Reported Earnings • May 11
First quarter 2026 earnings released: EPS: NT$3.00 (vs NT$0.61 in 1Q 2025) First quarter 2026 results: EPS: NT$3.00 (up from NT$0.61 in 1Q 2025). Revenue: NT$656.1m (up 25% from 1Q 2025). Net income: NT$243.8m (up 395% from 1Q 2025). Profit margin: 37% (up from 9.4% in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 170% per year, which means it is well ahead of earnings. Reported Earnings • Feb 24
Full year 2025 earnings released: EPS: NT$6.22 (vs NT$5.75 in FY 2024) Full year 2025 results: EPS: NT$6.22 (up from NT$5.75 in FY 2024). Revenue: NT$2.23b (up 15% from FY 2024). Net income: NT$501.1m (up 8.2% from FY 2024). Profit margin: 23% (down from 24% 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 10% per year but the company’s share price has increased by 134% per year, which means it is well ahead of earnings. Tillkännagivande • Feb 11
Browave Corporation, Annual General Meeting, Jun 16, 2026 Browave Corporation, Annual General Meeting, Jun 16, 2026. Location: no,2, chan yeh 1st rd., hsinchu science park, hsinchu city Taiwan Valuation Update With 7 Day Price Move • Dec 10
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$384, the stock trades at a trailing P/E ratio of 74.8x. Average trailing P/E is 23x in the Communications industry in Taiwan. Total returns to shareholders of 675% over the past three years. Valuation Update With 7 Day Price Move • Nov 26
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$277, the stock trades at a trailing P/E ratio of 53.8x. Average trailing P/E is 23x in the Communications industry in Taiwan. Total returns to shareholders of 424% over the past three years. Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: NT$2.78 (vs NT$0.27 in 3Q 2024) Third quarter 2025 results: EPS: NT$2.78 (up from NT$0.27 in 3Q 2024). Revenue: NT$540.4m (up 18% from 3Q 2024). Net income: NT$223.9m (up NT$202.2m from 3Q 2024). Profit margin: 41% (up from 4.8% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 61% per year, which means it is well ahead of earnings. New Risk • Nov 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 8.6% 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 (8.6% average weekly change). High level of non-cash earnings (123% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (11% net profit margin). New Risk • Aug 15
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 Risk High level of non-cash earnings (123% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.0% average weekly change). Profit margins are more than 30% lower than last year (11% net profit margin). Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$201, the stock trades at a trailing P/E ratio of 76.6x. Average trailing P/E is 27x in the Communications industry in Taiwan. Total returns to shareholders of 259% over the past three years. Reported Earnings • Aug 09
Second quarter 2025 earnings released: NT$0.07 loss per share (vs NT$1.98 profit in 2Q 2024) Second quarter 2025 results: NT$0.07 loss per share (down from NT$1.98 profit in 2Q 2024). Revenue: NT$538.5m (up 17% from 2Q 2024). Net loss: NT$6.01m (down 104% from profit in 2Q 2024). 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 42% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 17
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 24 June 2025. Payment date: 18 July 2025. Payout ratio is a comfortable 64% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (2.4%). Declared Dividend • May 29
Dividend reduced to NT$3.00 Dividend of NT$3.00 is 17% lower than last year. Ex-date: 24th June 2025 Payment date: 18th July 2025 Dividend yield will be 1.9%, which is lower than the industry average of 2.3%. Sustainability & Growth Dividend is covered by earnings (52% 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 11% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 43% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: NT$0.61 (vs NT$1.68 in 1Q 2024) First quarter 2025 results: EPS: NT$0.61 (down from NT$1.68 in 1Q 2024). Revenue: NT$523.9m (down 4.5% from 1Q 2024). Net income: NT$49.2m (down 64% from 1Q 2024). Profit margin: 9.4% (down from 25% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • May 01
Browave Corporation to Report Q1, 2025 Results on May 08, 2025 Browave Corporation announced that they will report Q1, 2025 results on May 08, 2025 Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$168, the stock trades at a trailing P/E ratio of 29.2x. Average trailing P/E is 26x in the Communications industry in Taiwan. Total returns to shareholders of 317% over the past three years. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$197, the stock trades at a trailing P/E ratio of 34.2x. Average trailing P/E is 31x in the Communications industry in Taiwan. Total returns to shareholders of 392% over the past three years. Reported Earnings • Mar 15
Full year 2024 earnings released: EPS: NT$5.75 (vs NT$5.63 in FY 2023) Full year 2024 results: EPS: NT$5.75 (up from NT$5.63 in FY 2023). Revenue: NT$1.94b (down 30% from FY 2023). Net income: NT$463.1m (up 6.3% from FY 2023). Profit margin: 24% (up from 16% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Feb 28
Browave Corporation announced a financing transaction Browave Corporation announced a private placement of 21,000,000 common shares on February 26, 2025. The transaction has been approved by the shareholders of the company. Tillkännagivande • Feb 19
