Reported Earnings • May 09
First quarter 2026 earnings released: EPS: NT$3.00 (vs NT$2.07 in 1Q 2025) First quarter 2026 results: EPS: NT$3.00 (up from NT$2.07 in 1Q 2025). Revenue: NT$2.41b (up 23% from 1Q 2025). Net income: NT$478.4m (up 84% from 1Q 2025). Profit margin: 20% (up from 13% in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$137, the stock trades at a trailing P/E ratio of 32.8x. Average trailing P/E is 24x in the Tech industry in Taiwan. Total returns to shareholders of 76% over the past three years. New Risk • Mar 16
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 45% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (8.2% net profit margin). Buy Or Sell Opportunity • Mar 05
Now 21% overvalued Over the last 90 days, the stock has fallen 2.3% to NT$108. The fair value is estimated to be NT$88.99, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 26%. Tillkännagivande • Feb 26
AAEON Technology Inc., Annual General Meeting, May 29, 2026 AAEON Technology Inc., Annual General Meeting, May 29, 2026. Location: 9 floor no,135 ln.235, pao ch`iao rd., sindian district, new taipei city Taiwan Reported Earnings • Feb 26
Full year 2025 earnings released: EPS: NT$5.62 (vs NT$7.72 in FY 2024) Full year 2025 results: EPS: NT$5.62 (down from NT$7.72 in FY 2024). Revenue: NT$8.63b (up 20% from FY 2024). Net income: NT$705.8m (down 27% from FY 2024). Profit margin: 8.2% (down from 14% 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 26% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: NT$1.54 (vs NT$0.054 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.54 (up from NT$0.054 in 3Q 2024). Revenue: NT$2.31b (up 33% from 3Q 2024). Net income: NT$193.2m (up NT$186.4m from 3Q 2024). Profit margin: 8.4% (up from 0.4% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Reported Earnings • Aug 09
Second quarter 2025 earnings released: NT$0.17 loss per share (vs NT$1.88 profit in 2Q 2024) Second quarter 2025 results: NT$0.17 loss per share (down from NT$1.88 profit in 2Q 2024). Revenue: NT$2.10b (up 9.5% from 2Q 2024). Net loss: NT$20.9m (down 109% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 19
Upcoming dividend of NT$5.15 per share Eligible shareholders must have bought the stock before 26 June 2025. Payment date: 18 July 2025. Payout ratio is on the higher end at 81%, and the cash payout ratio is above 100%. Trailing yield: 4.2%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (3.7%). Tillkännagivande • May 30
AAEON Technology Inc. Approves Board Elections AAEON Technology Inc. at its 2025 regular shareholders meeting held on May 29, 2025, approved the election of Directors: ASUSTeK Computer Inc. Representative: Jonathan Tsang,
ASUSTeK Computer Inc. Representative: S.Y. Hsu, Jui Hai Investment Co.,Ltd. Representative: Chien-Hung, Lin and Jui Hai Investment Co.,Ltd. Representative: Fu-Chieh, Chuang. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: NT$2.07 (vs NT$3.44 in 1Q 2024) First quarter 2025 results: EPS: NT$2.07 (down from NT$3.44 in 1Q 2024). Revenue: NT$1.96b (up 8.6% from 1Q 2024). Net income: NT$259.7m (down 40% from 1Q 2024). Profit margin: 13% (down from 24% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Tillkännagivande • May 01
AAEON Technology Inc. to Report Q1, 2025 Results on May 08, 2025 AAEON Technology Inc. announced that they will report Q1, 2025 results on May 08, 2025 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to NT$106, the stock trades at a trailing P/E ratio of 18.5x. Average trailing P/E is 16x in the Tech industry in Taiwan. Total returns to shareholders of 53% over the past three years. Tillkännagivande • Mar 03
AAEON Technology Inc., Annual General Meeting, May 29, 2025 AAEON Technology Inc., Annual General Meeting, May 29, 2025. Location: 9 floor no,135 ln.235, pao ch`iao rd., sindian district, new taipei city Taiwan Tillkännagivande • Feb 20
AAEON Technology Inc. to Report Fiscal Year 2024 Results on Feb 27, 2025 AAEON Technology Inc. announced that they will report fiscal year 2024 results on Feb 27, 2025 Reported Earnings • Nov 09
Third quarter 2024 earnings released: EPS: NT$0.05 (vs NT$2.24 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.05 (down from NT$2.24 in 3Q 2023). Revenue: NT$1.73b (down 16% from 3Q 2023). Net income: NT$6.75m (down 98% from 3Q 2023). Profit margin: 0.4% (down from 14% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Sep 19
