Reported Earnings • May 19
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: NT$0.99 loss per share (improved from NT$1.77 loss in 1Q 2025). Revenue: NT$1.66b (up 67% from 1Q 2025). Net loss: NT$132.6m (loss narrowed 45% from 1Q 2025). Revenue exceeded analyst estimates by 15%. Earnings per share (EPS) also surpassed analyst estimates by 4.8%. Revenue is forecast to grow 35% p.a. on average during the next 2 years, compared to a 8.5% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. New Risk • Mar 30
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.2% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough 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. 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: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Price Target Changed • Mar 25
Price target decreased by 9.1% to NT$159 Down from NT$175, the current price target is an average from 2 analysts. New target price is 71% above last closing price of NT$92.80. Stock is down 46% over the past year. The company is forecast to post earnings per share of NT$4.51 next year compared to a net loss per share of NT$4.20 last year. Reported Earnings • Mar 19
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: NT$4.20 loss per share (down from NT$8.89 profit in FY 2024). Revenue: NT$7.47b (up 97% from FY 2024). Net loss: NT$570.5m (down 150% from profit in FY 2024). Revenue missed analyst estimates by 28%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 33% p.a. on average during the next 2 years, compared to a 8.0% growth forecast for the Renewable Energy industry in Asia. 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. Tillkännagivande • Mar 13
J&V Energy Technology Co., Ltd., Annual General Meeting, Jun 10, 2026 J&V Energy Technology Co., Ltd., Annual General Meeting, Jun 10, 2026. Location: b1 floor no,1, chi hu rd., neihu district, taipei city Taiwan New Risk • Feb 26
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: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (27% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.0% average weekly change). Buy Or Sell Opportunity • Jan 29
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.8% to NT$114. The fair value is estimated to be NT$144, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Earnings per share has grown by 16%. Revenue is forecast to grow by 120% in 2 years. Earnings are forecast to grow by 57% in the next 2 years. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$110, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Renewable Energy industry in Asia. Total returns to shareholders of 48% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$143 per share. Reported Earnings • Nov 18
Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2025 results: NT$0.49 loss per share (down from NT$0.054 profit in 3Q 2024). Revenue: NT$1.91b (up 208% from 3Q 2024). Net loss: NT$66.4m (down NT$73.8m from profit in 3Q 2024). Revenue exceeded analyst estimates by 29%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 39% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Renewable Energy industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$95.80, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Renewable Energy industry in Asia. Total returns to shareholders of 42% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$110 per share. Major Estimate Revision • Sep 25
Consensus revenue estimates fall by 22% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$10.1b to NT$7.87b. EPS estimate fell from NT$7.76 to NT$5.00 per share. Net income forecast to shrink 4.0% next year vs 17% growth forecast for Renewable Energy industry in Taiwan . Consensus price target down from NT$181 to NT$175. Share price was steady at NT$119 over the past week. Price Target Changed • Sep 24
Price target decreased by 8.9% to NT$175 Down from NT$192, the current price target is an average from 2 analysts. New target price is 48% above last closing price of NT$118. The company is forecast to post earnings per share of NT$5.00 for next year compared to NT$8.89 last year. New Risk • Aug 15
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 42% 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 (42% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Buy Or Sell Opportunity • Aug 12
Now 22% overvalued Over the last 90 days, the stock has fallen 16% to NT$136. The fair value is estimated to be NT$111, 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 28%. Revenue is forecast to grow by 208% in a year. Earnings are forecast to grow by 44% in the next year. Declared Dividend • Jul 24
Dividend reduced to NT$5.01 Dividend of NT$5.01 is 5.7% lower than last year. Ex-date: 7th August 2025 Payment date: 29th August 2025 Dividend yield will be 3.4%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by earnings (74% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 192% per year over the past 3 years and payments have been stable during that time. EPS is expected to grow by 46% over the next year, which should provide support to the dividend and adequate earnings cover. Major Estimate Revision • Jun 20
