New Risk • Aug 19
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 56% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (56% accrual ratio). Minor Risk Dividend is not well covered by cash flows (98% cash payout ratio). Reported Earnings • Aug 19
Second quarter 2026 earnings released: EPS: NT$1.84 (vs NT$0.50 in 2Q 2025) Second quarter 2026 results: EPS: NT$1.84 (up from NT$0.50 in 2Q 2025). Revenue: NT$509.6m (up 1.4% from 2Q 2025). Net income: NT$110.8m (up 268% from 2Q 2025). Profit margin: 22% (up from 6.0% in 2Q 2025). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 12% per year. Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to NT$94.40, the stock trades at a trailing P/E ratio of 16x. Average trailing P/E is 34x in the Electronic industry in Taiwan. Total returns to shareholders of 51% over the past three years. Buy Or Sell Opportunity • Jul 17
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.2% to NT$74.20. The fair value is estimated to be NT$93.65, however this is not to be taken as a buy 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 15%. Buy Or Sell Opportunity • Jun 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.5% to NT$72.30. The fair value is estimated to be NT$90.80, however this is not to be taken as a buy 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 15%. Declared Dividend • May 30
Dividend reduced to NT$5.00 Dividend of NT$5.00 is 17% lower than last year. Ex-date: 17th June 2026 Payment date: 17th July 2026 Dividend yield will be 6.2%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (80% earnings payout ratio) and cash flows (81% cash payout ratio). The dividend has increased by an average of 3.4% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 13% 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 2026 earnings released: EPS: NT$1.00 (vs NT$1.42 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00. Revenue: NT$543.7m (flat on 1Q 2025). Net income: NT$100.3m (up 17% from 1Q 2025). Profit margin: 19% (up from 16% in 1Q 2025). Reported Earnings • Mar 27
Full year 2025 earnings released: EPS: NT$5.64 (vs NT$6.63 in FY 2024) Full year 2025 results: EPS: NT$5.64 (down from NT$6.63 in FY 2024). Revenue: NT$2.08b (down 7.8% from FY 2024). Net income: NT$338.7m (down 15% from FY 2024). Profit margin: 16% (down from 18% 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 19% per year whereas the company’s share price has increased by 23% per year. Tillkännagivande • Mar 11
Promate Solutions Corporation, Annual General Meeting, May 27, 2026 Promate Solutions Corporation, Annual General Meeting, May 27, 2026, at 09:00 Taipei Standard Time. Location: 3 floor no,30, sec.1 huan shan rd., neihu district, taipei city Taiwan Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: NT$1.67 (vs NT$1.77 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.67 (down from NT$1.77 in 3Q 2024). Revenue: NT$492.5m (down 19% from 3Q 2024). Net income: NT$100.4m (down 5.4% from 3Q 2024). Profit margin: 20% (up from 18% 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 22% per year whereas the company’s share price has increased by 24% per year. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: NT$0.50 (vs NT$1.85 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.50 (down from NT$1.85 in 2Q 2024). Revenue: NT$502.7m (down 13% from 2Q 2024). Net income: NT$30.1m (down 73% from 2Q 2024). Profit margin: 6.0% (down from 19% in 2Q 2024). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 27% per year whereas the company’s share price has increased by 25% per year. Upcoming Dividend • Jun 17
Upcoming dividend of NT$6.00 per share Eligible shareholders must have bought the stock before 24 June 2025. Payment date: 24 July 2025. Payout ratio is on the higher end at 90%, and the cash payout ratio is above 100%. Trailing yield: 6.7%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (3.3%). Tillkännagivande • May 01
Promate Solutions Corporation to Report Q1, 2025 Results on May 08, 2025 Promate Solutions Corporation announced that they will report Q1, 2025 results on May 08, 2025 New Risk • Apr 28
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 90% Dividend yield: 6.7% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings 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. However, this risk is mitigated by the fact the dividend is covered by cash flows. 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 Dividend is not well covered by earnings (90% payout ratio). Share price has been volatile over the past 3 months (9.3% average weekly change). Reported Earnings • Apr 25
Full year 2024 earnings released: EPS: NT$6.63 (vs NT$4.53 in FY 2023) Full year 2024 results: EPS: NT$6.63 (up from NT$4.53 in FY 2023). Revenue: NT$2.25b (down 11% from FY 2023). Net income: NT$398.4m (up 47% from FY 2023). Profit margin: 18% (up from 11% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 31% per year whereas the company’s share price has increased by 30% per year. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$81.00, the stock trades at a trailing P/E ratio of 13.7x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 122% over the past three years. Tillkännagivande • Mar 13
