New Risk • Jul 01
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). Earnings have declined by 1.3% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$1.26b market cap, or US$39.6m). New Risk • May 16
New major risk - Revenue and earnings growth Earnings have declined by 1.3% 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 Risks 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 1.3% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$1.33b market cap, or US$42.1m). Reported Earnings • May 16
First quarter 2026 earnings released: EPS: NT$0.85 (vs NT$0.15 loss in 1Q 2025) First quarter 2026 results: EPS: NT$0.85 (up from NT$0.15 loss in 1Q 2025). Revenue: NT$276.7m (up 197% from 1Q 2025). Net income: NT$33.3m (up NT$39.0m from 1Q 2025). Profit margin: 12% (up from net loss in 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 14
Full year 2025 earnings released: NT$1.32 loss per share (vs NT$0.61 profit in FY 2024) Full year 2025 results: NT$1.32 loss per share (down from NT$0.61 profit in FY 2024). Revenue: NT$251.5m (down 68% from FY 2024). Net loss: NT$50.6m (down 328% from profit in FY 2024). Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Tillkännagivande • Mar 12
LeadSun Greentech Corporation, Annual General Meeting, Jun 12, 2026 LeadSun Greentech Corporation, Annual General Meeting, Jun 12, 2026. Location: 18- floor no,266, sec.1 wen hua 2nd rd., linkou district, new taipei city Taiwan New Risk • Feb 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk 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 (7.2% average weekly change). Market cap is less than US$100m (NT$1.31b market cap, or US$41.7m). Reported Earnings • Nov 15
Third quarter 2025 earnings released: NT$0.40 loss per share (vs NT$0.24 loss in 3Q 2024) Third quarter 2025 results: NT$0.40 loss per share (further deteriorated from NT$0.24 loss in 3Q 2024). Revenue: NT$89.0m (up 31% from 3Q 2024). Net loss: NT$15.4m (loss widened 68% from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Board Change • Oct 24
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. 4 non-independent directors. Independent Director Yu-Zhe Wang was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Aug 26
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 02 September 2025. Payment date: 26 September 2025. The company is not currently making a profit and is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (3.7%). Reported Earnings • Aug 15
Second quarter 2025 earnings released: NT$0.61 loss per share (vs NT$0.14 loss in 2Q 2024) Second quarter 2025 results: NT$0.61 loss per share (further deteriorated from NT$0.14 loss in 2Q 2024). Revenue: NT$35.7m (down 85% from 2Q 2024). Net loss: NT$23.2m (loss widened 350% from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. New Risk • May 31
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.5% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. 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 Risk 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 Market cap is less than US$100m (NT$1.57b market cap, or US$52.6m). Reported Earnings • May 18
First quarter 2025 earnings released: NT$0.15 loss per share (vs NT$0.61 profit in 1Q 2024) First quarter 2025 results: NT$0.15 loss per share (down from NT$0.61 profit in 1Q 2024). Revenue: NT$93.2m (down 73% from 1Q 2024). Net loss: NT$5.76m (down 126% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$36.50, the stock trades at a trailing P/E ratio of 64.1x. Average trailing P/E is 16x in the Tech industry in Taiwan. Total returns to shareholders of 32% over the past three years. Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: NT$0.61 (vs NT$4.10 in FY 2023) Full year 2024 results: EPS: NT$0.61 (down from NT$4.10 in FY 2023). Revenue: NT$777.6m (up 282% from FY 2023). Net income: NT$22.2m (down 81% from FY 2023). Profit margin: 2.9% (down from 59% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Mar 10
Homenema Technology Incorporation, Annual General Meeting, May 27, 2025 Homenema Technology Incorporation, Annual General Meeting, May 27, 2025. Location: 11 floor no,165, sec.2 ta t`ung rd., sijhih district, new taipei city Taiwan New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 31% This is considered a major 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 High level of non-cash earnings (38% accrual ratio). Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). Minor Risks Profit margins are more than 30% lower than last year (1.5% net profit margin). Market cap is less than US$100m (NT$1.74b market cap, or US$52.7m). Reported Earnings • Nov 19