Consensus EPS estimates increase by 28% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from NT$9.71b to NT$10.4b. EPS estimate increased from NT$5.83 to NT$7.47 per share. Net income forecast to grow 40% next year vs 17% growth forecast for Renewable Energy industry in Taiwan. Consensus price target up from NT$192 to NT$224. Share price was steady at NT$173 over the past week. Reported Earnings • May 18
First quarter 2025 earnings: EPS misses analyst expectations First quarter 2025 results: NT$1.77 loss per share (further deteriorated from NT$0.017 loss in 1Q 2024). Revenue: NT$995.8m (flat on 1Q 2024). Net loss: NT$241.4m (loss widened NT$239.3m from 1Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 39%. Revenue is forecast to grow 62% p.a. on average during the next 2 years, compared to a 8.3% growth forecast for the Renewable Energy industry in Asia. 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 31% per year. Buy Or Sell Opportunity • May 02
Now 27% overvalued The stock has been flat over the last 90 days, currently trading at NT$163. The fair value is estimated to be NT$128, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 35%. Revenue is forecast to grow by 267% in 2 years. Earnings are forecast to grow by 33% in the next 2 years. Tillkännagivande • May 01
J&V Energy Technology Co., Ltd. to Report Q1, 2025 Results on May 08, 2025 J&V Energy Technology Co., Ltd. announced that they will report Q1, 2025 results on May 08, 2025 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$126, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 12x in the Renewable Energy industry in Asia. Total returns to shareholders of 65% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$131 per share. 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: Major Risk High level of non-cash earnings (41% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.7% average weekly change). Shareholders have been diluted in the past year (17% increase in shares outstanding). Buy Or Sell Opportunity • Apr 01
Now 22% overvalued Over the last 90 days, the stock has fallen 13% to NT$155. The fair value is estimated to be NT$127, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 35%. Revenue is forecast to grow by 267% in 2 years. Earnings are forecast to grow by 33% in the next 2 years. Major Estimate Revision • Mar 28
Consensus EPS estimates fall by 22% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$10.6b to NT$10.4b. EPS estimate also fell from NT$9.28 per share to NT$7.27 per share. Net income forecast to shrink 13% next year vs 19% growth forecast for Renewable Energy industry in Taiwan . Consensus price target up from NT$168 to NT$217. Share price fell 7.6% to NT$163 over the past week. Reported Earnings • Mar 19
Full year 2024 earnings: Revenues miss analyst expectations Full year 2024 results: Revenue: NT$3.79b (down 44% from FY 2023). Net income: NT$1.13b (up 12% from FY 2023). Profit margin: 30% (up from 15% in FY 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 63%. Revenue is forecast to grow 47% p.a. on average during the next 2 years, compared to a 9.6% growth forecast for the Renewable Energy industry in Asia. Tillkännagivande • Mar 10
J&V Energy Technology Co., Ltd., Annual General Meeting, Jun 24, 2025 J&V Energy Technology Co., Ltd., Annual General Meeting, Jun 24, 2025. Location: b1 floor no,1, chi hu rd., neihu district, taipei city Taiwan Tillkännagivande • Mar 01
J&V Energy Technology Co., Ltd. to Report Fiscal Year 2024 Results on Mar 07, 2025 J&V Energy Technology Co., Ltd. announced that they will report fiscal year 2024 results on Mar 07, 2025 Reported Earnings • Nov 13
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: NT$0.05 (down from NT$4.10 in 3Q 2023). Revenue: NT$618.5m (down 76% from 3Q 2023). Net income: NT$7.34m (down 99% from 3Q 2023). Profit margin: 1.2% (down from 18% in 3Q 2023). Revenue missed analyst estimates by 79%. Earnings per share (EPS) also missed analyst estimates by 99%. Revenue is forecast to grow 71% p.a. on average during the next 2 years, compared to a 9.4% growth forecast for the Renewable Energy industry in Asia. Tillkännagivande • Sep 25
An unknown buyer agreed to acquire an unknown minority stake in J&V Energy Technology Co., Ltd. from Formosan Union Chemical Corp. (TWSE:1709). An unknown buyer agreed to acquire an unknown minority stake in J&V Energy Technology Co., Ltd. from Formosan Union Chemical Corp. (TWSE:1709) on September 24, 2024. Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$243, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 11x in the Renewable Energy industry in Asia. Total returns to shareholders of 192% over the past year. New Risk • Aug 28
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 14% 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 Risks Share price has been highly volatile over the past 3 months (13% average weekly change). High level of non-cash earnings (42% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (14% increase in shares outstanding). Reported Earnings • Aug 16
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: NT$1.11 (down from NT$2.81 in 2Q 2023). Revenue: NT$1.01b (down 50% from 2Q 2023). Net income: NT$134.0m (down 59% from 2Q 2023). Profit margin: 13% (down from 16% in 2Q 2023). Revenue missed analyst estimates by 46%. Earnings per share (EPS) also missed analyst estimates by 31%. Revenue is forecast to grow 47% p.a. on average during the next 2 years, compared to a 9.9% growth forecast for the Renewable Energy industry in Asia. Buy Or Sell Opportunity • Aug 07