Promate Solutions Corporation, Annual General Meeting, May 27, 2025 Promate Solutions Corporation, Annual General Meeting, May 27, 2025, at 09:00 Taipei Standard Time. Location: 3 floor no,30, sec.1 huan shan rd., neihu district, taipei city Taiwan Tillkännagivande • Mar 12
Promate Solutions Corporation Announces Change of President Promate Solutions Corporation announced change of President. Name of the previous position holder: Cheer Du. Resume of the previous position holder: General Manager of the company. Name of the new position holder: Guan Chen. Resume of the new position holder: Vice President. Reason for the change: job relocation. Effective date of the new appointment: March 11, 2025. New Risk • Feb 27
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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$119, the stock trades at a trailing P/E ratio of 20x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 224% over the past three years. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$1.77 (vs NT$1.58 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.77 (up from NT$1.58 in 3Q 2023). Revenue: NT$606.7m (down 23% from 3Q 2023). Net income: NT$106.1m (up 12% from 3Q 2023). Profit margin: 18% (up from 12% in 3Q 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 whereas the company’s share price has increased by 33% per year. Tillkännagivande • Nov 01
Promate Solutions Corporation to Report Q3, 2024 Results on Nov 08, 2024 Promate Solutions Corporation announced that they will report Q3, 2024 results on Nov 08, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$1.85 (vs NT$1.09 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.85 (up from NT$1.09 in 2Q 2023). Revenue: NT$577.7m (down 18% from 2Q 2023). Net income: NT$111.4m (up 71% from 2Q 2023). Profit margin: 19% (up from 9.2% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to NT$91.00, the stock trades at a trailing P/E ratio of 18.4x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 151% over the past three years. Tillkännagivande • Aug 02
Promate Solutions Corporation to Report Q2, 2024 Results on Aug 08, 2024 Promate Solutions Corporation announced that they will report Q2, 2024 results on Aug 08, 2024 Upcoming Dividend • Jul 25
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 01 August 2024. Payment date: 05 September 2024. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of Taiwanese dividend payers (4.3%). Lower than average of industry peers (2.7%). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$2.18 (vs NT$1.51 in 1Q 2023) First quarter 2024 results: EPS: NT$2.18 (up from NT$1.51 in 1Q 2023). Revenue: NT$521.5m (up 9.3% from 1Q 2023). Net income: NT$83.6m (up 45% from 1Q 2023). Profit margin: 16% (up from 12% 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 20% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • May 03
Promate Solutions Corporation to Report Q1, 2024 Results on May 08, 2024 Promate Solutions Corporation announced that they will report Q1, 2024 results on May 08, 2024 Reported Earnings • Apr 03
Full year 2023 earnings released: EPS: NT$7.11 (vs NT$5.08 in FY 2022) Full year 2023 results: EPS: NT$7.11 (up from NT$5.08 in FY 2022). Revenue: NT$2.53b (up 34% from FY 2022). Net income: NT$271.9m (up 40% from FY 2022). Profit margin: 11% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Mar 15
Promate Solutions Corporation, Annual General Meeting, May 27, 2024 Promate Solutions Corporation, Annual General Meeting, May 27, 2024. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$116, the stock trades at a trailing P/E ratio of 17.1x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 98% over the past three years. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: NT$2.47 (vs NT$1.60 in 3Q 2022) Third quarter 2023 results: EPS: NT$2.47 (up from NT$1.60 in 3Q 2022). Revenue: NT$787.5m (up 58% from 3Q 2022). Net income: NT$94.6m (up 55% from 3Q 2022). Profit margin: 12% (in line with 3Q 2022). 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 13% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to NT$111, the stock trades at a trailing P/E ratio of 21.7x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 70% over the past three years. Upcoming Dividend • Jun 26
Upcoming dividend of NT$4.45 per share at 3.4% yield Eligible shareholders must have bought the stock before 03 July 2023. Payment date: 25 July 2023. Payout ratio is on the higher end at 87%, however this is supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (4.2%). Tillkännagivande • Jun 14
Promate Solutions Corporation Approves Cash Dividend, Payable on July 25, 2023 Promate Solutions Corporation announced cash dividends total TWD 170,234,172 and the per share dividends to be distributed are TWD 4.45. Ex-rights (Ex-dividend) date: July 3, 2023. Ex-rights (Ex-dividend) record date is July 9, 2023. Payment date of cash dividend distribution is July 25, 2023. Date of the resolution by the board of directors or shareholders’ meeting, or of the decision by the company: June 13, 2023. New Risk • Jun 13
