Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to NT$46.75, the stock trades at a trailing P/E ratio of 64.9x. Average trailing P/E is 36x in the Electronic industry in Taiwan. Total returns to shareholders of 82% over the past three years. Reported Earnings • May 14
First quarter 2026 earnings released: EPS: NT$0.33 (vs NT$0.27 in 1Q 2025) First quarter 2026 results: EPS: NT$0.33 (up from NT$0.27 in 1Q 2025). Revenue: NT$166.5m (up 16% from 1Q 2025). Net income: NT$16.5m (up 22% from 1Q 2025). Profit margin: 9.9% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. New Risk • May 04
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 9.2% 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 Earnings have declined by 14% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.2% average weekly change). Profit margins are more than 30% lower than last year (5.4% net profit margin). Market cap is less than US$100m (NT$1.71b market cap, or US$54.0m). Valuation Update With 7 Day Price Move • May 04
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to NT$34.15, the stock trades at a trailing P/E ratio of 51.6x. Average trailing P/E is 28x in the Electronic industry in Taiwan. Total returns to shareholders of 32% over the past three years. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$27.30, the stock trades at a trailing P/E ratio of 41.3x. Average trailing P/E is 29x in the Electronic industry in Taiwan. Total returns to shareholders of 1.5% over the past three years. New Risk • Mar 09
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: 5.4% Last year net profit margin: 8.0% 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 14% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (5.4% net profit margin). Market cap is less than US$100m (NT$1.12b market cap, or US$35.0m). Reported Earnings • Mar 09
Full year 2025 earnings released: EPS: NT$0.66 (vs NT$0.74 in FY 2024) Full year 2025 results: EPS: NT$0.66 (down from NT$0.74 in FY 2024). Revenue: NT$611.0m (up 31% from FY 2024). Net income: NT$33.1m (down 11% from FY 2024). Profit margin: 5.4% (down from 8.0% 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 58% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Tillkännagivande • Mar 05
Aker Technology Co., Ltd, Annual General Meeting, May 22, 2026 Aker Technology Co., Ltd, Annual General Meeting, May 22, 2026. Location: no,11-3, chien kuo rd., tanzih district, taichung city Taiwan Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: NT$0.23 (vs NT$0.40 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.23 (down from NT$0.40 in 3Q 2024). Revenue: NT$154.4m (up 26% from 3Q 2024). Net income: NT$11.7m (down 41% from 3Q 2024). Profit margin: 7.6% (down from 16% in 3Q 2024). The decrease in margin was driven by higher expenses. 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. Reported Earnings • Aug 12
Second quarter 2025 earnings released: NT$0.11 loss per share (vs NT$0.073 loss in 2Q 2024) Second quarter 2025 results: NT$0.11 loss per share (further deteriorated from NT$0.073 loss in 2Q 2024). Revenue: NT$153.7m (up 52% from 2Q 2024). Net loss: NT$5.40m (loss widened 48% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Jun 25
Upcoming dividend of NT$0.40 per share Eligible shareholders must have bought the stock before 02 July 2025. Payment date: 30 July 2025. Payout ratio is a comfortable 53% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (3.2%). Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.27 (vs NT$0.26 in 1Q 2024) First quarter 2025 results: EPS: NT$0.27 (up from NT$0.26 in 1Q 2024). Revenue: NT$143.9m (up 30% from 1Q 2024). Net income: NT$13.6m (up 5.7% from 1Q 2024). Profit margin: 9.4% (down from 12% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. New Risk • Apr 11
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.3% 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: Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (NT$865.0m market cap, or US$26.8m). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$18.05, the stock trades at a trailing P/E ratio of 24.2x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total loss to shareholders of 38% over the past three years. Reported Earnings • Mar 23
Full year 2024 earnings released: EPS: NT$0.75 (vs NT$0.29 in FY 2023) Full year 2024 results: EPS: NT$0.75 (up from NT$0.29 in FY 2023). Revenue: NT$467.0m (flat on FY 2023). Net income: NT$37.3m (up 161% from FY 2023). Profit margin: 8.0% (up from 3.1% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 59% 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. Tillkännagivande • Mar 06
