Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$46.60, the stock trades at a trailing P/E ratio of 25.6x. Average trailing P/E is 42x in the Electronic industry in Taiwan. Total returns to shareholders of 30% over the past three years. Reported Earnings • Mar 26
Full year 2025 earnings released: EPS: NT$2.01 (vs NT$2.39 in FY 2024) Full year 2025 results: EPS: NT$2.01 (down from NT$2.39 in FY 2024). Revenue: NT$1.69b (down 6.3% from FY 2024). Net income: NT$199.3m (down 16% from FY 2024). Profit margin: 12% (down from 13% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 2% per year. Tillkännagivande • Mar 11
DynaColor, Inc., Annual General Meeting, Jun 23, 2026 DynaColor, Inc., Annual General Meeting, Jun 23, 2026. Location: no,127, sec.7 chung shan n. rd., taipei city Taiwan Buy Or Sell Opportunity • Jan 23
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 5.6% to NT$42.25. The fair value is estimated to be NT$34.86, 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 9.9%. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: NT$0.77 (vs NT$0.54 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.77 (up from NT$0.54 in 3Q 2024). Revenue: NT$427.8m (down 12% from 3Q 2024). Net income: NT$76.3m (up 43% from 3Q 2024). Profit margin: 18% (up from 11% in 3Q 2024). The increase in margin was driven by lower 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 2% per year, which means it is well ahead of earnings. New Risk • Sep 18
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 90% Dividend per share is over 8x cash flows per share. Dividend yield: 4.6% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain 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: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 90% Dividend per share is over 8x cash flows per share. Shareholders have been substantially diluted in the past year (over 9x increase in shares outstanding). Reported Earnings • Aug 12
Second quarter 2025 earnings released: EPS: NT$0.11 (vs NT$0.61 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.11 (down from NT$0.61 in 2Q 2024). Revenue: NT$452.3m (down 8.5% from 2Q 2024). Net income: NT$10.9m (down 82% from 2Q 2024). Profit margin: 2.4% (down from 12% in 2Q 2024). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Declared Dividend • Jul 31
Dividend increased to NT$1.82 Dividend of NT$1.82 is 78% higher than last year. Ex-date: 14th August 2025 Payment date: 10th September 2025 Dividend yield will be 4.5%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (72% earnings payout ratio) and cash flows (63% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 5.6% 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 • Jun 30
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$49.90, the stock trades at a trailing P/E ratio of 19.7x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 59% over the past three years. New Risk • Jun 27
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 Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$0.47 (vs NT$0.35 in 1Q 2024) First quarter 2025 results: EPS: NT$0.47 (up from NT$0.35 in 1Q 2024). Revenue: NT$354.2m (flat on 1Q 2024). Net income: NT$47.1m (up 35% from 1Q 2024). Profit margin: 13% (up from 9.7% in 1Q 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 14% per year, which means it is well ahead of earnings. New Risk • May 06
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 8.8% 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 Dividend is not well covered by cash flows (104% cash payout ratio). Share price has been volatile over the past 3 months (8.8% average weekly change). Tillkännagivande • Apr 27
DynaColor, Inc. to Report Q1, 2025 Results on May 05, 2025 DynaColor, Inc. announced that they will report Q1, 2025 results on May 05, 2025 Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to NT$50.20, the stock trades at a trailing P/E ratio of 21.1x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 60% over the past three years. Reported Earnings • Mar 21
Full year 2024 earnings released: EPS: NT$2.39 (vs NT$0.62 in FY 2023) Full year 2024 results: EPS: NT$2.39 (up from NT$0.62 in FY 2023). Revenue: NT$1.80b (up 18% from FY 2023). Net income: NT$236.9m (up 280% from FY 2023). Profit margin: 13% (up from 4.1% in FY 2023). 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 5% per year, which means it is well ahead of earnings. Tillkännagivande • Mar 12
DynaColor, Inc., Annual General Meeting, Jun 10, 2025 DynaColor, Inc., Annual General Meeting, Jun 10, 2025, at 09:00 Taipei Standard Time. Location: no,127, sec.7 chung shan n. rd., taipei city Taiwan Tillkännagivande • Mar 11
