Valuation Update With 7 Day Price Move • May 04
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$6.10, the stock trades at a trailing P/E ratio of 30.8x. Average trailing P/E is 23x in the Tech industry in Taiwan. Total loss to shareholders of 39% over the past three years. Reported Earnings • Mar 28
Full year 2025 earnings released: EPS: NT$0.72 (vs NT$1.94 loss in FY 2024) Full year 2025 results: EPS: NT$0.72 (up from NT$1.94 loss in FY 2024). Revenue: NT$2.89b (up 14% from FY 2024). Net income: NT$42.9m (up NT$463.1m from FY 2024). Profit margin: 1.5% (up from net loss in FY 2024). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Tillkännagivande • Mar 12
Avision Inc., Annual General Meeting, Jun 10, 2026 Avision Inc., Annual General Meeting, Jun 10, 2026. Location: no,20, yen hsin 1st rd., baoshan township hsinchu science park, hsinchu county Taiwan New Risk • Mar 05
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 7.4% 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 8.3% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Market cap is less than US$100m (NT$1.19b market cap, or US$37.5m). Reported Earnings • Nov 12
Third quarter 2025 earnings released: NT$0.26 loss per share (vs NT$1.16 loss in 3Q 2024) Third quarter 2025 results: NT$0.26 loss per share (improved from NT$1.16 loss in 3Q 2024). Revenue: NT$763.6m (up 52% from 3Q 2024). Net loss: NT$54.8m (loss narrowed 78% from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 22% per year whereas the company’s share price has fallen by 24% per year. New Risk • Jul 11
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 8.6% 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 Risks Share price has been highly volatile over the past 3 months (8.6% average weekly change). Earnings have declined by 11% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$817.1m market cap, or US$27.9m). Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.02 (vs NT$0.028 in 1Q 2024) First quarter 2025 results: EPS: NT$0.02 (down from NT$0.028 in 1Q 2024). Revenue: NT$611.3m (down 24% from 1Q 2024). Net income: NT$4.09m (down 33% from 1Q 2024). Profit margin: 0.7% (down from 0.8% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 31% per year, which means it has not declined as severely as earnings. Tillkännagivande • May 06
Avision Inc. to Report Q1, 2025 Results on May 14, 2025 Avision Inc. announced that they will report Q1, 2025 results on May 14, 2025 New Risk • May 02
New major risk - Revenue and earnings growth Earnings have declined by 8.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 8.3% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.7% average weekly change). Market cap is less than US$100m (NT$840.9m market cap, or US$26.9m). New Risk • Apr 07
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 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (NT$771.6m market cap, or US$23.3m). Tillkännagivande • Mar 22
Avision Inc. to Report Fiscal Year 2024 Results on Mar 31, 2025 Avision Inc. announced that they will report fiscal year 2024 results on Mar 31, 2025 Tillkännagivande • Mar 18
Avision Inc., Annual General Meeting, Jun 26, 2025 Avision Inc., Annual General Meeting, Jun 26, 2025, at 09:00 Taipei Standard Time. Location: no,20, yen hsin 1st rd., baoshan township hsinchu science park, hsinchu county Taiwan Tillkännagivande • Mar 07
Avision Inc. to Report Q4, 2024 Results on Mar 14, 2025 Avision Inc. announced that they will report Q4, 2024 results on Mar 14, 2025 New Risk • Jan 21
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 6.2% 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 Share price has been volatile over the past 3 months (6.2% average weekly change). Market cap is less than US$100m (NT$847.4m market cap, or US$25.9m). Reported Earnings • Nov 18
Third quarter 2024 earnings released: NT$1.16 loss per share (vs NT$1.25 loss in 3Q 2023) Third quarter 2024 results: NT$1.16 loss per share (improved from NT$1.25 loss in 3Q 2023). Revenue: NT$502.3m (up 30% from 3Q 2023). Net loss: NT$251.8m (loss narrowed 7.2% from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Tillkännagivande • Nov 05
Avision Inc. to Report Q3, 2024 Results on Nov 12, 2024 Avision Inc. announced that they will report Q3, 2024 results on Nov 12, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: NT$0.27 loss per share (vs NT$0.21 loss in 2Q 2023) Second quarter 2024 results: NT$0.27 loss per share (further deteriorated from NT$0.21 loss in 2Q 2023). Revenue: NT$610.4m (up 22% from 2Q 2023). Net loss: NT$58.4m (loss widened 32% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Tillkännagivande • Aug 06
Avision Inc. to Report Q2, 2024 Results on Aug 13, 2024 Avision Inc. announced that they will report Q2, 2024 results on Aug 13, 2024 Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.03 (vs NT$0.45 loss in 1Q 2023) First quarter 2024 results: EPS: NT$0.03 (up from NT$0.45 loss in 1Q 2023). Revenue: NT$807.1m (up 107% from 1Q 2023). Net income: NT$6.14m (up NT$101.3m from 1Q 2023). Profit margin: 0.8% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Tillkännagivande • May 16
Avision Inc. announced a financing transaction Avision Inc. announced a private placement that it will issue 20,000,000 common shares to raise funding on May 14, 2024. The transaction has been approved by the board of directors of the company. Tillkännagivande • May 08
Avision Inc. to Report Q1, 2024 Results on May 14, 2024 Avision Inc. announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 14, 2024 Reported Earnings • Mar 21
Full year 2023 earnings released: NT$1.88 loss per share (vs NT$0.17 loss in FY 2022) Full year 2023 results: NT$1.88 loss per share (further deteriorated from NT$0.17 loss in FY 2022). Revenue: NT$1.97b (down 31% from FY 2022). Net loss: NT$404.7m (loss widened NT$372.3m from FY 2022). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Tillkännagivande • Mar 16