Aker Technology Co., Ltd, Annual General Meeting, May 20, 2025 Aker Technology Co., Ltd, Annual General Meeting, May 20, 2025, at 09:00 Taipei Standard Time. Location: no,1, chien kuo rd., tanzih district, taichung city Taiwan Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to NT$24.00, the stock trades at a trailing P/E ratio of 40.7x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total loss to shareholders of 16% over the past three years. Valuation Update With 7 Day Price Move • Nov 27
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$27.60, the stock trades at a trailing P/E ratio of 46.8x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total loss to shareholders of 9.6% over the past three years. Reported Earnings • Nov 19
Third quarter 2024 earnings released: EPS: NT$0.39 (vs NT$0.054 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.39 (up from NT$0.054 in 3Q 2023). Revenue: NT$122.5m (up 7.5% from 3Q 2023). Net income: NT$19.7m (up NT$17.0m from 3Q 2023). Profit margin: 16% (up from 2.4% in 3Q 2023). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 46% 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. New Risk • Nov 14
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 8.2% 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 (8.2% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (2.8% net profit margin). Market cap is less than US$100m (NT$1.03b market cap, or US$31.7m). Reported Earnings • Aug 15
Second quarter 2024 earnings released: NT$0.07 loss per share (vs NT$0.091 profit in 2Q 2023) Second quarter 2024 results: NT$0.07 loss per share (down from NT$0.091 profit in 2Q 2023). Revenue: NT$101.3m (down 4.2% from 2Q 2023). Net loss: NT$3.65m (down 181% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 14
Upcoming dividend of NT$0.14 per share Eligible shareholders must have bought the stock before 21 August 2024. Payment date: 13 September 2024. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 0.7%. Lower than top quartile of Taiwanese dividend payers (4.4%). Lower than average of industry peers (2.8%). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.26 (vs NT$0.13 in 1Q 2023) First quarter 2024 results: EPS: NT$0.26 (up from NT$0.13 in 1Q 2023). Revenue: NT$110.6m (down 13% from 1Q 2023). Net income: NT$12.8m (up 98% from 1Q 2023). Profit margin: 12% (up from 5.1% in 1Q 2023). The increase in margin was driven by lower expenses. 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 8% per year, which means it is well ahead of earnings. Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: NT$0.29 (vs NT$3.06 in FY 2022) Full year 2023 results: EPS: NT$0.29 (down from NT$3.06 in FY 2022). Revenue: NT$465.3m (down 35% from FY 2022). Net income: NT$14.3m (down 91% from FY 2022). Profit margin: 3.1% (down from 21% 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 23% 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 19
Aker Technology Co., Ltd, Annual General Meeting, Jun 26, 2024 Aker Technology Co., Ltd, Annual General Meeting, Jun 26, 2024. Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$24.45, the stock trades at a trailing P/E ratio of 34.5x. Average trailing P/E is 21x in the Electronic industry in Taiwan. Total returns to shareholders of 139% over the past three years. New Risk • Aug 12
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: 13% Last year net profit margin: 22% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 175% Cash payout ratio: 146% Minor Risks Profit margins are more than 30% lower than last year (13% net profit margin). Market cap is less than US$100m (NT$1.16b market cap, or US$36.4m). Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: NT$0.09 (vs NT$0.99 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.09 (down from NT$0.99 in 2Q 2022). Revenue: NT$105.7m (down 42% from 2Q 2022). Net income: NT$4.53m (down 91% from 2Q 2022). Profit margin: 4.3% (down from 27% 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 73% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jul 25
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be NT$30.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 93%. Upcoming Dividend • Jun 02
