Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$69.40, the stock trades at a trailing P/E ratio of 32.5x. Average trailing P/E is 31x in the Communications industry in Taiwan. Total returns to shareholders of 100% over the past three years. Board Change • Jul 01
Insufficient new 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. Independent Director Yu-Cheng Chou was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. New Risk • Jun 25
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.09b (US$97.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (94% payout ratio). Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (NT$3.09b market cap, or US$97.1m). Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$99.30, the stock trades at a trailing P/E ratio of 46.5x. Average trailing P/E is 38x in the Communications industry in Taiwan. Total returns to shareholders of 316% over the past three years. Declared Dividend • Jun 10
Dividend increased to NT$2.00 Dividend of NT$2.00 is 29% higher than last year. Ex-date: 23rd June 2026 Payment date: 15th July 2026 Dividend yield will be 2.0%, which is lower than the industry average of 2.3%. Sustainability & Growth Dividend is not adequately covered by earnings (94% earnings payout ratio). However, it is covered by cash flows (88% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 4.0% to bring the payout ratio under control, which is less than the 22% EPS growth achieved over the last 5 years. Valuation Update With 7 Day Price Move • May 19
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$102, the stock trades at a trailing P/E ratio of 47.7x. Average trailing P/E is 33x in the Communications industry in Taiwan. Total returns to shareholders of 334% over the past three years. Reported Earnings • May 13
First quarter 2026 earnings released: EPS: NT$0.65 (vs NT$0.46 in 1Q 2025) First quarter 2026 results: EPS: NT$0.65 (up from NT$0.46 in 1Q 2025). Revenue: NT$92.0m (up 17% from 1Q 2025). Net income: NT$21.8m (up 40% from 1Q 2025). Profit margin: 24% (up from 20% in 1Q 2025). 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 increased by 67% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 04
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$119, the stock trades at a trailing P/E ratio of 60.8x. Average trailing P/E is 34x in the Communications industry in Taiwan. Total returns to shareholders of 391% over the past three years. New Risk • Apr 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 12% 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 (12% average weekly change). Minor Risk Dividend is not well covered by earnings (103% payout ratio). Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$115, the stock trades at a trailing P/E ratio of 58.7x. Average trailing P/E is 36x in the Communications industry in Taiwan. Total returns to shareholders of 345% over the past three years. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$97.50, the stock trades at a trailing P/E ratio of 50x. Average trailing P/E is 32x in the Communications industry in Taiwan. Total returns to shareholders of 316% over the past three years. Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$1.95 (vs NT$1.64 in FY 2024) Full year 2025 results: EPS: NT$1.95 (up from NT$1.64 in FY 2024). Revenue: NT$327.8m (up 17% from FY 2024). Net income: NT$65.8m (up 19% from FY 2024). Profit margin: 20% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Mar 06
Axcen Photonics Corporation, Annual General Meeting, Jun 04, 2026 Axcen Photonics Corporation, Annual General Meeting, Jun 04, 2026. Location: b1 floor no,85, sec.4 luo szu fu rd., da-an district, taipei city Taiwan New Risk • Mar 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 7.2% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.2% average weekly change). Market cap is less than US$100m (NT$2.52b market cap, or US$79.8m). Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$83.10, the stock trades at a trailing P/E ratio of 44.2x. Average trailing P/E is 28x in the Communications industry in Taiwan. Total returns to shareholders of 266% over the past three years. Buy Or Sell Opportunity • Jan 28
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 8.2% to NT$63.00. The fair value is estimated to be NT$49.83, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.4% over the last 3 years. Earnings per share has grown by 8.0%. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$63.60, the stock trades at a trailing P/E ratio of 33.9x. Average trailing P/E is 23x in the Communications industry in Taiwan. Total returns to shareholders of 194% over the past three years. Buy Or Sell Opportunity • Nov 26
Now 21% overvalued Over the last 90 days, the stock has fallen 9.5% to NT$61.20. The fair value is estimated to be NT$50.54, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.4% over the last 3 years. Earnings per share has grown by 8.1%. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: NT$0.58 (vs NT$0.43 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.58 (up from NT$0.43 in 3Q 2024). Revenue: NT$85.7m (up 18% from 3Q 2024). Net income: NT$19.4m (up 35% from 3Q 2024). Profit margin: 23% (up from 20% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Sep 08