AAEON Technology Inc. Announces Institutional Director Changes AAEON Technology Inc. announced the change in representative of the Company's institutional director. Name of the previous position holder: Chiu-Hsu, Lin, Chairman of IBASE Technology Inc. Name of the new position holder:Chia-Fu, Lee, President of IBASE Technology Inc. Effective date of the new appointment is September 18, 2024. Any other matters that need to be specified: The company was notified by the institutional director, IBASE Technology Inc., about the change of its representative on September 18, 2024, with an effective date of September 18, 2024. Upcoming Dividend • Aug 21
Upcoming dividend of NT$6.47 per share Eligible shareholders must have bought the stock before 28 August 2024. Payment date: 27 September 2024. Payout ratio is on the higher end at 77%, however this is supported by cash flows. Trailing yield: 3.9%. Lower than top quartile of Taiwanese dividend payers (4.3%). Higher than average of industry peers (3.1%). Reported Earnings • Aug 08
Second quarter 2024 earnings released: EPS: NT$1.97 (vs NT$2.78 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.97 (down from NT$2.78 in 2Q 2023). Revenue: NT$1.92b (down 6.7% from 2Q 2023). Net income: NT$235.4m (down 27% from 2Q 2023). Profit margin: 12% (down from 16% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 32% per year whereas the company’s share price has increased by 34% per year. Tillkännagivande • Aug 07
AAEON Technology Inc. Announces Cash Dividends, Payable on September 27, 2024 AAEON Technology Inc. announced cash dividends of TWD 1,042,650,895, TWD 6.5 per share. Ex-rights (ex-dividend) trading date: August 28, 2024. Ex-rights (ex-dividend) record date: September 3, 2024. Payment date of common stock cash dividend distribution: September 27, 2024. New Risk • Aug 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 7.0% 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: 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 (7.0% average weekly change). Large one-off items impacting financial results. Tillkännagivande • Jul 30
AAEON Technology Inc. to Report Q2, 2024 Results on Aug 06, 2024 AAEON Technology Inc. announced that they will report Q2, 2024 results on Aug 06, 2024 New Risk • Jun 01
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • May 11
First quarter 2024 earnings released: EPS: NT$3.61 (vs NT$2.87 in 1Q 2023) First quarter 2024 results: EPS: NT$3.61 (up from NT$2.87 in 1Q 2023). Revenue: NT$1.80b (down 6.5% from 1Q 2023). Net income: NT$429.3m (up 39% from 1Q 2023). Profit margin: 24% (up from 16% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 38% per year whereas the company’s share price has increased by 35% per year. Reported Earnings • Mar 05
Full year 2023 earnings released: EPS: NT$8.42 (vs NT$10.03 in FY 2022) Full year 2023 results: EPS: NT$8.42 (down from NT$10.03 in FY 2022). Revenue: NT$8.07b (down 3.3% from FY 2022). Net income: NT$969.3m (down 9.8% from FY 2022). Profit margin: 12% (in line with FY 2022). 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 34% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Mar 01
AAEON Technology Inc., Annual General Meeting, May 29, 2024 AAEON Technology Inc., Annual General Meeting, May 29, 2024. Location: 9F, No. 135, Lane 235, Baochiao Road Xindien Taiwan Agenda: To consider 2023 Business Report; to consider 2023 final settlement review report by the Audit Committee; to consider the company's 2023 director and employee compensation distribution report; to consider Amendment to the Ethical Corporate Management Best Practice Principles; to consider Amendment to the Code of Ethical Conduct and English Version; to consider Adoption of the 2023 Business Report and Financial Statements; to consider 2023 Surplus distribution proposal. New Risk • Nov 29
