New Risk • May 29
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. 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 (9.4% average weekly change). Profit margins are more than 30% lower than last year (10% net profit margin). Market cap is less than US$100m (NT$2.16b market cap, or US$68.7m). Declared Dividend • May 25
Dividend increased to NT$0.85 Dividend of NT$0.85 is 13% higher than last year. Ex-date: 9th June 2026 Payment date: 3rd July 2026 Dividend yield will be 1.6%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (75% earnings payout ratio) and cash flows (45% cash payout ratio). The dividend has decreased over the past 96 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 4.1% 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 • May 21
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$52.90, the stock trades at a trailing P/E ratio of 46.5x. Average trailing P/E is 34x in the Electronic industry in Taiwan. Total returns to shareholders of 33% over the past three years. Reported Earnings • May 09
First quarter 2026 earnings released: EPS: NT$0.47 (vs NT$0.39 in 1Q 2025) First quarter 2026 results: EPS: NT$0.47 (up from NT$0.39 in 1Q 2025). Revenue: NT$113.3m (up 25% from 1Q 2025). Net income: NT$18.7m (up 19% from 1Q 2025). Profit margin: 17% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 06
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$39.80, the stock trades at a trailing P/E ratio of 37.4x. Average trailing P/E is 30x in the Electronic industry in Taiwan. Total returns to shareholders of 2.1% over the past three years. Buy Or Sell Opportunity • Apr 20
Now 21% overvalued Over the last 90 days, the stock has fallen 9.2% to NT$33.65. The fair value is estimated to be NT$27.87, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 30%. New Risk • Mar 21
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: 10% Last year net profit margin: 17% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (10% net profit margin). Market cap is less than US$100m (NT$1.22b market cap, or US$38.0m). Tillkännagivande • Mar 04
Unique Opto-Electronics Co.,Ltd., Annual General Meeting, May 20, 2026 Unique Opto-Electronics Co.,Ltd., Annual General Meeting, May 20, 2026, at 09:00 Taipei Standard Time. Location: no,6-4, tao hsiang rd., caotun township, nantou county Taiwan Valuation Update With 7 Day Price Move • Nov 26
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$36.40, the stock trades at a trailing P/E ratio of 35.1x. Average trailing P/E is 21x in the Electronic industry in Taiwan. Total loss to shareholders of 17% over the past three years. Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: NT$0.83 (vs NT$0.18 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.83 (up from NT$0.18 in 3Q 2024). Revenue: NT$127.7m (up 31% from 3Q 2024). Net income: NT$33.1m (up 350% from 3Q 2024). Profit margin: 26% (up from 7.6% 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 42% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 08
Second quarter 2025 earnings released: NT$0.60 loss per share (vs NT$0.29 profit in 2Q 2024) Second quarter 2025 results: NT$0.60 loss per share (down from NT$0.29 profit in 2Q 2024). Revenue: NT$93.0m (up 26% from 2Q 2024). Net loss: NT$24.1m (down 308% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Jul 23
Now 22% overvalued Over the last 90 days, the stock has fallen 11% to NT$29.10. The fair value is estimated to be NT$23.82, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Earnings per share has declined by 31%. Buy Or Sell Opportunity • Jun 24
Now 22% overvalued Over the last 90 days, the stock has fallen 24% to NT$29.40. The fair value is estimated to be NT$24.19, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Earnings per share has declined by 31%. Upcoming Dividend • Jun 02
Upcoming dividend of NT$0.75 per share Eligible shareholders must have bought the stock before 09 June 2025. Payment date: 04 July 2025. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (3.4%). Reported Earnings • May 09
First quarter 2025 earnings released: EPS: NT$0.39 (vs NT$0.51 in 1Q 2024) First quarter 2025 results: EPS: NT$0.39 (down from NT$0.51 in 1Q 2024). Revenue: NT$91.0m (up 25% from 1Q 2024). Net income: NT$15.8m (down 22% from 1Q 2024). Profit margin: 17% (down from 28% 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 31% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Apr 15
Now 21% overvalued Over the last 90 days, the stock has fallen 7.2% to NT$33.75. The fair value is estimated to be NT$27.85, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 20% over the last 3 years. Earnings per share has declined by 22%. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$29.85, the stock trades at a trailing P/E ratio of 21.3x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 1.0% over the past three years. New Risk • Apr 02
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.0% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (NT$1.47b market cap, or US$44.1m). Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: NT$1.40 (vs NT$0.51 in FY 2023) Full year 2024 results: EPS: NT$1.40 (up from NT$0.51 in FY 2023). Revenue: NT$331.2m (up 12% from FY 2023). Net income: NT$56.0m (up 174% from FY 2023). Profit margin: 17% (up from 6.9% in FY 2023). 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 7% per year, which means it is well ahead of earnings. New Risk • Mar 10
