Buy Or Sell Opportunity • Jul 02
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 38% to NT$40.80. The fair value is estimated to be NT$52.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 72% over the last 3 years. Earnings per share has grown by 78%. New Risk • Jul 01
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.14b (US$98.5m) 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 Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Market cap is less than US$100m (NT$3.14b market cap, or US$98.5m). Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$43.35, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 26x in the Renewable Energy industry in Taiwan. Total loss to shareholders of 58% over the past year. Valuation Update With 7 Day Price Move • May 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$64.80, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 28x in the Renewable Energy industry in Taiwan. Total loss to shareholders of 46% over the past year. Buy Or Sell Opportunity • May 29
Now 24% overvalued Over the last 90 days, the stock has fallen 27% to NT$64.70. The fair value is estimated to be NT$52.06, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 72% over the last 3 years. Earnings per share has grown by 78%. Valuation Update With 7 Day Price Move • May 15
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$52.90, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 25x in the Renewable Energy industry in Taiwan. Total loss to shareholders of 55% over the past year. Reported Earnings • May 09
First quarter 2026 earnings released: EPS: NT$0.48 (vs NT$0.44 in 1Q 2025) First quarter 2026 results: EPS: NT$0.48 (up from NT$0.44 in 1Q 2025). Revenue: NT$841.6m (up 103% from 1Q 2025). Net income: NT$34.5m (up 13% from 1Q 2025). Profit margin: 4.1% (down from 7.4% in 1Q 2025). New Risk • Mar 22
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 3.9% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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 Risk Debt is not well covered by operating cash flow (2.2% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.2% average weekly change). Large one-off items impacting financial results. New Risk • Mar 09
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 7.3% 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 Debt is not well covered by operating cash flow (2.2% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Large one-off items impacting financial results. Tillkännagivande • Mar 05
Foxwell Power Co., Ltd., Annual General Meeting, May 22, 2026 Foxwell Power Co., Ltd., Annual General Meeting, May 22, 2026, at 09:00 Taipei Standard Time. Location: 2 floor no,49, sec.4 chung yang rd., tucheng district, new taipei city Taiwan Reported Earnings • Mar 04
Full year 2025 earnings released: EPS: NT$6.34 (vs NT$1.42 in FY 2024) Full year 2025 results: EPS: NT$6.34 (up from NT$1.42 in FY 2024). Revenue: NT$4.99b (up 165% from FY 2024). Net income: NT$449.9m (up 430% from FY 2024). Profit margin: 9.0% (up from 4.5% in FY 2024). Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$96.90, the stock trades at a trailing P/E ratio of 57.9x. Average trailing P/E is 25x in the Renewable Energy industry in Taiwan. Total loss to shareholders of 34% over the past year. New Risk • Nov 12
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 46% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (46% net debt to equity). Shareholders have been diluted in the past year (18% increase in shares outstanding). Reported Earnings • Nov 06
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: NT$0.43 (up from NT$0.10 in 3Q 2024). Revenue: NT$674.9m (up 72% from 3Q 2024). Net income: NT$31.2m (up 418% from 3Q 2024). Profit margin: 4.6% (up from 1.5% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 34%. Earnings per share (EPS) also missed analyst estimates by 66%. Revenue is forecast to grow 88% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Renewable Energy industry in Taiwan. Reported Earnings • Aug 13
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: NT$0.26 (down from NT$0.59 in 2Q 2024). Revenue: NT$441.0m (down 23% from 2Q 2024). Net income: NT$18.0m (down 49% from 2Q 2024). Profit margin: 4.1% (down from 6.2% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 23%. Earnings per share (EPS) also missed analyst estimates by 51%. Revenue is forecast to grow 83% p.a. on average during the next 2 years, compared to a 25% growth forecast for the Renewable Energy industry in Taiwan. Declared Dividend • Aug 07
Dividend increased to NT$0.95 Dividend of NT$0.95 is 91% higher than last year. Ex-date: 21st August 2025 Payment date: 11th September 2025 Dividend yield will be 1.0%, which is lower than the industry average of 1.9%. New Risk • May 24
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 18% 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 Debt is not well covered by operating cash flow (5.5% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (9.9% average weekly change). Shareholders have been diluted in the past year (18% increase in shares outstanding). Reported Earnings • May 03
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: NT$0.44 (up from NT$0.042 in 1Q 2024). Revenue: NT$414.0m (up 39% from 1Q 2024). Net income: NT$30.5m (up NT$28.0m from 1Q 2024). Profit margin: 7.4% (up from 0.9% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 25%. Earnings per share (EPS) also missed analyst estimates by 26%. Revenue is forecast to grow 27% p.a. on average during the next 2 years, compared to a 9.1% growth forecast for the Renewable Energy industry in Asia. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$112, the stock trades at a forward P/E ratio of 49x. Average forward P/E is 13x in the Renewable Energy industry in Asia. Total loss to shareholders of 4.7% over the past year. Tillkännagivande • Apr 25
Foxwell Power Co., Ltd. to Report Q1, 2025 Results on May 02, 2025 Foxwell Power Co., Ltd. announced that they will report Q1, 2025 results on May 02, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$97.70, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 12x in the Renewable Energy industry in Asia. Total loss to shareholders of 19% over the past year. Reported Earnings • Mar 07
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: NT$1.42 (up from NT$0.94 in FY 2023). Revenue: NT$1.89b (up 114% from FY 2023). Net income: NT$84.9m (up 51% from FY 2023). Profit margin: 4.5% (down from 6.4% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 26%. Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 9.8% growth forecast for the Renewable Energy industry in Asia. Tillkännagivande • Mar 06
Foxwell Power Co., Ltd., Annual General Meeting, May 21, 2025 Foxwell Power Co., Ltd., Annual General Meeting, May 21, 2025, at 09:00 Taipei Standard Time. Location: 2 floor no,49, sec.4 chung yang rd., tucheng district, new taipei city Taiwan Tillkännagivande • Feb 25
Foxwell Power Co., Ltd. to Report Q4, 2024 Results on Mar 04, 2025 Foxwell Power Co., Ltd. announced that they will report Q4, 2024 results on Mar 04, 2025 Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$97.20, the stock trades at a forward P/E ratio of 49x. Average forward P/E is 12x in the Renewable Energy industry in Asia. Total returns to shareholders of 40% over the past year. Tillkännagivande • Dec 24
Foxwell Power Co., Ltd. has filed a Follow-on Equity Offering. Foxwell Power Co., Ltd. has filed a Follow-on Equity Offering.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 7,140,000
Price(minimum): TWD 69.83 New Risk • Dec 03
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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (21% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (7.4% average weekly change). Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.10 (vs NT$0.28 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.10 (down from NT$0.28 in 3Q 2023). Revenue: NT$392.6m (up 51% from 3Q 2023). Net income: NT$6.02m (down 64% from 3Q 2023). Profit margin: 1.5% (down from 6.3% in 3Q 2023). The decrease in margin was driven by higher expenses. New Risk • Oct 24
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: 5.1% Last year net profit margin: 7.9% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (28% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (5.1% net profit margin). 
