Upcoming Dividend • Aug 18
Upcoming dividend of NT$0.56 per share Eligible shareholders must have bought the stock before 25 August 2026. Payment date: 29 September 2026. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Taiwanese dividend payers (5.1%). Lower than average of industry peers (4.2%). Reported Earnings • Aug 14
Second quarter 2026 earnings released: EPS: NT$0.15 (vs NT$0.11 in 2Q 2025) Second quarter 2026 results: EPS: NT$0.15 (up from NT$0.11 in 2Q 2025). Revenue: NT$17.4b (down 3.2% from 2Q 2025). Net income: NT$157.0m (up 36% from 2Q 2025). Profit margin: 0.9% (up from 0.6% in 2Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.5% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Auto industry in Asia. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has fallen by 27% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 19
First quarter 2026 earnings released: EPS: NT$0.35 (vs NT$0.42 in 1Q 2025) First quarter 2026 results: EPS: NT$0.35 (down from NT$0.42 in 1Q 2025). Revenue: NT$17.0b (down 3.5% from 1Q 2025). Net income: NT$363.7m (down 17% from 1Q 2025). Profit margin: 2.1% (down from 2.5% in 1Q 2025). The decrease in margin was driven by lower revenue. 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 32% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 17
Full year 2025 earnings released: EPS: NT$0.93 (vs NT$3.78 in FY 2024) Full year 2025 results: EPS: NT$0.93 (down from NT$3.78 in FY 2024). Revenue: NT$72.4b (down 16% from FY 2024). Net income: NT$979.0m (down 75% from FY 2024). Profit margin: 1.4% (down from 4.6% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Declared Dividend • Mar 08
Dividend reduced to NT$0.56 Dividend of NT$0.56 is 57% lower than last year. Ex-date: 25th August 2026 Payment date: 29th September 2026 Dividend yield will be 1.9%, which is lower than the industry average of 2.8%. Sustainability & Growth Dividend is not adequately covered by earnings (97% earnings payout ratio). However, it is well covered by cash flows (9% cash payout ratio). The dividend has increased by an average of 1.7% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 7.5% to bring the payout ratio under control, which is less than the 27% EPS growth achieved over the last 5 years. New Risk • Dec 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 8.2% 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 Interest payments are not well covered by earnings (1.2x net interest cover). Share price has been highly volatile over the past 3 months (8.2% average weekly change). Minor Risks Dividend is not well covered by earnings (97% payout ratio). Profit margins are more than 30% lower than last year (1.9% net profit margin). Duyuru • Dec 20
Foxtron Vehicle Technologies Co., Ltd. (TWSE:2258) agreed to acquire Luxgen Motor Co., Ltd. from Yulon Motor Company Ltd. (TWSE:2201) for approximately TWD 790 million. Foxtron Vehicle Technologies Co., Ltd. (TWSE:2258) agreed to acquire Luxgen Motor Co., Ltd. from Yulon Motor Company Ltd. (TWSE:2201) for approximately TWD 790 million on December 19, 2025. A cash consideration of TWD 787.6 million will be paid by Foxtron Vehicle Technologies Co., Ltd. As part of consideration, TWD 787.6 million is paid towards common equity of Luxgen Motor Co., Ltd.