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 23% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: 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 (6.2% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (7.5% increase in shares outstanding). Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$164, the stock trades at a trailing P/E ratio of 21.8x. Average trailing P/E is 21x in the Tech industry in Taiwan. Total returns to shareholders of 164% over the past three years. Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: NT$2.77 (vs NT$2.74 in 2Q 2022) Second quarter 2023 results: EPS: NT$2.77 (up from NT$2.74 in 2Q 2022). Revenue: NT$2.06b (down 1.4% from 2Q 2022). Net income: NT$320.3m (up 9.4% from 2Q 2022). Profit margin: 16% (up from 14% 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 49% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$178, the stock trades at a trailing P/E ratio of 22.7x. Average trailing P/E is 23x in the Tech industry in Taiwan. Total returns to shareholders of 182% over the past three years. New Risk • Jul 14
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 6.5% 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 (6.5% average weekly change). Shareholders have been diluted in the past year (7.7% increase in shares outstanding). Valuation Update With 7 Day Price Move • Jul 13
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$148, the stock trades at a trailing P/E ratio of 22x. Average trailing P/E is 20x in the Tech industry in Taiwan. Total returns to shareholders of 125% over the past three years. Upcoming Dividend • Jun 22
Upcoming dividend of NT$4.66 per share at 3.6% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 20 July 2023. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of Taiwanese dividend payers (5.5%). In line with average of industry peers (3.9%). Valuation Update With 7 Day Price Move • May 31
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$129, the stock trades at a trailing P/E ratio of 19.1x. Average trailing P/E is 17x in the Tech industry in Taiwan. Total returns to shareholders of 116% 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. 8 experienced directors. 4 highly experienced directors. 3 independent directors (8 non-independent directors). Independent Director Da-Ho Yen was the last independent director to join the board, commencing their role in 2019. 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 04
Third quarter 2022 earnings released: EPS: NT$3.33 (vs NT$0.88 in 3Q 2021) Third quarter 2022 results: EPS: NT$3.33 (up from NT$0.88 in 3Q 2021). Revenue: NT$2.06b (up 32% from 3Q 2021). Net income: NT$356.7m (up 281% from 3Q 2021). Profit margin: 17% (up from 6.0% in 3Q 2021). The increase in margin was driven by higher revenue. 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 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 05
Second quarter 2022 earnings released: EPS: NT$2.73 (vs NT$0.19 in 2Q 2021) Second quarter 2022 results: EPS: NT$2.73 (up from NT$0.19 in 2Q 2021). Revenue: NT$2.09b (up 49% from 2Q 2021). Net income: NT$292.6m (up NT$272.4m from 2Q 2021). Profit margin: 14% (up from 1.4% 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 9% per year whereas the company’s share price has increased by 7% per year. Upcoming Dividend • Jun 17
Upcoming dividend of NT$3.10 per share Eligible shareholders must have bought the stock before 24 June 2022. Payment date: 20 July 2022. Payout ratio is a comfortable 61% but the company is not cash flow positive. Trailing yield: 4.0%. Lower than top quartile of Taiwanese dividend payers (6.1%). Lower than average of industry peers (7.1%). Tillkännagivande • Jun 11
AAEON Technology Inc. Announces Cash Dividends, Payable on July 20, 2022 AAEON Technology Inc. announced Cash dividends TWD 386,408,017 (TWD 2.6 per share). Type and amount of original dividends: Cash distribution from capital surplus TWD 74,309,234 (TWD 0.5 per share). Cash dividends TWD 386,408,017 (TWD 2.59791983 per share). Type and amount of dividends issued after the change: Cash dividends TWD 386,408,017 (TWD 2.59791983 per share). Cash distribution from capital surplus TWD 74,309,234 (TWD 0.49959997 per share). Ex-rights (ex-dividend) trading date is June 24, 2022. Ex-rights (ex-dividend) record date is July 2, 2022. The cash dividend distribution date will be July 20, 2022. The chairman of the company set the ex-dividend base date and adjust the shareholder dividend ratio on June 9, 2022, and other related matters. Reported Earnings • May 06