Browave Corporation to Report Fiscal Year 2024 Results on Feb 26, 2025 Browave Corporation announced that they will report fiscal year 2024 results on Feb 26, 2025 Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$139, the stock trades at a trailing P/E ratio of 30.9x. Average trailing P/E is 31x in the Communications industry in Taiwan. Total returns to shareholders of 284% over the past three years. New Risk • Feb 03
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 8.3% 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 (8.3% average weekly change). High level of non-cash earnings (89% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.3% average weekly change). Buy Or Sell Opportunity • Dec 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to NT$138. The fair value is estimated to be NT$173, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 36%. Revenue is forecast to grow by 29% in 2 years. Earnings are forecast to grow by 27% in the next 2 years. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$141, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 18x in the Communications industry in Taiwan. Total returns to shareholders of 279% over the past three years. Buy Or Sell Opportunity • Nov 12
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.9% to NT$136. The fair value is estimated to be NT$176, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 36%. Revenue is forecast to grow by 29% in 2 years. Earnings are forecast to grow by 27% in the next 2 years. Reported Earnings • Nov 10
Third quarter 2024 earnings released: EPS: NT$0.27 (vs NT$2.30 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.27 (down from NT$2.30 in 3Q 2023). Revenue: NT$456.4m (down 38% from 3Q 2023). Net income: NT$21.8m (down 88% from 3Q 2023). Profit margin: 4.8% (down from 25% in 3Q 2023). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Communications industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has increased by 54% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Nov 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.09% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Earnings are forecast to decline by an average of 0.09% per year for the foreseeable future. High level of non-cash earnings (95% accrual ratio). Minor Risks Dividend is not well covered by cash flows (102% cash payout ratio). Share price has been volatile over the past 3 months (6.7% average weekly change). Shareholders have been diluted in the past year (7.0% increase in shares outstanding). Tillkännagivande • Oct 29
Browave Corporation to Report Q3, 2024 Results on Nov 05, 2024 Browave Corporation announced that they will report Q3, 2024 results on Nov 05, 2024 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$162, the stock trades at a trailing P/E ratio of 25x. Average trailing P/E is 21x in the Communications industry in Taiwan. Total returns to shareholders of 328% over the past three years. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$143, the stock trades at a trailing P/E ratio of 22.6x. Average trailing P/E is 25x in the Communications industry in Taiwan. Total returns to shareholders of 313% over the past three years. New Risk • Jul 25
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 8.6% 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 (8.6% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Shareholders have been diluted in the past year (7.0% increase in shares outstanding). Tillkännagivande • Jul 24
Browave Corporation to Report Q2, 2024 Results on Aug 01, 2024 Browave Corporation announced that they will report Q2, 2024 results on Aug 01, 2024 Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$157, the stock trades at a trailing P/E ratio of 24.8x. Average trailing P/E is 31x in the Communications industry in Taiwan. Total returns to shareholders of 318% over the past three years. Upcoming Dividend • Jun 20
Upcoming dividend of NT$3.60 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 19 July 2024. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.5%). Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$125, the stock trades at a trailing P/E ratio of 19.6x. Average trailing P/E is 29x in the Communications industry in Taiwan. Total returns to shareholders of 233% over the past three years. Declared Dividend • May 14
Dividend reduced to NT$3.60 Dividend of NT$3.60 is 14% lower than last year. Ex-date: 27th June 2024 Payment date: 19th July 2024 Dividend yield will be 3.5%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is covered by both earnings (64% earnings payout ratio) and cash flows (43% cash payout ratio). The dividend has increased by an average of 9.2% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 40% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$106, the stock trades at a trailing P/E ratio of 19.5x. Average trailing P/E is 27x in the Communications industry in Taiwan. Total returns to shareholders of 142% over the past three years. Tillkännagivande • Apr 27
Browave Corporation to Report Q1, 2024 Results on May 02, 2024 Browave Corporation announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 02, 2024 New Risk • Mar 23