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 38% to NT$68.80. The fair value is estimated to be NT$56.24, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.8% over the last 3 years. Earnings per share has grown by 6.3%. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$0.36 (vs NT$0.41 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.36 (down from NT$0.41 in 2Q 2024). Revenue: NT$81.1m (up 18% from 2Q 2024). Net income: NT$12.3m (down 10% from 2Q 2024). Profit margin: 15% (down from 20% 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 6% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to NT$68.50, the stock trades at a trailing P/E ratio of 38.7x. Average trailing P/E is 27x in the Communications industry in Taiwan. Total returns to shareholders of 165% over the past three years. Buy Or Sell Opportunity • Aug 01
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 5.4% to NT$54.70. The fair value is estimated to be NT$45.33, 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 6.3%. New Risk • Jul 16
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 8.0% 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 (8.0% average weekly change). 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$1.90b market cap, or US$64.6m). Buy Or Sell Opportunity • Jul 15
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 27% to NT$56.20. The fair value is estimated to be NT$45.69, 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 6.3%. Declared Dividend • Jun 05
Dividend increased to NT$1.55 Dividend of NT$1.55 is 29% higher than last year. Ex-date: 18th June 2025 Payment date: 11th July 2025 Dividend yield will be 3.1%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is covered by both earnings (87% earnings payout ratio) and cash flows (69% cash payout ratio). The dividend has increased by an average of 5.0% per year over the past 9 years. However, payments have been volatile during that time. Earnings per share has grown by 20% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.46 (vs NT$0.33 in 1Q 2024) First quarter 2025 results: EPS: NT$0.46 (up from NT$0.33 in 1Q 2024). Revenue: NT$78.8m (up 21% from 1Q 2024). Net income: NT$15.5m (up 39% from 1Q 2024). Profit margin: 20% (up from 17% 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 6% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Apr 24
Axcen Photonics Corporation to Report Q1, 2025 Results on Apr 30, 2025 Axcen Photonics Corporation announced that they will report Q1, 2025 results on Apr 30, 2025 Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$50.70, the stock trades at a trailing P/E ratio of 30.9x. Average forward P/E is 13x in the Communications industry in Taiwan. Total returns to shareholders of 142% over the past three years. Buy Or Sell Opportunity • Apr 10
Now 32% overvalued Over the last 90 days, the stock has fallen 40% to NT$42.05. The fair value is estimated to be NT$31.91, 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 6.3%. 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$42.50, the stock trades at a trailing P/E ratio of 25.9x. Average forward P/E is 14x in the Communications industry in Taiwan. Total returns to shareholders of 130% over the past three years. Tillkännagivande • Feb 27
Axcen Photonics Corporation, Annual General Meeting, Jun 03, 2025 Axcen Photonics Corporation, Annual General Meeting, Jun 03, 2025. Location: b1 floor no,85, sec.4 luo szu fu rd., da-an district, taipei city Taiwan Tillkännagivande • Feb 19
Axcen Photonics Corporation to Report Fiscal Year 2024 Results on Feb 26, 2025 Axcen Photonics Corporation announced that they will report fiscal year 2024 results on Feb 26, 2025 Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.43 (vs NT$0.38 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.43 (up from NT$0.38 in 3Q 2023). Revenue: NT$72.6m (up 11% from 3Q 2023). Net income: NT$14.4m (up 13% from 3Q 2023). Profit margin: 20% (in line with 3Q 2023). Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Communications industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Oct 30
Axcen Photonics Corporation to Report Q3, 2024 Results on Nov 06, 2024 Axcen Photonics Corporation announced that they will report Q3, 2024 results on Nov 06, 2024 Valuation Update With 7 Day Price Move • Oct 01
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$70.80, the stock trades at a trailing P/E ratio of 50.7x. Average trailing P/E is 24x in the Communications industry in Taiwan. Total returns to shareholders of 286% over the past three years. Valuation Update With 7 Day Price Move • Sep 04
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$53.30, the stock trades at a trailing P/E ratio of 38.1x. Average trailing P/E is 21x in the Communications industry in Taiwan. Total returns to shareholders of 225% over the past three years. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.41 (vs NT$0.44 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.41 (down from NT$0.44 in 2Q 2023). Revenue: NT$68.5m (up 2.2% from 2Q 2023). Net income: NT$13.7m (down 7.9% from 2Q 2023). Profit margin: 20% (down from 22% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$37.35, the stock trades at a trailing P/E ratio of 26.1x. Average trailing P/E is 25x in the Communications industry in Taiwan. Total returns to shareholders of 129% over the past three years. Tillkännagivande • Jul 25
Axcen Photonics Corporation to Report Q2, 2024 Results on Aug 01, 2024 Axcen Photonics Corporation announced that they will report Q2, 2024 results on Aug 01, 2024 Upcoming Dividend • Jun 11