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 6.1% 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 (6.1% average weekly change). Profit margins are more than 30% lower than last year (8.5% net profit margin). Market cap is less than US$100m (NT$1.55b market cap, or US$47.0m). Tillkännagivande • Mar 06
Unique Opto-Electronics Co.,Ltd., Annual General Meeting, May 20, 2025 Unique Opto-Electronics Co.,Ltd., Annual General Meeting, May 20, 2025, at 09:00 Taipei Standard Time. Location: no,6-4, tao hsiang rd., caotun township, nantou county Taiwan Valuation Update With 7 Day Price Move • Dec 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$41.85, the stock trades at a trailing P/E ratio of 62.2x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 15% over the past three years. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$0.18 (vs NT$0.42 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.18 (down from NT$0.42 in 3Q 2023). Revenue: NT$97.3m (up 39% from 3Q 2023). Net income: NT$7.35m (down 56% from 3Q 2023). Profit margin: 7.6% (down from 24% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. New Risk • Nov 10
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$1.55b market cap, or US$48.0m). Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.29 (vs NT$0.12 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.29 (up from NT$0.12 in 2Q 2023). Revenue: NT$73.8m (up 1.1% from 2Q 2023). Net income: NT$11.6m (up 136% from 2Q 2023). Profit margin: 16% (up from 6.7% in 2Q 2023). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 3% per year. Upcoming Dividend • Jul 05
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 11 July 2024. Payment date: 09 August 2024. Payout ratio is a comfortable 67% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (2.6%). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.51 (vs NT$0.28 in 1Q 2023) First quarter 2024 results: EPS: NT$0.51 (up from NT$0.28 in 1Q 2023). Revenue: NT$72.8m (down 7.8% from 1Q 2023). Net income: NT$20.3m (up 84% from 1Q 2023). Profit margin: 28% (up from 14% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 17
Full year 2023 earnings released: EPS: NT$0.51 (vs NT$2.52 in FY 2022) Full year 2023 results: EPS: NT$0.51 (down from NT$2.52 in FY 2022). Revenue: NT$296.0m (down 32% from FY 2022). Net income: NT$20.4m (down 80% from FY 2022). Profit margin: 6.9% (down from 23% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Tillkännagivande • Mar 14
Unique Opto-Electronics Co.,Ltd., Annual General Meeting, May 29, 2024 Unique Opto-Electronics Co.,Ltd., Annual General Meeting, May 29, 2024. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: NT$0.42 (vs NT$0.93 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.42 (down from NT$0.93 in 3Q 2022). Revenue: NT$70.1m (down 33% from 3Q 2022). Net income: NT$16.8m (down 55% from 3Q 2022). Profit margin: 24% (down from 36% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: NT$0.12 (vs NT$0.81 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.12 (down from NT$0.81 in 2Q 2022). Revenue: NT$73.0m (down 45% from 2Q 2022). Net income: NT$4.91m (down 85% from 2Q 2022). Profit margin: 6.7% (down from 24% 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 100% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 30
Upcoming dividend of NT$1.50 per share at 3.5% yield Eligible shareholders must have bought the stock before 07 July 2023. Payment date: 28 July 2023. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (4.2%). Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$51.10, the stock trades at a trailing P/E ratio of 20.3x. Average trailing P/E is 14x in the Electronic industry in Taiwan. Total returns to shareholders of 119% over the past three years. Reported Earnings • Mar 15
Full year 2022 earnings released: EPS: NT$2.52 (vs NT$0.63 in FY 2021) Full year 2022 results: EPS: NT$2.52 (up from NT$0.63 in FY 2021). Revenue: NT$432.2m (down 5.9% from FY 2021). Net income: NT$100.8m (up 297% from FY 2021). Profit margin: 23% (up from 5.5% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 121% per year but the company’s share price has only increased by 31% 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 16% After last week's 16% share price gain to NT$46.90, the stock trades at a trailing P/E ratio of 16.9x. Average trailing P/E is 13x in the Electronic industry in Taiwan. Total returns to shareholders of 101% over the past three years. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improved over the past week After last week's 20% share price gain to NT$42.40, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 11x in the Electronic industry in Taiwan. Total returns to shareholders of 56% over the past three years. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$31.55, the stock trades at a trailing P/E ratio of 15.5x. Average trailing P/E is 11x in the Electronic industry in Taiwan. Total returns to shareholders of 12% over the past three years. Reported Earnings • Aug 07