Third quarter 2024 earnings released: NT$0.24 loss per share (vs NT$4.25 profit in 3Q 2023) Third quarter 2024 results: NT$0.24 loss per share (down from NT$4.25 profit in 3Q 2023). Revenue: NT$68.0m (up 65% from 3Q 2023). Net loss: NT$9.19m (down 107% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$53.20, the stock trades at a trailing P/E ratio of 14.2x. Average trailing P/E is 20x in the Tech industry in Taiwan. Total returns to shareholders of 106% over the past three years. Reported Earnings • Aug 17
Second quarter 2024 earnings released: NT$0.14 loss per share (vs NT$0.42 loss in 2Q 2023) Second quarter 2024 results: NT$0.14 loss per share (improved from NT$0.42 loss in 2Q 2023). Revenue: NT$229.9m (up 293% from 2Q 2023). Net loss: NT$5.15m (loss narrowed 58% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$42.40, the stock trades at a trailing P/E ratio of 11.9x. Average trailing P/E is 20x in the Tech industry in Taiwan. Total returns to shareholders of 60% over the past three years. Upcoming Dividend • Jun 18
Upcoming dividend of NT$0.49 per share Eligible shareholders must have bought the stock before 25 June 2024. Payment date: 26 July 2024. Trailing yield: 0.9%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (2.9%). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.62 (vs NT$0.16 in 1Q 2023) First quarter 2024 results: EPS: NT$0.62 (up from NT$0.16 in 1Q 2023). Revenue: NT$341.9m (up NT$324.1m from 1Q 2023). Net income: NT$22.2m (up 380% from 1Q 2023). Profit margin: 6.5% (down from 26% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: NT$4.10 (vs NT$1.29 in FY 2022) Full year 2023 results: EPS: NT$4.10 (up from NT$1.29 in FY 2022). Revenue: NT$203.6m (down 1.0% from FY 2022). Net income: NT$119.2m (up 219% from FY 2022). Profit margin: 59% (up from 18% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Mar 12
Homenema Technology Incorporation, Annual General Meeting, May 24, 2024 Homenema Technology Incorporation, Annual General Meeting, May 24, 2024. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$57.60, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 23x in the Tech industry in Taiwan. Total returns to shareholders of 170% over the past three years. New Risk • Dec 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.1% 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 High level of non-cash earnings (23% accrual ratio). Minor Risks Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Market cap is less than US$100m (NT$1.50b market cap, or US$47.6m). Reported Earnings • Aug 12
Second quarter 2023 earnings released: NT$0.42 loss per share (vs NT$0.22 loss in 2Q 2022) Second quarter 2023 results: NT$0.42 loss per share (further deteriorated from NT$0.22 loss in 2Q 2022). Revenue: NT$58.5m (down 40% from 2Q 2022). Net loss: NT$12.3m (loss widened 95% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has increased by 91% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jul 18
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 8.1% 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 Risk Share price has been highly volatile over the past 3 months (8.1% average weekly change). Minor Risk Market cap is less than US$100m (NT$2.22b market cap, or US$71.4m). New Risk • Jun 13
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 6.3% 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: Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Market cap is less than US$100m (NT$1.27b market cap, or US$41.1m). Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improved over the past week After last week's 19% share price gain to NT$29.70, the stock trades at a trailing P/E ratio of 79.1x. Average trailing P/E is 11x in the Tech industry in Taiwan. Total returns to shareholders of 298% over the past three years. Reported Earnings • Nov 20
Third quarter 2022 earnings released: NT$0.61 loss per share (vs NT$0.32 loss in 3Q 2021) Third quarter 2022 results: NT$0.61 loss per share (further deteriorated from NT$0.32 loss in 3Q 2021). Revenue: NT$71.1m (up 369% from 3Q 2021). Net loss: NT$17.7m (loss widened 90% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 48% per year whereas the company’s share price has increased by 51% per year. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment improved over the past week After last week's 17% share price gain to NT$29.40, the stock trades at a trailing P/E ratio of 44.4x. Average trailing P/E is 12x in the Tech industry in Taiwan. Total returns to shareholders of 282% over the past three years. Reported Earnings • Aug 18
