Upcoming Dividend • Jul 09
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 16 July 2026. Payment date: 14 August 2026. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 2.8%. Lower than top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (1.4%). Reported Earnings • May 19
First quarter 2026 earnings released: EPS: NT$0.21 (vs NT$0.15 in 1Q 2025) First quarter 2026 results: EPS: NT$0.21 (up from NT$0.15 in 1Q 2025). Revenue: NT$143.8m (up 20% from 1Q 2025). Net income: NT$11.5m (up 50% from 1Q 2025). Profit margin: 8.0% (up from 6.4% in 1Q 2025). The increase in margin was driven by higher revenue. Buy Or Sell Opportunity • May 13
Now 23% undervalued Over the last 90 days, the stock has risen 65% to NT$79.00. The fair value is estimated to be NT$102, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years. Earnings per share has grown by 15%. New Risk • Apr 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 8.6% 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: 372% Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (8.6% average weekly change). Profit margins are more than 30% lower than last year (5.7% net profit margin). Buy Or Sell Opportunity • Apr 20
Now 24% undervalued Over the last 90 days, the stock has risen 69% to NT$81.80. The fair value is estimated to be NT$108, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years. Earnings per share has grown by 15%. Reported Earnings • Mar 11
Full year 2025 earnings released: EPS: NT$0.55 (vs NT$3.33 in FY 2024) Full year 2025 results: EPS: NT$0.55 (down from NT$3.33 in FY 2024). Revenue: NT$507.8m (down 36% from FY 2024). Net income: NT$29.0m (down 81% from FY 2024). Profit margin: 5.7% (down from 19% in FY 2024). The decrease in margin was driven by lower revenue. Tillkännagivande • Feb 26
Microprogram Information Co.,Ltd, Annual General Meeting, May 20, 2026 Microprogram Information Co.,Ltd, Annual General Meeting, May 20, 2026. Location: no,386, shih cheng rd., hsi tun district, taichung city Taiwan New Risk • Nov 26
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 41% 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 Dividend is not well covered by earnings (372% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.1% net profit margin). Market cap is less than US$100m (NT$2.37b market cap, or US$75.5m). Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: NT$0.11 (vs NT$0.51 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.11 (down from NT$0.51 in 3Q 2024). Revenue: NT$119.8m (down 31% from 3Q 2024). Net income: NT$5.44m (down 77% from 3Q 2024). Profit margin: 4.5% (down from 14% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Electronic industry in Taiwan. New Risk • Aug 31
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: Major Risks Share price has been highly volatile over the past 3 months (8.2% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 155% Cash payout ratio: 92% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (10% net profit margin). New Risk • Aug 26
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.02b (US$98.7m) 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: Major Risks Share price has been highly volatile over the past 3 months (8.3% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 155% Cash payout ratio: 92% Minor Risks Profit margins are more than 30% lower than last year (10% net profit margin). Market cap is less than US$100m (NT$3.02b market cap, or US$98.7m). New Risk • Aug 15
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 10% Last year net profit margin: 22% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.2% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 155% Cash payout ratio: 92% Minor Risk Profit margins are more than 30% lower than last year (10% net profit margin). Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: NT$0.16 (vs NT$1.21 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.16 (down from NT$1.21 in 2Q 2024). Revenue: NT$128.3m (down 38% from 2Q 2024). Net income: NT$7.79m (down 86% from 2Q 2024). Profit margin: 6.1% (down from 27% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.9% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Electronic industry in Taiwan. Tillkännagivande • Jul 29
Microprogram Information Co.,Ltd has completed a Follow-on Equity Offering in the amount of TWD 58.174 million. Microprogram Information Co.,Ltd has completed a Follow-on Equity Offering in the amount of TWD 58.174 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 1,003,000
Price\Range: TWD 58 Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$90.20, the stock trades at a trailing P/E ratio of 41.6x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 28% over the past year. Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$75.50, the stock trades at a trailing P/E ratio of 34.8x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 11% over the past year. New Risk • Jun 06
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 8.7% 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. This is currently the only risk that has been identified for the company. Upcoming Dividend • May 28
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 04 June 2025. Payment date: 30 June 2025. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (3.4%). Tillkännagivande • May 20
Microprogram Information Co.,Ltd has filed a Follow-on Equity Offering in the amount of TWD 53.122 million. Microprogram Information Co.,Ltd has filed a Follow-on Equity Offering in the amount of TWD 53.122 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 915,897
Price\Range: TWD 58 Reported Earnings • May 19
First quarter 2025 earnings released: EPS: NT$0.15 (vs NT$1.17 in 1Q 2024) First quarter 2025 results: EPS: NT$0.15 (down from NT$1.17 in 1Q 2024). Revenue: NT$119.8m (down 47% from 1Q 2024). Net income: NT$7.67m (down 85% from 1Q 2024). Profit margin: 6.4% (down from 23% in 1Q 2024). The decrease in margin was driven by lower revenue. 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 6.6% 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 (6.6% average weekly change). Market cap is less than US$100m (NT$3.17b market cap, or US$96.0m). Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$63.80, the stock trades at a trailing P/E ratio of 21.1x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total loss to shareholders of 17% over the past year. Tillkännagivande • Mar 06
Microprogram Information Co.,Ltd, Annual General Meeting, May 22, 2025 Microprogram Information Co.,Ltd, Annual General Meeting, May 22, 2025. Location: no,386, shih cheng rd., hsi tun district, taichung city Taiwan Reported Earnings • Feb 26
Full year 2024 earnings released: EPS: NT$3.33 (vs NT$2.16 in FY 2023) Full year 2024 results: EPS: NT$3.33 (up from NT$2.16 in FY 2023). Revenue: NT$794.3m (up 17% from FY 2023). Net income: NT$151.6m (up 65% from FY 2023). Profit margin: 19% (up from 14% in FY 2023). The increase in margin was driven by higher revenue. New Risk • Jan 12
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 11% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (27% accrual ratio). Minor Risk Shareholders have been diluted in the past year (11% increase in shares outstanding). Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$90.20, the stock trades at a trailing P/E ratio of 21.5x. Average trailing P/E is 21x in the Electronic industry in Taiwan. New Risk • Aug 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 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 No financial data reported. 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$3.05b market cap, or US$93.6m). New Risk • May 21
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.21b (US$99.4m) 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: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risk Market cap is less than US$100m (NT$3.21b market cap, or US$99.4m). Tillkännagivande • Mar 16
Microprogram Information Co., Ltd., Annual General Meeting, May 29, 2024 Microprogram Information Co., Ltd., Annual General Meeting, May 29, 2024. 