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 57% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.4% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (7.0% increase in shares outstanding). New Risk • Mar 22
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.0% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.4% average weekly change). Shareholders have been diluted in the past year (7.0% increase in shares outstanding). Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: NT$5.63 (vs NT$6.00 in FY 2022) Full year 2023 results: EPS: NT$5.63 (down from NT$6.00 in FY 2022). Revenue: NT$2.78b (down 13% from FY 2022). Net income: NT$435.8m (down 3.5% from FY 2022). Profit margin: 16% (up from 14% 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 41% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$116, the stock trades at a trailing P/E ratio of 18.8x. Average trailing P/E is 31x in the Communications industry in Taiwan. Total returns to shareholders of 162% over the past three years. New Risk • Mar 07
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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.0% average weekly change). Tillkännagivande • Mar 02
Browave Corporation announced a financing transaction Browave Corporation has announced a private placement of 10,000,000 common shares on February 29, 2024. The transaction has been approved by the board of directors of the company. Tillkännagivande • Mar 01
Browave Corporation, Annual General Meeting, May 21, 2024 Browave Corporation, Annual General Meeting, May 21, 2024. Location: No. 2, Zhanye 1st Rd., East Dist., Hsinchu Science Park Hsinchu Taiwan Agenda: To consider 2023 Business Report; to consider 2023 Audit Committee's Review Report; to consider the Distribution of Employees' Compensation and Directors' Remuneration for 2023; to consider 2023 Earnings Distribution of Cash Dividend Proposal; and to transact such other business matters. Reported Earnings • Nov 02
Third quarter 2023 earnings released: EPS: NT$2.30 (vs NT$2.40 in 3Q 2022) Third quarter 2023 results: EPS: NT$2.30. Revenue: NT$732.9m (down 4.0% from 3Q 2022). Net income: NT$180.8m (flat on 3Q 2022). Profit margin: 25% (up from 24% in 3Q 2022). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$104, the stock trades at a trailing P/E ratio of 16.8x. Average trailing P/E is 21x in the Communications industry in Taiwan. Total returns to shareholders of 88% over the past three years. Reported Earnings • Aug 03
Second quarter 2023 earnings released: EPS: NT$1.98 (vs NT$2.00 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.98 (down from NT$2.00 in 2Q 2022). Revenue: NT$653.3m (down 32% from 2Q 2022). Net income: NT$149.2m (flat on 2Q 2022). Profit margin: 23% (up from 16% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$85.60, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 21x in the Communications industry in Taiwan. Total returns to shareholders of 58% over the past three years. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$72.50, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 21x in the Communications industry in Taiwan. Total returns to shareholders of 33% over the past three years. Upcoming Dividend • Jun 21
Upcoming dividend of NT$4.20 per share at 6.8% yield Eligible shareholders must have bought the stock before 28 June 2023. Payment date: 14 July 2023. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 6.8%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.2%). Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$62.00, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 20x in the Communications industry in Taiwan. Total returns to shareholders of 63% over the past three years. 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. 12 experienced directors. No highly experienced directors. 3 independent directors (6 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 06
Third quarter 2022 earnings released: EPS: NT$2.40 (vs NT$0.21 in 3Q 2021) Third quarter 2022 results: EPS: NT$2.40 (up from NT$0.21 in 3Q 2021). Revenue: NT$763.6m (up 40% from 3Q 2021). Net income: NT$180.4m (up NT$164.4m from 3Q 2021). Profit margin: 24% (up from 2.9% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improved over the past week After last week's 18% share price gain to NT$52.40, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 18x in the Communications industry in Taiwan. Total returns to shareholders of 19% over the past three years. Reported Earnings • Aug 06
Second quarter 2022 earnings released: EPS: NT$2.00 (vs NT$0.23 in 2Q 2021) Second quarter 2022 results: EPS: NT$2.00 (up from NT$0.23 in 2Q 2021). Revenue: NT$962.5m (up 68% from 2Q 2021). Net income: NT$150.4m (up NT$133.3m from 2Q 2021). Profit margin: 16% (up from 3.0% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year and the company’s share price has also increased by 8% per year. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$41.25, the stock trades at a trailing P/E ratio of 22.7x. Average trailing P/E is 18x in the Communications industry in Taiwan. Total loss to shareholders of 5.0% over the past three years. Upcoming Dividend • Jun 23
