Reported Earnings • May 14
First quarter 2026 earnings released: NT$0.09 loss per share (vs NT$0.064 loss in 1Q 2025) First quarter 2026 results: NT$0.09 loss per share (further deteriorated from NT$0.064 loss in 1Q 2025). Revenue: NT$214.2m (up 13% from 1Q 2025). Net loss: NT$3.12m (loss widened 41% from 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 95 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 13
Full year 2025 earnings released: NT$1.33 loss per share (vs NT$0.26 profit in FY 2024) Full year 2025 results: NT$1.33 loss per share (down from NT$0.26 profit in FY 2024). Revenue: NT$922.2m (down 5.2% from FY 2024). Net loss: NT$46.3m (down NT$55.2m from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 101 percentage points per year, which is a significant difference in performance. Tillkännagivande • Mar 11
Higher Way Electronic Co., Ltd., Annual General Meeting, Jun 24, 2026 Higher Way Electronic Co., Ltd., Annual General Meeting, Jun 24, 2026. Location: no,60, t`ieh pao st., hsi tun district, taichung city Taiwan Reported Earnings • Nov 15
Third quarter 2025 earnings released: NT$0.03 loss per share (vs NT$0.37 loss in 3Q 2024) Third quarter 2025 results: NT$0.03 loss per share (improved from NT$0.37 loss in 3Q 2024). Revenue: NT$235.9m (down 12% from 3Q 2024). Net loss: NT$906.0k (loss narrowed 93% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 110 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 15
Second quarter 2025 earnings released: NT$1.30 loss per share (vs NT$0.19 profit in 2Q 2024) Second quarter 2025 results: NT$1.30 loss per share (down from NT$0.19 profit in 2Q 2024). Revenue: NT$291.0m (up 1.9% from 2Q 2024). Net loss: NT$45.2m (down NT$51.9m from profit in 2Q 2024). 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. Reported Earnings • May 14
First quarter 2025 earnings released: NT$0.06 loss per share (vs NT$0.34 profit in 1Q 2024) First quarter 2025 results: NT$0.06 loss per share (down from NT$0.34 profit in 1Q 2024). Revenue: NT$189.7m (down 12% from 1Q 2024). Net loss: NT$2.21m (down 120% from profit in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. New Risk • May 14
New major risk - Revenue and earnings growth Earnings have declined by 7.3% 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 Risk Earnings have declined by 7.3% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$756.9m market cap, or US$25.0m). 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$18.35, the stock trades at a trailing P/E ratio of 72.1x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total loss to shareholders of 25% over the past three years. Reported Earnings • Mar 21
Full year 2024 earnings released: EPS: NT$0.26 (vs NT$0.20 loss in FY 2023) Full year 2024 results: EPS: NT$0.26 (up from NT$0.20 loss in FY 2023). Revenue: NT$972.7m (down 7.4% from FY 2023). Net income: NT$8.83m (up NT$15.4m from FY 2023). Profit margin: 0.9% (up from net loss in FY 2023). The move to profitability 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 72 percentage points per year, which is a significant difference in performance. Tillkännagivande • Mar 19
Higher Way Electronic Co., Ltd., Annual General Meeting, Jun 20, 2025 Higher Way Electronic Co., Ltd., Annual General Meeting, Jun 20, 2025, at 09:00 Taipei Standard Time. Location: no,60, t`ieh pao st., hsi tun district, taichung city Taiwan Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.37 (vs NT$0.40 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.37 (down from NT$0.40 in 3Q 2023). Revenue: NT$267.0m (down 7.3% from 3Q 2023). Net loss: NT$12.7m (down 195% from profit in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.19 (vs NT$0.41 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.19 (down from NT$0.41 in 2Q 2023). Revenue: NT$285.7m (down 18% from 2Q 2023). Net income: NT$6.69m (down 51% from 2Q 2023). Profit margin: 2.3% (down from 3.9% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 62% 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 • Jun 14
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.9% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 473% Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Shareholders have been diluted in the past year (3.9% increase in shares outstanding). Market cap is less than US$100m (NT$1.03b market cap, or US$31.8m). Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$30.80, the stock trades at a trailing P/E ratio of 57.7x. Average trailing P/E is 32x in the Semiconductor industry in Taiwan. Total returns to shareholders of 29% over the past three years. Reported Earnings • May 20
First quarter 2024 earnings released: EPS: NT$0.34 (vs NT$0.39 loss in 1Q 2023) First quarter 2024 results: EPS: NT$0.34 (up from NT$0.39 loss in 1Q 2023). Revenue: NT$214.9m (up 19% from 1Q 2023). Net income: NT$11.4m (up NT$24.4m from 1Q 2023). Profit margin: 5.3% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Tillkännagivande • Mar 14
Higher Way Electronic Co., Ltd., Annual General Meeting, Jun 21, 2024 Higher Way Electronic Co., Ltd., Annual General Meeting, Jun 21, 2024. Reported Earnings • Mar 13
Full year 2023 earnings released: NT$0.20 loss per share (vs NT$1.53 profit in FY 2022) Full year 2023 results: NT$0.20 loss per share (down from NT$1.53 profit in FY 2022). Revenue: NT$1.05b (down 15% from FY 2022). Net loss: NT$6.57m (down 113% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. New Risk • Nov 04
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 5.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 215% Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (5.6% average weekly change). Profit margins are more than 30% lower than last year (1.1% net profit margin). Market cap is less than US$100m (NT$822.3m market cap, or US$25.6m). Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$24.85, the stock trades at a trailing P/E ratio of 76.5x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 53% over the past three years. New Risk • Aug 17
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: 1.1% Last year net profit margin: 3.8% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 219% Paying a dividend despite having no free cash flows. Minor Risks Profit margins are more than 30% lower than last year (1.1% net profit margin). Market cap is less than US$100m (NT$691.9m market cap, or US$21.6m). Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: NT$0.41 (vs NT$0.75 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.41 (down from NT$0.75 in 2Q 2022). Revenue: NT$347.4m (down 8.6% from 2Q 2022). Net income: NT$13.7m (down 46% from 2Q 2022). Profit margin: 3.9% (down from 6.6% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 17
Upcoming dividend of NT$0.70 per share at 3.1% yield Eligible shareholders must have bought the stock before 24 July 2023. Payment date: 18 August 2023. The company is paying out more than 100% of its profits and is paying out 92% of its cash flow. Trailing yield: 3.1%. Lower than top quartile of Taiwanese dividend payers (5.5%). In line with average of industry peers (3.1%). Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 5 highly experienced directors. No independent directors (5 non-independent directors). Director Shu Ting Zhuang was the last director to join the board, commencing their role in 2004. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$19.30, the stock trades at a trailing P/E ratio of 11.2x. Average trailing P/E is 11x in the Semiconductor industry in Taiwan. Total returns to shareholders of 69% over the past three years. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment improved over the past week After last week's 28% share price gain to NT$26.15, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 13x in the Semiconductor industry in Taiwan. Total returns to shareholders of 139% over the past three years. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.75 (vs NT$0.075 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.75 (up from NT$0.075 in 2Q 2021). Revenue: NT$380.1m (flat on 2Q 2021). Net income: NT$25.2m (up NT$22.7m from 2Q 2021). Profit margin: 6.6% (up from 0.7% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 04
Upcoming dividend of NT$0.60 per share Eligible shareholders must have bought the stock before 11 August 2022. Payment date: 07 September 2022. Payout ratio is a comfortable 57% but the company is not cash flow positive. Trailing yield: 3.0%. Lower than top quartile of Taiwanese dividend payers (6.7%). Lower than average of industry peers (3.7%). Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.48 (vs NT$0.38 in 1Q 2021) First quarter 2022 results: EPS: NT$0.48 (up from NT$0.38 in 1Q 2021). Revenue: NT$351.2m (up 14% from 1Q 2021). Net income: NT$15.9m (up 27% from 1Q 2021). Profit margin: 4.5% (up from 4.1% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 5 highly experienced directors. No independent directors (5 non-independent directors). Director Shu Ting Zhuang was the last director to join the board, commencing their role in 2004. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Apr 01
Full year 2021 earnings released: EPS: NT$0.95 (vs NT$0.90 in FY 2020) Full year 2021 results: EPS: NT$0.95 (up from NT$0.90 in FY 2020). Revenue: NT$1.49b (up 27% from FY 2020). Net income: NT$31.8m (up 5.7% from FY 2020). Profit margin: 2.1% (down from 2.6% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment improved over the past week After last week's 16% share price gain to NT$31.00, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 188% over the past three years. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.30 (vs NT$0.17 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$399.6m (up 6.5% from 3Q 2020). Net income: NT$9.92m (up 80% from 3Q 2020). Profit margin: 2.5% (up from 1.5% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.07 (vs NT$0.50 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$383.4m (up 61% from 2Q 2020). Net income: NT$2.50m (up NT$19.3m from 2Q 2020). Profit margin: 0.7% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 12
Inaugural dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 19 August 2021. Payment date: 14 September 2021. The company last paid an ordinary dividend in March 2015. The average dividend yield among industry peers is 2.1%. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improved over the past week After last week's 22% share price gain to NT$41.35, the stock trades at a trailing P/E ratio of 31.3x. Average trailing P/E is 24x in the Semiconductor industry in Taiwan. Total returns to shareholders of 181% over the past three years. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improved over the past week After last week's 20% share price gain to NT$31.60, the stock trades at a trailing P/E ratio of 23.1x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 115% over the past three years. Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$0.38 (vs NT$0.045 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$307.3m (up 88% from 1Q 2020). Net income: NT$12.5m (up NT$14.0m from 1Q 2020). Profit margin: 4.1% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 69% 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 • May 13
Investor sentiment deteriorated over the past week After last week's 21% share price decline to NT$25.75, the stock trades at a trailing P/E ratio of 28.6x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 82% over the past three years. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improved over the past week After last week's 20% share price gain to NT$39.60, the stock trades at a trailing P/E ratio of 44x. Average trailing P/E is 29x in the Semiconductor industry in Taiwan. Total returns to shareholders of 139% over the past three years. Reported Earnings • Apr 01
Full year 2020 earnings released: EPS NT$0.90 (vs NT$0.56 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$1.17b (up 24% from FY 2019). Net income: NT$30.0m (up NT$48.8m from FY 2019). Profit margin: 2.6% (up from net loss in FY 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 23
New 90-day high: NT$18.70 The company is up 13% from its price of NT$16.50 on 25 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 32% over the same period. Is New 90 Day High Low • Feb 01
New 90-day low: NT$15.20 The company is down 11% from its price of NT$17.00 on 04 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 35% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.17 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$375.1m (up 50% from 3Q 2019). Net income: NT$5.52m (up NT$9.94m from 3Q 2019). Profit margin: 1.5% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. 
