading at a trailing P/E ratio of 15.8x, up from the previous P/E ratio of 12.8x. This compares to an average P/E of 32x in the Semiconductor industry in Asia. Total return to shareholders over the past three years is a loss of 84%. Is New 90 Day High Low • Jan 11
New 90-day high: ₱8.24 The company is up 60% from its price of ₱5.16 on 14 October 2020. The Filipino market is up 23% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 24% over the same period. Is New 90 Day High Low • Dec 15
New 90-day high: ₱7.30 The company is up 18% from its price of ₱6.20 on 16 September 2020. The Filipino market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 19% over the same period. Reported Earnings • Nov 18
Third quarter 2020 earnings released: US$0.006 loss per share The company reported a poor third quarter result with increased losses and weaker revenues and control over expenses. Third quarter 2020 results: Revenue: US$17.2m (down 18% from 3Q 2019). Net loss: US$1.36m (loss widened 478% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 48% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 13
Market bids up stock over the past week After last week's 15% share price gain to US$6.58, the stock is trading at a trailing P/E ratio of 7.6x, up from the previous P/E ratio of 6.6x. This compares to an average P/E of 26x in the Semiconductor industry in Asia. Total return to shareholders over the past three years is a loss of 85%. Valuation Update With 7 Day Price Move • Nov 11
Market bids up stock over the past week After last week's 19% share price gain to US$6.49, the stock is trading at a trailing P/E ratio of 7.5x, up from the previous P/E ratio of 6.3x. This compares to an average P/E of 26x in the Semiconductor industry in Asia. Total return to shareholders over the past three years is a loss of 85%. Is New 90 Day High Low • Nov 11
New 90-day high: ₱6.49 The company is up 9.0% from its price of ₱5.95 on 13 August 2020. The Filipino market is up 15% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Semiconductor industry, which is up 6.0% over the same period. 