Upcoming dividend of NT$1.20 per share Eligible shareholders must have bought the stock before 18 June 2024. Payment date: 11 July 2024. Payout ratio and cash payout ratio are on the higher end at 84% and 83% respectively. Trailing yield: 2.5%. Lower than top quartile of Taiwanese dividend payers (4.2%). In line with average of industry peers (2.5%). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.33 (vs NT$0.15 in 1Q 2023) First quarter 2024 results: EPS: NT$0.33 (up from NT$0.15 in 1Q 2023). Revenue: NT$65.4m (up 18% from 1Q 2023). Net income: NT$11.1m (up 123% from 1Q 2023). Profit margin: 17% (up from 9.0% 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 16% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: NT$1.25 (vs NT$1.59 in FY 2022) Full year 2023 results: EPS: NT$1.25 (down from NT$1.59 in FY 2022). Revenue: NT$251.8m (down 8.2% from FY 2022). Net income: NT$42.2m (down 22% from FY 2022). Profit margin: 17% (down from 20% 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 19% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Mar 01
Axcen Photonics Corporation, Annual General Meeting, May 31, 2024 Axcen Photonics Corporation, Annual General Meeting, May 31, 2024. Location: Locke Hall, GIS NTU Convention Center No. 85, Section 4, Roosevelt Road, Da'an District, Taipei Ci Taipei City Taiwan Agenda: To consider 2023 business report; to consider 2023 audit committee¡¦s report; to consider report on 2023 proposed distribution of employee and director remuneration; to consider adoption of the 2023 business report and financial statements; to consider adoption of the proposal for distribution of 2023 profits; to consider proposed disbursement of cash from the capital reserves of the company; to consider the amendments to the rules of procedure for shareholders meetings; and to consider other issues. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$56.50, the stock trades at a trailing P/E ratio of 40.2x. Average trailing P/E is 29x in the Communications industry in Taiwan. Total returns to shareholders of 241% over the past three years. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$51.40, the stock trades at a trailing P/E ratio of 36.6x. Average trailing P/E is 29x in the Communications industry in Taiwan. Total returns to shareholders of 233% over the past three years. Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$48.30, the stock trades at a trailing P/E ratio of 34.4x. Average trailing P/E is 28x in the Communications industry in Taiwan. Total returns to shareholders of 184% over the past three years. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$44.60, the stock trades at a trailing P/E ratio of 31.1x. Average trailing P/E is 24x in the Communications industry in Taiwan. Total returns to shareholders of 188% over the past three years. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to NT$57.20, the stock trades at a trailing P/E ratio of 39.8x. Average trailing P/E is 21x in the Communications industry in Taiwan. Total returns to shareholders of 284% over the past three years. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$41.80, the stock trades at a trailing P/E ratio of 29.1x. Average trailing P/E is 22x in the Communications industry in Taiwan. Total returns to shareholders of 180% over the past three years. Valuation Update With 7 Day Price Move • Sep 18
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$34.75, the stock trades at a trailing P/E ratio of 24.2x. Average trailing P/E is 23x in the Communications industry in Taiwan. Total returns to shareholders of 119% over the past three years. Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: NT$0.44 (vs NT$0.42 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.44 (up from NT$0.42 in 2Q 2022). Revenue: NT$67.0m (down 4.8% from 2Q 2022). Net income: NT$14.9m (up 3.6% from 2Q 2022). Profit margin: 22% (up from 20% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jul 26
Now 20% undervalued Over the last 90 days, the stock is up 26%. The fair value is estimated to be NT$43.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years. Earnings per share has grown by 28%. New Risk • Jul 20
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: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 106% Cash payout ratio: 97% 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$1.29b market cap, or US$41.6m). Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$30.55, the stock trades at a trailing P/E ratio of 21.5x. Average trailing P/E is 20x in the Communications industry in Taiwan. Total returns to shareholders of 76% over the past three years. Upcoming Dividend • Jun 28
Upcoming dividend of NT$1.50 per share at 5.7% yield Eligible shareholders must have bought the stock before 05 July 2023. Payment date: 28 July 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 5.7%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.4%). Tillkännagivande • Jun 11
Axcen Photonics Corporation Approves 2023 Cash Dividend Distribution, Payable on July 28, 2023 Axcen Photonics Corporation announced that at the shareholders’ meeting, held on June 9, 2023, the company approved cash dividend from profit distribution, TWD 48,600,000 (TWD 1.44 per share). Ex-rights (Ex-dividend) record date is July 11, 2023. Payment date of cash dividend distribution is July 28, 2023. Tillkännagivande • Jun 08
Axcen Photonics Corporation Announces Executive Appointments Axcen Photonics Corporation announced appointment of Chou, Yu-Cheng, Chou, In-Chung and Lin, Chuan as Directors. Effective date of the new appointment is June 7, 2023. Reported Earnings • Mar 28
Full year 2022 earnings released: EPS: NT$1.59 (vs NT$1.09 in FY 2021) Full year 2022 results: EPS: NT$1.59 (up from NT$1.09 in FY 2021). Revenue: NT$274.2m (up 1.1% from FY 2021). Net income: NT$53.8m (up 47% from FY 2021). Profit margin: 20% (up from 14% 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 29% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jan 11