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 30 June 2022. Payment date: 15 July 2022. Payout ratio is a comfortable 55% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of Taiwanese dividend payers (6.4%). Lower than average of industry peers (3.1%). Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$48.30, the stock trades at a trailing P/E ratio of 26.5x. Average trailing P/E is 20x in the Communications industry in Taiwan. Total returns to shareholders of 28% over the past three years. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improved over the past week After last week's 16% share price gain to NT$54.90, the stock trades at a trailing P/E ratio of 30.2x. Average trailing P/E is 19x in the Communications industry in Taiwan. Total returns to shareholders of 51% over the past three years. Reported Earnings • May 06
First quarter 2022 earnings released: EPS: NT$0.61 (vs NT$0.13 loss in 1Q 2021) First quarter 2022 results: EPS: NT$0.61 (up from NT$0.13 loss in 1Q 2021). Revenue: NT$709.3m (up 38% from 1Q 2021). Net income: NT$46.0m (up NT$55.4m from 1Q 2021). Profit margin: 6.5% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Board Change • Apr 27
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. 12 experienced directors. No highly experienced directors. 2 independent directors (8 non-independent directors). President and Director De Ming Liao was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Tillkännagivande • Mar 06
Browave Corporation, Annual General Meeting, May 23, 2022 Browave Corporation, Annual General Meeting, May 23, 2022. Reported Earnings • Mar 01
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$1.09 (down from NT$3.14 in FY 2020). Revenue: NT$2.30b (down 26% from FY 2020). Net income: NT$81.6m (down 64% from FY 2020). Profit margin: 3.6% (down from 7.4% in FY 2020). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Buying Opportunity • Feb 10
Now 20% undervalued Over the last 90 days, the stock is up 1.0%. The fair value is estimated to be NT$50.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.6% per annum over the last 3 years. Earnings per share has grown by 23% per annum over the last 3 years. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$0.21 (vs NT$1.43 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$544.2m (down 42% from 3Q 2020). Net income: NT$16.0m (down 85% from 3Q 2020). Profit margin: 2.9% (down from 11% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$39.00, the stock trades at a trailing P/E ratio of 20.7x. Average trailing P/E is 20x in the Communications industry in Taiwan. Total returns to shareholders of 15% over the past three years. Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment improved over the past week After last week's 15% share price gain to NT$45.15, the stock trades at a trailing P/E ratio of 24x. Average trailing P/E is 20x in the Communications industry in Taiwan. Total returns to shareholders of 20% over the past three years. Upcoming Dividend • Aug 25
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 01 September 2021. Payment date: 11 September 2021. Trailing yield: 5.6%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (3.3%). Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$0.23 (vs NT$1.98 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$574.0m (down 38% from 2Q 2020). Net income: NT$17.1m (down 88% from 2Q 2020). Profit margin: 3.0% (down from 15% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 12
Investor sentiment deteriorated over the past week After last week's 19% share price decline to NT$40.00, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 21x in the Communications industry in Taiwan. Total returns to shareholders of 10% over the past three years. Reported Earnings • May 08
First quarter 2021 earnings released: NT$0.13 loss per share (vs NT$0.64 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: NT$515.9m (up 3.9% from 1Q 2020). Net loss: NT$9.35m (loss narrowed 79% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Mar 10
Browave Corporation, Annual General Meeting, Jun 03, 2021 Browave Corporation, Annual General Meeting, Jun 03, 2021. Reported Earnings • Mar 05
Full year 2020 earnings released: EPS NT$3.14 (vs NT$2.06 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$3.08b (up 27% from FY 2019). Net income: NT$229.1m (up 63% from FY 2019). Profit margin: 7.4% (up from 5.8% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 20
New 90-day low: NT$47.40 The company is down 28% from its price of NT$66.10 on 23 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is up 18% over the same period. Is New 90 Day High Low • Dec 30
New 90-day low: NT$52.70 The company is down 16% from its price of NT$62.80 on 30 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is up 24% over the same period. Is New 90 Day High Low • Dec 11
New 90-day low: NT$55.70 The company is down 10.0% from its price of NT$61.60 on 11 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is up 15% over the same period. Reported Earnings • Nov 06
Third quarter 2020 earnings released: EPS NT$1.43 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$941.8m (up 48% from 3Q 2019). Net income: NT$105.5m (up 152% from 3Q 2019). Profit margin: 11% (up from 6.6% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Oct 31
New 90-day low: NT$60.70 The company is down 3.0% from its price of NT$62.90 on 31 July 2020. The Taiwanese market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is down 2.0% over the same period.