Reported Earnings • May 09
First quarter 2026 earnings released First quarter 2026 results: Revenue: NT$197.4m (down 11% from 1Q 2025). Net income: NT$10.9m (down 47% from 1Q 2025). Profit margin: 5.5% (down from 9.3% in 1Q 2025). The decrease in margin was driven by lower revenue. 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 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 25
Full year 2025 earnings released: EPS: NT$1.77 (vs NT$1.62 in FY 2024) Full year 2025 results: EPS: NT$1.77 (up from NT$1.62 in FY 2024). Revenue: NT$851.7m (up 4.7% from FY 2024). Net income: NT$63.0m (up 9.3% from FY 2024). Profit margin: 7.4% (up from 7.1% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Mar 13
Advanced Connection Technology Inc., Annual General Meeting, Jun 22, 2026 Advanced Connection Technology Inc., Annual General Meeting, Jun 22, 2026. Location: 10 floor no,69, sec.2 chung cheng e. rd., danshuei district, new taipei city Taiwan Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$26.50, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 52% over the past three years. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$28.45, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 21x in the Electronic industry in Taiwan. Total returns to shareholders of 66% over the past three years. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: NT$0.64 (vs NT$0.42 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.64 (up from NT$0.42 in 3Q 2024). Revenue: NT$204.0m (down 6.9% from 3Q 2024). Net income: NT$22.6m (up 50% from 3Q 2024). Profit margin: 11% (up from 6.9% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 13
Second quarter 2025 earnings released: EPS: NT$0.41 (vs NT$0.49 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.41 (down from NT$0.49 in 2Q 2024). Revenue: NT$218.2m (up 9.9% from 2Q 2024). Net income: NT$14.6m (down 16% from 2Q 2024). Profit margin: 6.7% (down from 8.8% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 09
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 16 July 2025. Payment date: 15 August 2025. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (3.2%). New Risk • May 26
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 8.9% 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 (8.9% average weekly change). Market cap is less than US$100m (NT$989.6m market cap, or US$33.0m). New Risk • May 25
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: 3.9% 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$900.7m market cap, or US$30.0m). Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to NT$26.70, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 20x in the Electronic industry in Taiwan. Total returns to shareholders of 68% over the past three years. Reported Earnings • May 12
First quarter 2025 earnings released: EPS: NT$0.58 (vs NT$0.37 in 1Q 2024) First quarter 2025 results: EPS: NT$0.58 (up from NT$0.37 in 1Q 2024). Revenue: NT$221.5m (up 24% from 1Q 2024). Net income: NT$20.7m (up 56% from 1Q 2024). Profit margin: 9.3% (up from 7.4% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% 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 • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$19.55, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 19% over the past three years. Tillkännagivande • Mar 18
Advanced Connection Technology Inc., Annual General Meeting, Jun 23, 2025 Advanced Connection Technology Inc., Annual General Meeting, Jun 23, 2025, at 09:00 Taipei Standard Time. Location: 10 floor no,69, sec.2 chung cheng e. rd., danshuei district, new taipei city Taiwan 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). Market cap is less than US$100m (NT$920.3m market cap, or US$28.0m). Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$29.10, the stock trades at a trailing P/E ratio of 25.4x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 58% over the past three years. Buy Or Sell Opportunity • Feb 10
Now 28% overvalued The stock has been flat over the last 90 days, currently trading at NT$27.70. The fair value is estimated to be NT$21.67, 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 grown by 20%. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.42 (vs NT$0.59 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.42 (down from NT$0.59 in 3Q 2023). Revenue: NT$219.0m (up 14% from 3Q 2023). Net income: NT$15.1m (down 28% from 3Q 2023). Profit margin: 6.9% (down from 11% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$31.25, the stock trades at a trailing P/E ratio of 23.8x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 79% over the past three years. Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$31.00, the stock trades at a trailing P/E ratio of 23.6x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 68% over the past three years. Upcoming Dividend • Aug 21
Upcoming dividend of NT$0.33 per share Eligible shareholders must have bought the stock before 28 August 2024. Payment date: 27 September 2024. Payout ratio is a comfortable 25% but the company is paying out more than the cash it is generating. Trailing yield: 1.2%. Lower than top quartile of Taiwanese dividend payers (4.3%). Lower than average of industry peers (2.8%). Reported Earnings • Aug 18