First quarter 2022 earnings released: EPS: NT$1.21 (vs NT$0.34 in 1Q 2021) First quarter 2022 results: EPS: NT$1.21 (up from NT$0.34 in 1Q 2021). Revenue: NT$1.95b (up 54% from 1Q 2021). Net income: NT$129.3m (up 259% from 1Q 2021). Profit margin: 6.6% (up from 2.8% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 8 non-independent directors. Independent Director Da Ho Yen was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 28
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: NT$4.22 (up from NT$3.58 in FY 2020). Revenue: NT$6.35b (up 7.6% from FY 2020). Net income: NT$451.0m (up 18% from FY 2020). Profit margin: 7.1% (up from 6.5% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.1%. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$0.88 (vs NT$0.67 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$1.56b (up 4.9% from 3Q 2020). Net income: NT$93.7m (up 32% from 3Q 2020). Profit margin: 6.0% (up from 4.8% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$0.19 (vs NT$2.17 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$1.40b (down 12% from 2Q 2020). Net income: NT$20.2m (down 91% from 2Q 2020). Profit margin: 1.4% (down from 14% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 33% 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. Director Overboarding • Aug 04
Director Yung-Shun Chuang has joined 7th company board Chairman of the Board & President Yung-Shun Chuang has been appointed to the board of Taiflex Scientific Co., Ltd. (TWSE:8039). Chuang now sits on a total of 7 company boards. With 7 board positions including the role of CEO at Onyx Healthcare Inc. (TPEX:6569), the director is at risk of having too many board obligations according to the Simply Wall St Risk Model. Upcoming Dividend • Jul 19
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 26 July 2021. Payment date: 18 August 2021. Trailing yield: 4.4%. Lower than top quartile of Taiwanese dividend payers (4.9%). Lower than average of industry peers (4.9%). Reported Earnings • May 08
First quarter 2021 earnings released: EPS NT$0.34 (vs NT$0.33 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: NT$1.27b (down 9.4% from 1Q 2020). Net income: NT$36.1m (up NT$70.9m from 1Q 2020). Profit margin: 2.8% (up from net loss in 1Q 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 29% 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 • Feb 27
AAEON Technology Inc., Annual General Meeting, May 28, 2021 AAEON Technology Inc., Annual General Meeting, May 28, 2021. Location: 9F, No. 135, Lane 235, Baochiao Road Xindien District New Taipei City Taiwan Agenda: To consider 2020 business report; to consider 2020 final settlement review report by the Audit Committee; to consider the company’s 2020 director and employee compensation distribution report; to consider adoption of the 2020 business report and financial statements; to consider 2020 Surplus distribution proposal; to discuss and approve the cash distribution from capital surplus; to consider amendments to the company’s Regulations Governing Loaning of Funds; to consider amendments to the company’s Rules of Procedure for Shareholders Meeting; and to consider Amendments to the company’s Procedures for Election of Directors. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS NT$3.58 (vs NT$5.17 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$5.90b (down 4.1% from FY 2019). Net income: NT$382.8m (down 31% from FY 2019). Profit margin: 6.5% (down from 9.0% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Dec 28
New 90-day high: NT$75.80 The company is up 10.0% from its price of NT$68.60 on 29 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Tech industry, which is up 6.0% over the same period. Is New 90 Day High Low • Nov 27
New 90-day high: NT$75.70 The company is up 5.0% from its price of NT$71.80 on 28 August 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Tech industry, which is down 1.0% over the same period. Reported Earnings • Nov 07
Third quarter 2020 earnings released: EPS NT$0.66 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: NT$1.49b (up 3.9% from 3Q 2019). Net income: NT$71.0m (down 9.8% from 3Q 2019). Profit margin: 4.8% (down from 5.5% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings.