Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$190, the stock trades at a trailing P/E ratio of 75.7x. Average trailing P/E is 42x in the Semiconductor industry in Taiwan. Total loss to shareholders of 3.6% over the past three years. Declared Dividend • Jun 05
Dividend increased to NT$1.70 Dividend of NT$1.70 is 6.3% higher than last year. Ex-date: 25th June 2026 Payment date: 23rd July 2026 Dividend yield will be 0.8%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (68% earnings payout ratio) and cash flows (79% cash payout ratio). The dividend has increased by an average of 4.3% per year over the past 3 years. However, payments have been volatile during that time. Earnings per share has grown by 9.9% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • May 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 Taiwanese stocks, typically moving 9.4% 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. This is currently the only risk that has been identified for the company. Reported Earnings • May 13
First quarter 2026 earnings released: EPS: NT$0.64 (vs NT$0.19 in 1Q 2025) First quarter 2026 results: EPS: NT$0.64 (up from NT$0.19 in 1Q 2025). Revenue: NT$369.6m (up 88% from 1Q 2025). Net income: NT$25.1m (up 232% from 1Q 2025). Profit margin: 6.8% (up from 3.9% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$141, the stock trades at a trailing P/E ratio of 68.5x. Average trailing P/E is 42x in the Semiconductor industry in Taiwan. Total loss to shareholders of 12% over the past three years. New Risk • Mar 06
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: 6.0% Last year net profit margin: 9.2% 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 High level of non-cash earnings (83% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (6.0% net profit margin). Reported Earnings • Mar 06
Full year 2025 earnings released: EPS: NT$2.06 (vs NT$1.65 in FY 2024) Full year 2025 results: EPS: NT$2.06 (up from NT$1.65 in FY 2024). Revenue: NT$1.35b (up 98% from FY 2024). Net income: NT$81.4m (up 30% from FY 2024). Profit margin: 6.0% (down from 9.2% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 21% per year whereas the company’s share price has fallen by 16% per year. Tillkännagivande • Feb 25
Progate Group Corporation, Annual General Meeting, May 21, 2026 Progate Group Corporation, Annual General Meeting, May 21, 2026, at 09:00 Taipei Standard Time. Location: 1 floor no,399, jui kuang rd., neihu district, taipei city Taiwan Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: NT$1.26 (vs NT$0.10 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.26 (up from NT$0.10 in 3Q 2024). Revenue: NT$461.8m (up 210% from 3Q 2024). Net income: NT$50.0m (up NT$46.0m from 3Q 2024). Profit margin: 11% (up from 2.6% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 32% per year, which means it is well ahead of earnings. Reported Earnings • Aug 06
Second quarter 2025 earnings released: NT$0.06 loss per share (vs NT$0.44 profit in 2Q 2024) Second quarter 2025 results: NT$0.06 loss per share (down from NT$0.44 profit in 2Q 2024). Revenue: NT$276.5m (up 60% from 2Q 2024). Net loss: NT$2.32m (down 114% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 36% per year, which means it is well ahead of earnings. New Risk • Jul 05
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 10% 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 (10% average weekly change). High level of non-cash earnings (92% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (7.6% net profit margin). Declared Dividend • Jun 24
Dividend reduced to NT$1.60 Dividend of NT$1.60 is 30% lower than last year. Ex-date: 25th June 2025 Payment date: 22nd July 2025 Dividend yield will be 1.1%, which is lower than the industry average of 3.0%. Upcoming Dividend • Jun 18
Upcoming dividend of NT$1.60 per share Eligible shareholders must have bought the stock before 25 June 2025. Payment date: 22 July 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 1.1%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (2.3%). Reported Earnings • May 06
First quarter 2025 earnings released: EPS: NT$0.19 (vs NT$0.41 in 1Q 2024) First quarter 2025 results: EPS: NT$0.19 (down from NT$0.41 in 1Q 2024). Revenue: NT$196.2m (up 22% from 1Q 2024). Net income: NT$7.56m (down 51% from 1Q 2024). Profit margin: 3.9% (down from 9.6% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 28% per year, which means it is well ahead of earnings. 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$115, the stock trades at a trailing P/E ratio of 72.2x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 107% over the past three years. Reported Earnings • Mar 03
Full year 2024 earnings released: EPS: NT$1.65 (vs NT$4.29 in FY 2023) Full year 2024 results: EPS: NT$1.65 (down from NT$4.29 in FY 2023). Revenue: NT$682.2m (down 38% from FY 2023). Net income: NT$62.7m (down 61% from FY 2023). Profit margin: 9.2% (down from 14% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Feb 27
Progate Group Corporation, Annual General Meeting, May 22, 2025 Progate Group Corporation, Annual General Meeting, May 22, 2025, at 09:00 Taipei Standard Time. Location: 3 floor no,8, chih fu rd., jhongshan district, taipei city Taiwan Buy Or Sell Opportunity • Dec 23
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 8.6% to NT$196. The fair value is estimated to be NT$159, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 19%. New Risk • Dec 09
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 6.4% 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 (6.4% average weekly change). Profit margins are more than 30% lower than last year (7.8% net profit margin). Shareholders have been diluted in the past year (5.9% increase in shares outstanding). Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$0.10 (vs NT$1.38 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.10 (down from NT$1.38 in 3Q 2023). Revenue: NT$148.8m (down 46% from 3Q 2023). Net income: NT$3.94m (down 92% from 3Q 2023). Profit margin: 2.6% (down from 19% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 15% per year. New Risk • Oct 19