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 6.0% 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 0.5% per year over the past 5 years. 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 (6.0% average weekly change). Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to NT$99.00, the stock trades at a trailing P/E ratio of 19.4x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 57% over the past three years. 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. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Zhong Ying-Min was the last independent director to join the board, commencing their role in 2018. 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 13
Third quarter 2022 earnings released: EPS: NT$1.60 (vs NT$1.14 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.60 (up from NT$1.14 in 3Q 2021). Revenue: NT$499.4m (up 5.3% from 3Q 2021). Net income: NT$61.2m (up 40% from 3Q 2021). Profit margin: 12% (up from 9.2% 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 8% per year whereas the company’s share price has fallen by 4% per year. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.92 (vs NT$0.70 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.92 (up from NT$0.70 in 2Q 2021). Revenue: NT$384.8m (up 22% from 2Q 2021). Net income: NT$35.4m (up 32% from 2Q 2021). Profit margin: 9.2% (up from 8.6% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 5% per year. Upcoming Dividend • Jun 23
Upcoming dividend of NT$3.85 per share Eligible shareholders must have bought the stock before 30 June 2022. Payment date: 22 July 2022. Payout ratio is on the higher end at 85% but the company is not cash flow positive. Trailing yield: 6.2%. Lower than top quartile of Taiwanese dividend payers (6.4%). Higher than average of industry peers (4.6%). Reported Earnings • May 19
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: NT$1.49 (up from NT$1.20 in 1Q 2021). Revenue: NT$516.5m (up 59% from 1Q 2021). Net income: NT$57.0m (up 24% from 1Q 2021). Profit margin: 11% (down from 14% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 22%. Earnings per share (EPS) also missed analyst estimates by 40%. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has remained flat, which means it is well ahead of 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. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Zhong Ying-Min was the last independent director to join the board, commencing their role in 2018. 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: EPS and revenues miss analyst expectations Full year 2021 results: EPS: NT$4.24 (down from NT$5.31 in FY 2020). Revenue: NT$1.75b (down 1.4% from FY 2020). Net income: NT$162.3m (down 20% from FY 2020). Profit margin: 9.3% (down from 12% in FY 2020). Revenue missed analyst estimates by 22%. Earnings per share (EPS) also missed analyst estimates by 40%. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$1.14 (vs NT$1.48 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$474.5m (down 3.2% from 3Q 2020). Net income: NT$43.6m (down 23% from 3Q 2020). Profit margin: 9.2% (down from 12% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.70 (vs NT$1.38 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$314.5m (down 31% from 2Q 2020). Net income: NT$26.9m (down 49% from 2Q 2020). Profit margin: 8.6% (down from 12% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 1% per year. Upcoming Dividend • Aug 02
Upcoming dividend of NT$5.00 per share Eligible shareholders must have bought the stock before 09 August 2021. Payment date: 03 September 2021. Trailing yield: 7.4%. Within top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (3.0%). Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$1.20 (vs NT$1.49 in 1Q 2020) The company reported a poor first quarter result with weaker earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: NT$325.4m (down 23% from 1Q 2020). Net income: NT$45.9m (down 20% from 1Q 2020). Profit margin: 14% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Apr 01
Full year 2020 earnings released: EPS NT$5.31 (vs NT$5.40 in FY 2019) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: NT$1.77b (down 5.5% from FY 2019). Net income: NT$203.1m (down 1.7% from FY 2019). Profit margin: 12% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Is New 90 Day High Low • Dec 12
New 90-day low: NT$67.90 The company is down 4.0% from its price of NT$71.00 on 14 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 13% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$1.48 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2020 results: Revenue: NT$489.9m (up 5.1% from 3Q 2019). Net income: NT$56.5m (up 9.7% from 3Q 2019). Profit margin: 12% (in line with 3Q 2019). Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 7% per year. Is New 90 Day High Low • Sep 24
New 90-day low: NT$70.50 The company is down 11% from its price of NT$78.80 on 24 June 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is flat over the same period. 