Second quarter 2022 earnings released: NT$0.22 loss per share (vs NT$0.15 loss in 2Q 2021) Second quarter 2022 results: NT$0.22 loss per share (down from NT$0.15 loss in 2Q 2021). Revenue: NT$97.2m (up NT$87.6m from 2Q 2021). Net loss: NT$6.31m (loss widened 45% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has increased by 60% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 01
Investor sentiment improved over the past week After last week's 15% share price gain to NT$36.70, the stock trades at a trailing P/E ratio of 50.2x. Average trailing P/E is 13x in the Tech industry in Taiwan. Total returns to shareholders of 371% over the past three years. Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$37.20, the stock trades at a trailing P/E ratio of 50.9x. Average trailing P/E is 13x in the Tech industry in Taiwan. Total returns to shareholders of 369% over the past three years. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improved over the past week After last week's 22% share price gain to NT$52.20, the stock trades at a trailing P/E ratio of 71.4x. Average trailing P/E is 14x in the Tech industry in Taiwan. Total returns to shareholders of 568% over the past three years. Valuation Update With 7 Day Price Move • May 23
Investor sentiment improved over the past week After last week's 18% share price gain to NT$45.55, the stock trades at a trailing P/E ratio of 62.3x. Average trailing P/E is 13x in the Tech industry in Taiwan. Total returns to shareholders of 507% over the past three years. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$1.58 (vs NT$0.009 in 1Q 2021) First quarter 2022 results: EPS: NT$1.58 (up from NT$0.009 in 1Q 2021). Revenue: NT$115.3m (up NT$101.3m from 1Q 2021). Net income: NT$46.0m (up NT$45.7m from 1Q 2021). Profit margin: 40% (up from 1.8% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 80% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 15
Third quarter 2021 earnings released: NT$0.32 loss per share (vs NT$0.09 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: NT$15.2m (down 21% from 3Q 2020). Net loss: NT$9.34m (down 457% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has increased by 53% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 18
Second quarter 2021 earnings released: NT$0.15 loss per share (vs NT$0.089 loss in 2Q 2020) The company reported a poor second quarter result with increased losses, weaker revenues and weaker control over costs. Second quarter 2021 results: Revenue: NT$9.60m (down 11% from 2Q 2020). Net loss: NT$4.34m (loss widened 68% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$0.01 (vs NT$0.20 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: NT$14.1m (down 20% from 1Q 2020). Net income: NT$255.0k (up NT$5.96m from 1Q 2020). Profit margin: 1.8% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 24
Full year 2020 earnings released: NT$0.20 loss per share (vs NT$0.036 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: NT$61.9m (down 24% from FY 2019). Net loss: NT$5.77m (down NT$6.81m from profit in FY 2019). 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 37% per year, which means it is well ahead of earnings. Tillkännagivande • Mar 10
Homenema Technology Incorporation, Annual General Meeting, May 25, 2021 Homenema Technology Incorporation, Annual General Meeting, May 25, 2021. Is New 90 Day High Low • Feb 18
New 90-day high: NT$23.25 The company is up 196% from its price of NT$7.86 on 20 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Tech industry, which is up 10.0% over the same period. Is New 90 Day High Low • Jan 11
New 90-day high: NT$21.45 The company is up 169% from its price of NT$7.97 on 14 October 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Tech industry, which is up 8.0% over the same period. Is New 90 Day High Low • Dec 24
New 90-day high: NT$8.40 The company is up 4.0% from its price of NT$8.06 on 25 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is up 7.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.09 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$19.1m (down 20% from 3Q 2019). Net income: NT$2.62m (up 16% from 3Q 2019). Profit margin: 14% (up from 9.4% in 3Q 2019). The increase in margin was driven by lower expenses. 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 8% per year, which means it has not declined as severely as earnings. 