Second quarter 2022 earnings released: EPS: NT$0.80 (vs NT$0.018 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.80 (up from NT$0.018 in 2Q 2021). Revenue: NT$132.2m (up 18% from 2Q 2021). Net income: NT$32.2m (up NT$31.5m from 2Q 2021). Profit margin: 24% (up from 0.6% in 2Q 2021). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improved over the past week After last week's 15% share price gain to NT$34.55, the stock trades at a trailing P/E ratio of 27.5x. Average trailing P/E is 12x in the Electronic industry in Taiwan. Total returns to shareholders of 22% over the past three years. Upcoming Dividend • Jul 01
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 08 July 2022. Payment date: 02 August 2022. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of Taiwanese dividend payers (6.5%). Lower than average of industry peers (4.7%). Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment deteriorated over the past week After last week's 21% share price decline to NT$31.35, the stock trades at a trailing P/E ratio of 25x. Average trailing P/E is 13x in the Electronic industry in Taiwan. Total returns to shareholders of 16% over the past three years. Valuation Update With 7 Day Price Move • May 30
Investor sentiment improved over the past week After last week's 20% share price gain to NT$36.50, the stock trades at a trailing P/E ratio of 29.1x. Average trailing P/E is 13x in the Electronic industry in Taiwan. Total returns to shareholders of 37% over the past three years. Reported Earnings • May 17
First quarter 2022 earnings released: EPS: NT$0.65 (vs NT$0.03 in 1Q 2021) First quarter 2022 results: EPS: NT$0.65 (up from NT$0.03 in 1Q 2021). Revenue: NT$117.3m (up 26% from 1Q 2021). Net income: NT$26.0m (up NT$24.8m from 1Q 2021). Profit margin: 22% (up from 1.3% in 1Q 2021). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Mar 19
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: NT$0.63 (up from NT$0.40 loss in FY 2020). Revenue: NT$459.3m (up 66% from FY 2020). Net income: NT$25.4m (up NT$41.3m from FY 2020). Profit margin: 5.5% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 14%. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.21 (vs NT$0.081 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$133.4m (up 107% from 3Q 2020). Net income: NT$8.31m (up NT$11.5m from 3Q 2020). Profit margin: 6.2% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.02 (vs NT$0.29 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$111.8m (up 77% from 2Q 2020). Net income: NT$725.0k (up NT$12.5m from 2Q 2020). Profit margin: 0.6% (up from net loss in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Aug 17
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 24 August 2021. Payment date: 16 September 2021. Trailing yield: 1.4%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (3.2%). Reported Earnings • May 11
First quarter 2021 earnings released: EPS NT$0.03 (vs NT$0.033 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$93.4m (up 56% from 1Q 2020). Net income: NT$1.21m (up NT$2.52m from 1Q 2020). Profit margin: 1.3% (up from net loss in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 115 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 24
Full year 2020 earnings released: NT$0.40 loss per share (vs NT$0.24 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: NT$276.2m (down 23% from FY 2019). Net loss: NT$15.9m (loss widened 66% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 114 percentage points per year, which is a significant difference in performance. Tillkännagivande • Mar 11
Unique Opto-Electronics Co.,Ltd., Annual General Meeting, May 25, 2021 Unique Opto-Electronics Co.,Ltd., Annual General Meeting, May 25, 2021. Is New 90 Day High Low • Feb 23
New 90-day high: NT$30.95 The company is up 20% from its price of NT$25.80 on 25 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electronic industry, which is up 25% over the same period. Is New 90 Day High Low • Nov 28
New 90-day high: NT$29.00 The company is up 10.0% from its price of NT$26.45 on 28 August 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 7.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: NT$0.08 loss per share The company reported a soft third quarter result with weaker revenues and control over expenses, though losses reduced. Third quarter 2020 results: Revenue: NT$64.5m (down 27% from 3Q 2019). Net loss: NT$3.23m (loss narrowed 22% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 107% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 29
New 90-day low: NT$24.05 The company is down 10.0% from its price of NT$26.80 on 31 July 2020. The Taiwanese market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is down 2.0% over the same period. Is New 90 Day High Low • Oct 13
New 90-day low: NT$24.75 The company is down 9.0% from its price of NT$27.15 on 15 July 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is down 4.0% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: NT$25.05 The company is down 16% from its price of NT$29.80 on 24 June 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is flat over the same period. 