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 25% to NT$196. The fair value is estimated to be NT$157, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 63% over the last 3 years. Earnings per share has grown by 56%. Revenue is forecast to grow by 43% in a year. Earnings are forecast to grow by 13% in the next year. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$219, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 12x in the Renewable Energy industry in Asia. Total returns to shareholders of 136% over the past year. Simply Wall St's valuation model estimates the intrinsic value at NT$155 per share. Tillkännagivande • Aug 01
J&V Energy Technology Co., Ltd. to Report Q2, 2024 Results on Aug 08, 2024 J&V Energy Technology Co., Ltd. announced that they will report Q2, 2024 results on Aug 08, 2024 Valuation Update With 7 Day Price Move • Jul 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$300, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 11x in the Renewable Energy industry in Asia. Total returns to shareholders of 237% over the past year. Simply Wall St's valuation model estimates the intrinsic value at NT$137 per share. Upcoming Dividend • Jul 17
Upcoming dividend of NT$5.31 per share Eligible shareholders must have bought the stock before 24 July 2024. Payment date: 29 August 2024. Payout ratio is a comfortable 66% but the company is not cash flow positive. Trailing yield: 2.0%. Lower than top quartile of Taiwanese dividend payers (4.2%). In line with average of industry peers (2.2%). Buy Or Sell Opportunity • Jul 01
Now 85% overvalued after recent price rise Over the last 90 days, the stock has risen 76% to NT$254. The fair value is estimated to be NT$137, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 63% over the last 3 years. Earnings per share has grown by 56%. Revenue is forecast to grow by 35% in a year. Earnings are forecast to grow by 5.9% in the next year. Declared Dividend • Jun 29
Dividend increased to NT$5.98 Dividend of NT$5.98 is 199% higher than last year. Ex-date: 24th July 2024 Payment date: 29th August 2024 Dividend yield will be 2.6%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by earnings (76% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 453% per year over the past 2 years and payments have been stable during that time. EPS is expected to grow by 17% over the next year, which should provide support to the dividend and adequate earnings cover. New Risk • Jun 25
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 8.4% 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 (8.4% average weekly change). High level of non-cash earnings (21% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Buy Or Sell Opportunity • Jun 21
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 26% to NT$168. The fair value is estimated to be NT$137, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 63% over the last 3 years. Earnings per share has grown by 56%. Revenue is forecast to grow by 35% in a year. Earnings are forecast to grow by 5.9% in the next year. Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$153, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 12x in the Renewable Energy industry in Asia. Total returns to shareholders of 65% over the past year. Simply Wall St's valuation model estimates the intrinsic value at NT$137 per share. Reported Earnings • May 18
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: NT$0.02 loss per share (down from NT$0.72 profit in 1Q 2023). Revenue: NT$1.00b (up 6.7% from 1Q 2023). Net loss: NT$2.04m (down 102% from profit in 1Q 2023). Revenue missed analyst estimates by 26%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 30% p.a. on average during the next 2 years, compared to a 9.3% growth forecast for the Renewable Energy industry in Asia. Tillkännagivande • May 08
J&V Energy Technology Co., Ltd. to Report Q1, 2024 Results on May 14, 2024 J&V Energy Technology Co., Ltd. announced that they will report Q1, 2024 results on May 14, 2024 Reported Earnings • Mar 14
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: NT$8.77 (up from NT$4.03 in FY 2022). Revenue: NT$6.78b (up 7.7% from FY 2022). Net income: NT$1.01b (up 123% from FY 2022). Profit margin: 15% (up from 7.2% in FY 2022). The increase in margin was primarily driven by higher revenue. Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 5.7%. Revenue is forecast to grow 27% p.a. on average during the next 2 years, compared to a 9.3% growth forecast for the Renewable Energy industry in Asia. Tillkännagivande • Mar 06
J&V Energy Technology Co., Ltd., Annual General Meeting, Jun 27, 2024 J&V Energy Technology Co., Ltd., Annual General Meeting, Jun 27, 2024. Location: B1 F., No.1, Jihu Rd., Neihu Dist., (Colorful International Building) Taipei City Taiwan Agenda: To consider 2023 Business Report; Audit Committees Review Report on the 2023 Financial Statements; Report on distribution of employees remuneration and directors remuneration for 2023; Amendment to Regulations Governing Procedure for Board of Directors Meetings; Major donations to related parties; and to discuss other matters. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$134, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 10x in the Renewable Energy industry in Asia. Total returns to shareholders of 12% over the past year. Buy Or Sell Opportunity • Feb 27