Dynacolor, Inc. Approves Cash Dividend for the Year Ended December 31, 2024 On March 10, 2025, the board of directors of DynaColor, Inc. approved dividend distribution of TWD 1.8 per share for the year 2024. Period which dividends belong to: January 1, 2024 to December 31, 2024. Total amount of cash dividends to shareholders: TWD 179,105,294. Tillkännagivande • Mar 01
DynaColor, Inc. to Report Fiscal Year 2024 Results on Mar 10, 2025 DynaColor, Inc. announced that they will report fiscal year 2024 results on Mar 10, 2025 Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.54 (vs NT$0.54 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.54. Revenue: NT$483.5m (up 32% from 3Q 2023). Net income: NT$53.5m (flat on 3Q 2023). Profit margin: 11% (down from 15% in 3Q 2023). The decrease in margin was driven by higher expenses. Tillkännagivande • Oct 28
DynaColor, Inc. to Report Q3, 2024 Results on Nov 04, 2024 DynaColor, Inc. announced that they will report Q3, 2024 results on Nov 04, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.61 (vs NT$0.43 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.61 (up from NT$0.43 in 2Q 2023). Revenue: NT$494.1m (up 31% from 2Q 2023). Net income: NT$60.6m (up 39% from 2Q 2023). Profit margin: 12% (in line with 2Q 2023). 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 10% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Aug 02
Dividend reduced to NT$1.02 Dividend of NT$1.02 is 33% lower than last year. Ex-date: 15th August 2024 Payment date: 13th September 2024 Dividend yield will be 2.4%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is not covered by earnings (153% earnings payout ratio). However, it is well covered by cash flows (25% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 70% to bring the payout ratio under control. However, EPS has declined by 27% over the last 5 years so the company would need to reverse this trend. Tillkännagivande • Jul 31
DynaColor, Inc. to Report Q2, 2024 Results on Jul 31, 2024 DynaColor, Inc. announced that they will report Q2, 2024 results on Jul 31, 2024 Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.35 (vs NT$0.32 in 1Q 2023) First quarter 2024 results: EPS: NT$0.35 (up from NT$0.32 in 1Q 2023). Revenue: NT$357.3m (down 2.6% from 1Q 2023). Net income: NT$34.8m (up 9.5% from 1Q 2023). Profit margin: 9.7% (up from 8.7% 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 29% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. New Risk • Mar 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 70% 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: Major Risk Earnings have declined by 5.4% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (95% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.1% net profit margin). Reported Earnings • Mar 27
Full year 2023 earnings released: EPS: NT$0.62 (vs NT$2.89 in FY 2022) Full year 2023 results: EPS: NT$0.62 (down from NT$2.89 in FY 2022). Revenue: NT$1.53b (down 12% from FY 2022). Net income: NT$62.4m (down 78% from FY 2022). Profit margin: 4.1% (down from 17% in FY 2022). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. New Risk • Nov 24
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: 16% 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 Earnings have declined by 4.7% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (95% payout ratio). Profit margins are more than 30% lower than last year (10% net profit margin). Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: NT$0.44 (vs NT$0.65 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.44 (down from NT$0.65 in 2Q 2022). Revenue: NT$377.0m (up 4.7% from 2Q 2022). Net income: NT$43.5m (down 33% from 2Q 2022). Profit margin: 12% (down from 18% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 63% 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 • Aug 08
Upcoming dividend of NT$1.52 per share at 3.9% yield Eligible shareholders must have bought the stock before 15 August 2023. Payment date: 11 September 2023. Payout ratio is a comfortable 66% and this is well supported by cash flows. Trailing yield: 3.9%. Lower than top quartile of Taiwanese dividend payers (5.4%). In line with average of industry peers (4.1%). Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: NT$2.89 (vs NT$1.25 in FY 2021) Full year 2022 results: EPS: NT$2.89 (up from NT$1.25 in FY 2021). Revenue: NT$1.75b (up 2.3% from FY 2021). Net income: NT$288.8m (up 134% from FY 2021). Profit margin: 17% (up from 7.2% in FY 2021). The increase in margin was primarily 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 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: NT$1.03 (vs NT$0.40 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.03 (up from NT$0.40 in 3Q 2021). Revenue: NT$428.7m (down 7.7% from 3Q 2021). Net income: NT$102.5m (up 160% from 3Q 2021). Profit margin: 24% (up from 8.5% in 3Q 2021). The increase in margin was 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 5% per 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 • Aug 26