Avision Inc., Annual General Meeting, Jun 06, 2024 Avision Inc., Annual General Meeting, Jun 06, 2024. Location: No. 20, Creation Rd. 1, Science Park, Hsin-chu Taiwan Agenda: To consider the Company's 2023 Business Report; to consider the Company's 2023 Audit Committee Audit Report; to consider mainland China investment overview; to consider the Company's resolution of not distributing dividends for 2023; to consider execution of the Company's capital increase and operating improvement plan; to consider execution of the Company's private placement of ordinary shares; to consider the accumulated losses reaching one-half of the paid-in capital; and to transact other business. New Risk • Nov 21
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 5.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (5.5% average weekly change). Shareholders have been diluted in the past year (12% increase in shares outstanding). Market cap is less than US$100m (NT$1.38b market cap, or US$44.1m). Reported Earnings • Aug 12
Second quarter 2023 earnings released: NT$0.21 loss per share (vs NT$0.048 profit in 2Q 2022) Second quarter 2023 results: NT$0.21 loss per share (down from NT$0.048 profit in 2Q 2022). Revenue: NT$500.9m (down 20% from 2Q 2022). Net loss: NT$44.1m (down NT$53.2m from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 01
Full year 2022 earnings released: NT$0.17 loss per share (vs NT$0.69 loss in FY 2021) Full year 2022 results: NT$0.17 loss per share (improved from NT$0.69 loss in FY 2021). Revenue: NT$2.83b (flat on FY 2021). Net loss: NT$32.4m (loss narrowed 74% from FY 2021). Over the last 3 years on average, earnings per share has increased by 53% per year whereas the company’s share price has increased by 49% per year. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$0.28 (vs NT$0.29 loss in 3Q 2021) Third quarter 2022 results: EPS: NT$0.28 (up from NT$0.29 loss in 3Q 2021). Revenue: NT$872.4m (up 32% from 3Q 2021). Net income: NT$54.0m (up NT$107.4m from 3Q 2021). Profit margin: 6.2% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 51% per year whereas the company’s share price has increased by 47% per year. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.28 (vs NT$0.29 loss in 3Q 2021) Third quarter 2022 results: EPS: NT$0.28 (up from NT$0.29 loss in 3Q 2021). Revenue: NT$872.4m (up 32% from 3Q 2021). Net income: NT$54.0m (up NT$107.4m from 3Q 2021). Profit margin: 6.2% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 51% per year whereas the company’s share price has increased by 50% per year. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.05 (vs NT$0.20 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.05 (down from NT$0.20 in 2Q 2021). Revenue: NT$628.1m (down 30% from 2Q 2021). Net income: NT$9.04m (down 74% from 2Q 2021). Profit margin: 1.4% (down from 3.9% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 45% per year whereas the company’s share price has increased by 42% per year. Reported Earnings • May 14
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: NT$0.22 loss per share (up from NT$0.34 loss in 1Q 2021). Revenue: NT$724.7m (up 14% from 1Q 2021). Net loss: NT$41.1m (loss narrowed 34% from 1Q 2021). Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 70%. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Mar 23
Avision Inc., Annual General Meeting, Jun 15, 2022 Avision Inc., Annual General Meeting, Jun 15, 2022. Reported Earnings • Nov 11
Third quarter 2021 earnings released: NT$0.29 loss per share (vs NT$0.47 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: NT$662.0m (up 29% from 3Q 2020). Net loss: NT$53.4m (loss narrowed 37% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Sep 07
Avision Inc. announced that it expects to receive TWD 87.4 million in funding Avision Inc. announced a private placement of 10,000,000 shares at a price of TWD 8.74 per share for gross proceeds of TWD 87,400,000 on September 6, 2021. The transaction has been approved by the approval authority. Reported Earnings • Aug 03
Second quarter 2021 earnings released: EPS NT$0.20 (vs NT$0.73 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$901.8m (up 206% from 2Q 2020). Net income: NT$35.3m (up NT$166.3m from 2Q 2020). Profit margin: 3.9% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
First quarter 2021 earnings released: NT$0.35 loss per share (vs NT$1.14 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: NT$635.7m (up 117% from 1Q 2020). Net loss: NT$61.8m (loss narrowed 67% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 31
Full year 2020 earnings released: NT$2.36 loss per share (vs NT$1.22 loss in FY 2019) The company reported a soft full year result with increased losses and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: NT$1.84b (up 12% from FY 2019). Net loss: NT$412.7m (loss widened 108% from FY 2019). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Dec 28
New 90-day high: NT$7.39 The company is up 22% from its price of NT$6.07 on 29 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Tech industry, which is up 6.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: NT$0.47 loss per share The company reported a solid third quarter result with reduced losses and improved revenues and control over expenses. Third quarter 2020 results: Revenue: NT$512.2m (up 34% from 3Q 2019). Net loss: NT$84.9m (loss narrowed 14% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Sep 18
New 90-day high: NT$6.22 The company is up 68% from its price of NT$3.70 on 19 June 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Tech industry, which is up 4.0% over the same period.