Upcoming dividend of NT$2.70 per share at 9.0% yield Eligible shareholders must have bought the stock before 09 June 2023. Payment date: 30 June 2023. The company is paying out more than 100% of its profits and is paying out 75% of its cash flow. Trailing yield: 9.0%. Within top quartile of Taiwanese dividend payers (5.6%). Higher than average of industry peers (4.4%). Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.99 (vs NT$0.27 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.99 (up from NT$0.27 in 2Q 2021). Revenue: NT$182.1m (up 31% from 2Q 2021). Net income: NT$49.5m (up 266% from 2Q 2021). Profit margin: 27% (up from 9.7% 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 117% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$29.70, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 14x in the Electronic industry in Taiwan. Total returns to shareholders of 112% over the past three years. Upcoming Dividend • Jun 06
Upcoming dividend of NT$1.60 per share Eligible shareholders must have bought the stock before 13 June 2022. Payment date: 29 June 2022. Trailing yield: 5.0%. Lower than top quartile of Taiwanese dividend payers (6.0%). Higher than average of industry peers (4.2%). Reported Earnings • May 16
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: NT$0.75 (up from NT$0.12 in 1Q 2021). Revenue: NT$185.9m (up 59% from 1Q 2021). Net income: NT$37.5m (up NT$31.8m from 1Q 2021). Profit margin: 20% (up from 4.9% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) missed analyst estimates by 25%. 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 24% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improved over the past week After last week's 21% share price gain to NT$32.70, the stock trades at a trailing P/E ratio of 18.3x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 104% over the past three years. Reported Earnings • Mar 11
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: NT$1.79 (up from NT$0.026 in FY 2020). Revenue: NT$600.8m (up 42% from FY 2020). Net income: NT$89.5m (up NT$88.2m from FY 2020). Profit margin: 15% (up from 0.3% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) missed analyst estimates by 25%. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 21% per year. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS NT$0.69 (vs NT$0.042 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$176.3m (up 84% from 3Q 2020). Net income: NT$34.3m (up NT$36.4m from 3Q 2020). Profit margin: 20% (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 55% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$23.10, the stock trades at a trailing P/E ratio of 63.3x. Average trailing P/E is 15x in the Electronic industry in Taiwan. Total returns to shareholders of 54% over the past three years. Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment improved over the past week After last week's 28% share price gain to NT$25.00, the stock trades at a trailing P/E ratio of 70.3x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 33% over the past three years. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.27 (vs NT$0.043 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$138.8m (up 27% from 2Q 2020). Net income: NT$13.5m (up NT$11.4m from 2Q 2020). Profit margin: 9.7% (up from 2.0% in 2Q 2020). The increase in margin 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 89 percentage points per year, which is a significant difference in performance. Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$0.12 (vs NT$0.004 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$117.1m (up 16% from 1Q 2020). Net income: NT$5.78m (up NT$5.60m from 1Q 2020). Profit margin: 4.9% (up from 0.2% in 1Q 2020). The increase in margin 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 96 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS NT$0.03 (vs NT$0.017 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: NT$423.5m (down 5.7% from FY 2019). Net income: NT$1.28m (up 49% from FY 2019). Profit margin: 0.3% (up from 0.2% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 23
New 90-day high: NT$12.75 The company is up 11% from its price of NT$11.45 on 25 November 2020. The Taiwanese market is up 18% 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 30
New 90-day high: NT$12.40 The company is up 10.0% from its price of NT$11.30 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 Electronic industry, which is up 16% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: NT$0.04 loss per share The company reported a poor third quarter result with increased losses and weaker revenues and control over expenses. Third quarter 2020 results: Revenue: NT$96.0m (down 11% from 3Q 2019). Net loss: NT$2.08m (loss widened 294% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 64% 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. Is New 90 Day High Low • Nov 04
New 90-day high: NT$12.20 The company is up 7.0% from its price of NT$11.40 on 06 August 2020. The Taiwanese market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is down 5.0% over the same period.