Second quarter 2024 earnings released: EPS: NT$0.49 (vs NT$0.18 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.49 (up from NT$0.18 in 2Q 2023). Revenue: NT$198.7m (up 3.9% from 2Q 2023). Net income: NT$17.4m (up 179% from 2Q 2023). Profit margin: 8.8% (up from 3.3% in 2Q 2023). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 16% per year. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$27.80, the stock trades at a trailing P/E ratio of 27.9x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 66% over the past three years. Buy Or Sell Opportunity • Aug 07
Now 31% overvalued after recent price rise Over the last 90 days, the stock has risen 16% to NT$22.85. The fair value is estimated to be NT$17.40, 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 grown by 17%. Valuation Update With 7 Day Price Move • Jul 19
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$34.35, the stock trades at a trailing P/E ratio of 34.5x. Average trailing P/E is 26x in the Electronic industry in Taiwan. Total returns to shareholders of 98% over the past three years. Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$25.60, the stock trades at a trailing P/E ratio of 25.7x. Average trailing P/E is 25x in the Electronic industry in Taiwan. Total returns to shareholders of 41% over the past three years. Reported Earnings • May 12
First quarter 2024 earnings released: EPS: NT$0.37 (vs NT$0.005 in 1Q 2023) First quarter 2024 results: EPS: NT$0.37 (up from NT$0.005 in 1Q 2023). Revenue: NT$178.9m (up 13% from 1Q 2023). Net income: NT$13.3m (up NT$13.1m from 1Q 2023). Profit margin: 7.4% (up from 0.1% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 03
Full year 2023 earnings released: EPS: NT$0.63 (vs NT$1.45 in FY 2022) Full year 2023 results: EPS: NT$0.63 (down from NT$1.45 in FY 2022). Revenue: NT$722.9m (down 3.7% from FY 2022). Net income: NT$22.3m (down 57% from FY 2022). Profit margin: 3.1% (down from 6.8% in FY 2022). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Tillkännagivande • Mar 22
Advanced Connection Technology Inc., Annual General Meeting, Jun 20, 2024 Advanced Connection Technology Inc., Annual General Meeting, Jun 20, 2024. New Risk • Nov 15
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: 4.0% Last year net profit margin: 6.1% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 123% Paying a dividend despite having no free cash flows. Earnings have declined by 16% per year over the past 5 years. High level of non-cash earnings (23% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (4.0% net profit margin). Market cap is less than US$100m (NT$659.1m market cap, or US$20.6m). Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: NT$0.59 (vs NT$0.74 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.59 (down from NT$0.74 in 3Q 2022). Revenue: NT$192.5m (down 6.2% from 3Q 2022). Net income: NT$21.0m (down 20% from 3Q 2022). Profit margin: 11% (down from 13% 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 32% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 18
Upcoming dividend of NT$1.00 per share at 5.2% yield Eligible shareholders must have bought the stock before 25 August 2023. Payment date: 27 September 2023. Payout ratio is on the higher end at 79%, however this is supported by cash flows. Trailing yield: 5.2%. Lower than top quartile of Taiwanese dividend payers (5.6%). Higher than average of industry peers (4.2%). Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: NT$0.18 (vs NT$0.47 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.18 (down from NT$0.47 in 2Q 2022). Revenue: NT$191.1m (down 6.4% from 2Q 2022). Net income: NT$6.25m (down 63% from 2Q 2022). Profit margin: 3.3% (down from 8.2% 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 36% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. New Risk • Jul 18
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 117% Dividend yield: 5.1% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 13% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (117% cash payout ratio). Market cap is less than US$100m (NT$696.4m market cap, or US$22.5m). 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. 5 experienced directors. No highly experienced directors. 1 independent director (3 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 16
Third quarter 2022 earnings released: EPS: NT$0.74 (vs NT$0.091 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.74 (up from NT$0.091 in 3Q 2021). Revenue: NT$205.3m (up 16% from 3Q 2021). Net income: NT$26.4m (up NT$23.1m from 3Q 2021). Profit margin: 13% (up from 1.8% in 3Q 2021). 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 1% per year, which means it is well ahead of earnings. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.47 (vs NT$0.11 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.47 (up from NT$0.11 in 2Q 2021). Revenue: NT$204.1m (up 5.7% from 2Q 2021). Net income: NT$16.7m (up 337% from 2Q 2021). Profit margin: 8.2% (up from 2.0% in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jul 06