Now 20% undervalued Over the last 90 days, the stock has risen 28% to NT$116. The fair value is estimated to be NT$146, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 89% over the last 3 years. Earnings per share has grown by 55%. Revenue is forecast to grow by 50% in 2 years. Earnings are forecast to grow by 20% in the next 2 years. Tillkännagivande • Jan 23
J&V Energy Technology Co., Ltd. Announces the Change of Principal Accounting Officer J&V Energy Technology Co., Ltd. announced the change of principal accounting officer of the company. Name, title, and resume of the previous position holder: Lin Ta-Hsiang, Assistant Vice President of Financial and Accounting Department. Name, title, and resume of the new position holder: Huang Chin-Ying, Assistant Vice President of Accounting Division of Financial and Accounting Department. Reason for the change: position adjustment. Effective date: January 22, 2024. Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$114, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 10x in the Renewable Energy industry in Asia. Total returns to shareholders of 44% over the past year. New Risk • Nov 23
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 30% 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 Short dividend paying track record (1 year of continuous dividend payments). Large one-off items impacting financial results. Shareholders have been diluted in the past year (3.1% increase in shares outstanding). Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: NT$2.81 (vs NT$0.41 loss in 2Q 2022) Second quarter 2023 results: EPS: NT$2.81 (up from NT$0.41 loss in 2Q 2022). Revenue: NT$2.02b (up 65% from 2Q 2022). Net income: NT$326.0m (up NT$372.7m from 2Q 2022). Profit margin: 16% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Upcoming Dividend • Jul 20
Upcoming dividend of NT$2.00 per share at 2.2% yield Eligible shareholders must have bought the stock before 27 July 2023. Payment date: 22 August 2023. Payout ratio is a comfortable 48% but the company is not cash flow positive. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (1.9%). Valuation Update With 7 Day Price Move • Jun 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$98.50, the stock trades at a trailing P/E ratio of 23.5x. Average forward P/E is 12x in the Renewable Energy industry in Taiwan. Total returns to shareholders of 25% over the past year. Buying Opportunity • Jun 02
Now 27% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be NT$130, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 133% over the last year. Earnings per share has grown by 96%. Valuation Update With 7 Day Price Move • May 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$117, the stock trades at a trailing P/E ratio of 27.1x. Average forward P/E is 12x in the Renewable Energy industry in Taiwan. Total returns to shareholders of 66% over the past year. Reported Earnings • May 16
First quarter 2023 earnings released: EPS: NT$0.72 (vs NT$0.44 in 1Q 2022) First quarter 2023 results: EPS: NT$0.72 (up from NT$0.44 in 1Q 2022). Revenue: NT$939.0m (up 27% from 1Q 2022). Net income: NT$81.8m (up 65% from 1Q 2022). Profit margin: 8.7% (up from 6.7% in 1Q 2022). The increase in margin was driven by higher revenue. Buying Opportunity • Apr 21
Now 22% undervalued Over the last 90 days, the stock is up 9.7%. The fair value is estimated to be NT$113, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 102% over the last 3 years. Earnings per share has grown by 35%. Buying Opportunity • Mar 16
Now 20% undervalued Over the last 90 days, the stock is up 21%. The fair value is estimated to be NT$117, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 111% over the last 3 years. Earnings per share has grown by 31%. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to NT$97.00, the stock trades at a trailing P/E ratio of 21.3x. Average trailing P/E is 33x in the Renewable Energy industry in Taiwan. Total returns to shareholders of 27% over the past year. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$106, the stock trades at a trailing P/E ratio of 23.2x. Average trailing P/E is 31x in the Renewable Energy industry in Taiwan. Total returns to shareholders of 22% over the past year. Reported Earnings • Dec 06
Third quarter 2022 earnings released: EPS: NT$2.30 (vs NT$1.06 loss in 3Q 2021) Third quarter 2022 results: EPS: NT$2.30 (up from NT$1.06 loss in 3Q 2021). Revenue: NT$2.14b (up NT$2.00b from 3Q 2021). Net income: NT$259.3m (up NT$373.9m from 3Q 2021). Profit margin: 12% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Reported Earnings • Aug 15
First half 2022 earnings released: EPS: NT$0.03 (vs NT$1.06 in 1H 2021) First half 2022 results: EPS: NT$0.03 (down from NT$1.06 in 1H 2021). Revenue: NT$1.96b (up NT$1.75b from 1H 2021). Net income: NT$2.85m (down 97% from 1H 2021). Profit margin: 0.1% (down from 43% in 1H 2021).