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.9% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: NT$0.44 (vs NT$1.12 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.44 (down from NT$1.12 in 2Q 2023). Revenue: NT$172.8m (down 32% from 2Q 2023). Net income: NT$16.5m (down 60% from 2Q 2023). Profit margin: 9.5% (down from 16% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 39% per year whereas the company’s share price has increased by 41% per year. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$182, the stock trades at a trailing P/E ratio of 48.7x. Average trailing P/E is 26x in the Semiconductor industry in Taiwan. Total returns to shareholders of 176% over the past three years. Upcoming Dividend • Jun 19
Upcoming dividend of NT$2.30 per share Eligible shareholders must have bought the stock before 26 June 2024. Payment date: 23 July 2024. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (2.1%). Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$249, the stock trades at a trailing P/E ratio of 66.6x. Average trailing P/E is 31x in the Semiconductor industry in Taiwan. Total returns to shareholders of 33% over the past year. Reported Earnings • May 12
First quarter 2024 earnings released: EPS: NT$0.41 (vs NT$0.96 in 1Q 2023) First quarter 2024 results: EPS: NT$0.41 (down from NT$0.96 in 1Q 2023). Revenue: NT$160.3m (down 21% from 1Q 2023). Net income: NT$15.4m (down 57% from 1Q 2023). Profit margin: 9.6% (down from 18% in 1Q 2023). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • May 10
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$197, the stock trades at a trailing P/E ratio of 45.9x. Average trailing P/E is 31x in the Semiconductor industry in Taiwan. Total returns to shareholders of 11% over the past year. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$324, the stock trades at a trailing P/E ratio of 75.5x. Average trailing P/E is 29x in the Semiconductor industry in Taiwan. Total returns to shareholders of 47% over the past year. Tillkännagivande • Mar 01
Progate Group Corporation, Annual General Meeting, May 24, 2024 Progate Group Corporation, Annual General Meeting, May 24, 2024. Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: NT$4.29 (vs NT$2.20 in FY 2022) Full year 2023 results: EPS: NT$4.29 (up from NT$2.20 in FY 2022). Revenue: NT$1.10b (up 18% from FY 2022). Net income: NT$160.1m (up 119% from FY 2022). Profit margin: 14% (up from 7.8% in FY 2022). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$200, the stock trades at a trailing P/E ratio of 72.4x. Average trailing P/E is 23x in the Semiconductor industry in Taiwan. Total returns to shareholders of 199% over the past year. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$185, the stock trades at a trailing P/E ratio of 67.1x. Average trailing P/E is 23x in the Semiconductor industry in Taiwan. Total returns to shareholders of 158% over the past year. Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: NT$1.12 (vs NT$0.75 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.12 (up from NT$0.75 in 2Q 2022). Revenue: NT$254.0m (down 17% from 2Q 2022). Net income: NT$41.7m (up 67% from 2Q 2022). Profit margin: 16% (up from 8.2% in 2Q 2022). Upcoming Dividend • Jul 24
Upcoming dividend of NT$1.50 per share at 0.8% yield Eligible shareholders must have bought the stock before 31 July 2023. Payment date: 22 August 2023. Payout ratio is a comfortable 60% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (3.2%). Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$180, the stock trades at a trailing P/E ratio of 77.8x. Average trailing P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 201% over the past year. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$176, the stock trades at a trailing P/E ratio of 57.6x. Average trailing P/E is 13x in the Semiconductor industry in Taiwan. Total returns to shareholders of 110% over the past year. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$100.00, the stock trades at a trailing P/E ratio of 32.8x. Average trailing P/E is 13x in the Semiconductor industry in Taiwan. Total returns to shareholders of 18% over the past year. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improved over the past week After last week's 16% share price gain to NT$87.10, the stock trades at a trailing P/E ratio of 28.6x. Average trailing P/E is 12x in the Semiconductor industry in Taiwan. Total loss to shareholders of 18% over the past year. 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. 7 experienced directors. No highly experienced directors. No independent directors (5 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: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improved over the past week After last week's 16% share price gain to NT$60.50, the stock trades at a trailing P/E ratio of 21.6x. Average trailing P/E is 11x in the Semiconductor industry in Taiwan. Total loss to shareholders of 30% over the past year. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improved over the past week After last week's 21% share price gain to NT$72.40, the stock trades at a trailing P/E ratio of 25.9x. Average trailing P/E is 13x in the Semiconductor industry in Taiwan. Total loss to shareholders of 15% over the past year. Reported Earnings • Jun 15
First quarter 2022 earnings released: EPS: NT$0.69 (vs NT$0.29 in 1Q 2021) First quarter 2022 results: EPS: NT$0.69 (up from NT$0.29 in 1Q 2021). Revenue: NT$153.8m (up 17% from 1Q 2021). Net income: NT$23.0m (up 137% from 1Q 2021). Profit margin: 15% (up from 7.4% in 1Q 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improved over the past week After last week's 17% share price gain to NT$73.00, the stock trades at a trailing P/E ratio of 41.7x. Average trailing P/E is 15x in the Semiconductor industry in Taiwan. 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. 7 experienced directors. No highly experienced directors. No independent directors (5 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: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Aug 11
First half 2021 earnings released: EPS NT$0.40 (vs NT$0.33 loss in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: NT$261.1m (up 87% from 1H 2020). Net income: NT$13.2m (up NT$24.0m from 1H 2020). Profit margin: 5.1% (up from net loss in 1H 2020).