Upcoming dividend of NT$0.30 per share Eligible shareholders must have bought the stock before 13 July 2022. Payment date: 17 August 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 1.8%. Lower than top quartile of Taiwanese dividend payers (6.6%). Lower than average of industry peers (4.9%). Reported Earnings • May 12
First quarter 2022 earnings released: EPS: NT$0.19 (vs NT$0.43 in 1Q 2021) First quarter 2022 results: EPS: NT$0.19 (down from NT$0.43 in 1Q 2021). Revenue: NT$162.0m (down 21% from 1Q 2021). Net income: NT$6.82m (down 56% from 1Q 2021). Profit margin: 4.2% (down from 7.5% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 58% 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. 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. 5 experienced directors. No highly experienced directors. 1 independent director (3 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 • Apr 03
Full year 2021 earnings released: EPS: NT$0.50 (vs NT$0.42 in FY 2020) Full year 2021 results: EPS: NT$0.50 (up from NT$0.42 in FY 2020). Revenue: NT$749.3m (up 11% from FY 2020). Net income: NT$17.8m (up 19% from FY 2020). Profit margin: 2.4% (up from 2.2% in FY 2020). The increase in margin 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 only fallen by 5% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improved over the past week After last week's 18% share price gain to NT$22.00, the stock trades at a trailing P/E ratio of 31.1x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 34% over the past three years. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.09 (vs NT$0.21 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: NT$177.5m (up 1.1% from 3Q 2020). Net income: NT$3.24m (down 56% from 3Q 2020). Profit margin: 1.8% (down from 4.2% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 45% 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 • Sep 16
Investor sentiment improved over the past week After last week's 16% share price gain to NT$22.05, the stock trades at a trailing P/E ratio of 26.8x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 15% over the past three years. Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improved over the past week After last week's 20% share price gain to NT$21.55, the stock trades at a trailing P/E ratio of 26.2x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 15% over the past three years. Upcoming Dividend • Aug 24
Upcoming dividend of NT$0.28 per share Eligible shareholders must have bought the stock before 31 August 2021. Payment date: 30 September 2021. Trailing yield: 1.5%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (3.2%). Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.11 (vs NT$0.17 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$193.1m (up 50% from 2Q 2020). Net income: NT$3.83m (up NT$10.1m from 2Q 2020). Profit margin: 2.0% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improved over the past week After last week's 19% share price gain to NT$22.90, the stock trades at a trailing P/E ratio of 42.4x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 10% over the past three years. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$0.42 (vs NT$1.20 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$675.9m (down 11% from FY 2019). Net income: NT$15.0m (down 65% from FY 2019). Profit margin: 2.2% (down from 5.6% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Mar 10
New 90-day high: NT$20.65 The company is up 32% from its price of NT$15.65 on 10 December 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 12% over the same period. Valuation Update With 7 Day Price Move • Jan 11
Investor sentiment improved over the past week After last week's 24% share price gain to NT$19.95, the stock is trading at a trailing P/E ratio of 53.1x, up from the previous P/E ratio of 42.8x. This compares to an average P/E of 18x in the Electronic industry in Taiwan. Total return to shareholders over the past three years is a loss of 16%. Is New 90 Day High Low • Dec 25
New 90-day high: NT$16.20 The company is up 12% from its price of NT$14.45 on 25 September 2020. The Taiwanese market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 19% over the same period. Is New 90 Day High Low • Dec 02
New 90-day high: NT$16.10 The company is up 8.0% from its price of NT$14.85 on 03 September 2020. The Taiwanese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Electronic industry, which is up 7.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.21 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$175.5m (down 9.2% from 3Q 2019). Net income: NT$7.40m (down 49% from 3Q 2019). Profit margin: 4.2% (down from 7.5% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Sep 25
New 90-day low: NT$14.45 The company is down 14% from its price of NT$16.80 on 24 June 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 3.0% over the same period.