Now 21% undervalued Over the last 90 days, the stock is up 13%. The fair value is estimated to be NT$29.63, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.5% over the last 3 years. Earnings per share has grown by 25%. Reported Earnings • Nov 06
Third quarter 2022 earnings released: EPS: NT$0.41 (vs NT$0.31 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.41 (up from NT$0.31 in 3Q 2021). Revenue: NT$66.7m (down 6.3% from 3Q 2021). Net income: NT$13.9m (up 32% from 3Q 2021). Profit margin: 21% (up from 15% 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 25% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$20.65, the stock trades at a trailing P/E ratio of 15.4x. Average trailing P/E is 18x in the Communications industry in Taiwan. Total returns to shareholders of 57% over the past three years. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.43 (vs NT$0.31 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.43 (up from NT$0.31 in 2Q 2021). Revenue: NT$70.4m (up 1.7% from 2Q 2021). Net income: NT$14.4m (up 39% from 2Q 2021). Profit margin: 20% (up from 15% in 2Q 2021). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 16% per year. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improved over the past week After last week's 18% share price gain to NT$23.95, the stock trades at a trailing P/E ratio of 19.7x. Average trailing P/E is 21x in the Communications industry in Taiwan. Total returns to shareholders of 87% over the past three years. Upcoming Dividend • Jun 17
Upcoming dividend of NT$1.10 per share Eligible shareholders must have bought the stock before 24 June 2022. Payment date: 15 July 2022. Payout ratio and cash payout ratio are on the higher end at 90% and 90% respectively. Trailing yield: 4.8%. Lower than top quartile of Taiwanese dividend payers (6.1%). Higher than average of industry peers (3.1%). Reported Earnings • May 12
First quarter 2022 earnings released: EPS: NT$0.32 (vs NT$0.19 in 1Q 2021) First quarter 2022 results: EPS: NT$0.32 (up from NT$0.19 in 1Q 2021). Revenue: NT$66.9m (up 8.5% from 1Q 2021). Net income: NT$10.8m (up 69% from 1Q 2021). Profit margin: 16% (up from 10% in 1Q 2021). 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 whereas the company’s share price has increased by 10% per year. Tillkännagivande • Mar 23
Axcen Photonics Corporation, Annual General Meeting, Jun 08, 2022 Axcen Photonics Corporation, Annual General Meeting, Jun 08, 2022. Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improved over the past week After last week's 24% share price gain to NT$27.20, the stock trades at a trailing P/E ratio of 26.7x. Average trailing P/E is 23x in the Communications industry in Taiwan. Total returns to shareholders of 113% over the past three years. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS NT$0.31 (vs NT$0.16 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$71.2m (up 28% from 3Q 2020). Net income: NT$10.5m (up 99% from 3Q 2020). Profit margin: 15% (up from 9.5% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$19.10, the stock trades at a trailing P/E ratio of 22.1x. Average trailing P/E is 20x in the Communications industry in Taiwan. Total returns to shareholders of 46% over the past three years. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS NT$0.31 (vs NT$0.24 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$69.2m (up 3.7% from 2Q 2020). Net income: NT$10.3m (up 25% from 2Q 2020). Profit margin: 15% (up from 12% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 4% per year. Upcoming Dividend • Jul 16
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 23 July 2021. Payment date: 12 August 2021. Trailing yield: 5.1%. Within top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (2.7%). Reported Earnings • Mar 24
Full year 2020 earnings released: EPS NT$0.76 (vs NT$0.75 in FY 2019) The company reported a decent full year result with improved earnings, although revenues and profit margins were flat. Full year 2020 results: Revenue: NT$249.5m (flat on FY 2019). Net income: NT$25.8m (up 2.1% from FY 2019). Profit margin: 10% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 17% share price gain to NT$21.10, the stock is trading at a trailing P/E ratio of 27.5x, up from the previous P/E ratio of 23.6x. This compares to an average P/E of 23x in the Communications industry in Taiwan. Total returns to shareholders over the past three years are 8.0%. Is New 90 Day High Low • Dec 31
New 90-day high: NT$19.20 The company is up 10.0% from its price of NT$17.45 on 30 September 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is up 26% over the same period. Is New 90 Day High Low • Dec 09
New 90-day high: NT$18.95 The company is up 3.0% from its price of NT$18.45 on 11 September 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is up 13% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.16 The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2020 results: Revenue: NT$55.6m (down 8.6% from 3Q 2019). Net income: NT$5.27m (down 15% from 3Q 2019). Profit margin: 9.5% (in line with 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 28
New 90-day low: NT$17.15 The company is down 14% from its price of NT$19.90 on 30 July 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is up 1.0% over the same period. Is New 90 Day High Low • Oct 12
New 90-day low: NT$17.25 The company is down 19% from its price of NT$21.30 on 14 July 2020. The Taiwanese market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is down 6.0% over the same period.