Investor sentiment improved over the past week After last week's 17% share price gain to NT$39.90, the stock trades at a trailing P/E ratio of 17.1x. Average trailing P/E is 13x in the Electronic industry in Taiwan. Total returns to shareholders of 36% over the past three years. Reported Earnings • Aug 19
Second quarter 2022 earnings released: EPS: NT$0.65 (vs NT$0.36 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.65 (up from NT$0.36 in 2Q 2021). Revenue: NT$360.0m (down 12% from 2Q 2021). Net income: NT$64.9m (up 83% from 2Q 2021). Profit margin: 18% (up from 8.7% in 2Q 2021). The increase in margin was driven by lower expenses. 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. Upcoming Dividend • Aug 12
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 19 August 2022. Payment date: 16 September 2022. Payout ratio is a comfortable 49% but the company is not cash flow positive. Trailing yield: 2.9%. Lower than top quartile of Taiwanese dividend payers (6.6%). Lower than average of industry peers (4.5%). Reported Earnings • May 16
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: NT$0.91 (up from NT$0.10 in 1Q 2021). Revenue: NT$502.7m (up 66% from 1Q 2021). Net income: NT$90.3m (up NT$79.8m from 1Q 2021). Profit margin: 18% (up from 3.5% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) also missed analyst estimates by 35%. 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 4% per year, which means it has not declined as severely as earnings. 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 • Mar 28
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: NT$1.25 (up from NT$0.29 loss in FY 2020). Revenue: NT$1.71b (up 45% from FY 2020). Net income: NT$123.6m (up NT$152.2m from FY 2020). Profit margin: 7.2% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) also missed analyst estimates by 35%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Tillkännagivande • Mar 06
DynaColor, Inc., Annual General Meeting, Jun 09, 2022 DynaColor, Inc., Annual General Meeting, Jun 09, 2022. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.40 (vs NT$0.20 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$464.4m (up 89% from 3Q 2020). Net income: NT$39.5m (up NT$59.1m from 3Q 2020). Profit margin: 8.5% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS NT$0.36 (vs NT$0.05 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$409.8m (up 30% from 2Q 2020). Net income: NT$35.4m (up NT$40.5m from 2Q 2020). Profit margin: 8.7% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Aug 10
Upcoming dividend of NT$1.02 per share Eligible shareholders must have bought the stock before 17 August 2021. Payment date: 13 September 2021. Trailing yield: 3.0%. Lower than top quartile of Taiwanese dividend payers (5.0%). In line with average of industry peers (3.0%). Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$0.10 (vs NT$0.45 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$302.1m (down 17% from 1Q 2020). Net income: NT$10.5m (down 77% from 1Q 2020). Profit margin: 3.5% (down from 13% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 26
Full year 2020 earnings released: NT$0.29 loss per share (vs NT$1.95 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: NT$1.18b (down 35% from FY 2019). Net loss: NT$28.6m (down 115% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 32% 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. Tillkännagivande • Mar 03
DynaColor, Inc., Annual General Meeting, Jun 11, 2021 DynaColor, Inc., Annual General Meeting, Jun 11, 2021. Is New 90 Day High Low • Jan 18
New 90-day high: NT$31.90 The company is up 9.0% from its price of NT$29.20 on 21 October 2020. The Taiwanese market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 25% over the same period. Is New 90 Day High Low • Dec 25
New 90-day high: NT$29.65 The company is up 2.0% from its price of NT$29.00 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. Reported Earnings • Nov 10
Third quarter 2020 earnings released: NT$0.20 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: NT$245.4m (down 48% from 3Q 2019). Net loss: NT$19.6m (down 129% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Sep 25
New 90-day low: NT$29.00 The company is down 9.0% from its price of NT$31.75 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.