The transaction is subject to approval of merger agreement by target board and subject to antitrust regulations. The deal has been approved by the board. Valuation Update With 7 Day Price Move • Dec 19
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$38.30, the stock trades at a trailing P/E ratio of 28.9x. Average forward P/E is 11x in the Auto industry in Asia. Total loss to shareholders of 29% over the past three years. Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: NT$0.24 (vs NT$1.22 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.24 (down from NT$1.22 in 3Q 2024). Revenue: NT$18.3b (down 14% from 3Q 2024). Net income: NT$256.4m (down 80% from 3Q 2024). Profit margin: 1.4% (down from 6.0% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.3% p.a. on average during the next 2 years, compared to a 8.3% growth forecast for the Auto industry in Asia. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. New Risk • Nov 17
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 6.8% 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 Interest payments are not well covered by earnings (1.2x net interest cover). 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 (6.8% average weekly change). Profit margins are more than 30% lower than last year (3.1% net profit margin). Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$39.45, the stock trades at a trailing P/E ratio of 17.3x. Average forward P/E is 13x in the Auto industry in Taiwan. Total loss to shareholders of 14% over the past three years. New Risk • Aug 16
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% 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 Risk Interest payments are not well covered by earnings (1.0x net interest cover). 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. Profit margins are more than 30% lower than last year (3.1% net profit margin). Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: NT$0.11 (vs NT$1.16 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.11 (down from NT$1.16 in 2Q 2024). Revenue: NT$18.0b (down 22% from 2Q 2024). Net income: NT$115.6m (down 91% from 2Q 2024). Profit margin: 0.6% (down from 5.3% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Upcoming Dividend • Aug 14
Upcoming dividend of NT$1.30 per share Eligible shareholders must have bought the stock before 21 August 2025. Payment date: 26 September 2025. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (5.3%). Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.42 (vs NT$0.83 in 1Q 2024) First quarter 2025 results: EPS: NT$0.42 (down from NT$0.83 in 1Q 2024). Revenue: NT$17.6b (down 15% from 1Q 2024). Net income: NT$435.7m (down 50% from 1Q 2024). Profit margin: 2.5% (down from 4.2% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Duyuru • May 01
Yulon Motor Company Ltd. to Report Q1, 2025 Results on May 08, 2025 Yulon Motor Company 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$34.80, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 11x in the Auto industry in Taiwan. Total loss to shareholders of 2.7% over the past three years. Reported Earnings • Mar 21
Full year 2024 earnings released: EPS: NT$3.78 (vs NT$4.63 in FY 2023) Full year 2024 results: EPS: NT$3.78 (down from NT$4.63 in FY 2023). Revenue: NT$85.8b (up 4.5% from FY 2023). Net income: NT$3.95b (down 16% from FY 2023). Profit margin: 4.6% (down from 5.7% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Declared Dividend • Mar 08
Dividend reduced to NT$1.30 Dividend of NT$1.30 is 7.1% lower than last year. Ex-date: 21st August 2025 Payment date: 26th September 2025 Dividend yield will be 2.8%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (33% earnings payout ratio) and cash flows (11% cash payout ratio). The dividend has increased by an average of 2.4% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 57% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Duyuru • Feb 27
Yulon Motor Company Ltd. to Report Q4, 2024 Results on Mar 06, 2025 Yulon Motor Company Ltd. announced that they will report Q4, 2024 results on Mar 06, 2025 Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$1.22 (vs NT$1.20 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.22 (up from NT$1.20 in 3Q 2023). Revenue: NT$21.4b (up 4.2% from 3Q 2023). Net income: NT$1.27b (up 1.5% from 3Q 2023). Profit margin: 6.0% (down from 6.1% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.8% p.a. on average during the next 2 years, compared to a 8.1% growth forecast for the Auto industry in Asia. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 9% per year. Duyuru • Nov 05
Yulon Motor Company Ltd. to Report Q3, 2024 Results on Nov 12, 2024 Yulon Motor Company Ltd. announced that they will report Q3, 2024 results on Nov 12, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$1.16 (vs NT$1.12 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.16 (up from NT$1.12 in 2Q 2023). Revenue: NT$22.9b (up 17% from 2Q 2023). Net income: NT$1.21b (up 11% from 2Q 2023). Profit margin: 5.3% (down from 5.6% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.3% p.a. on average during the next 2 years, compared to a 7.6% growth forecast for the Auto industry in Asia. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 15
Upcoming dividend of NT$1.40 per share Eligible shareholders must have bought the stock before 22 August 2024. Payment date: 27 September 2024. Payout ratio is a comfortable 33% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of Taiwanese dividend payers (4.4%). In line with average of industry peers (2.7%). Duyuru • Jul 25
Yulon Motor Company Ltd. to Report Q2, 2024 Results on Aug 01, 2024 Yulon Motor Company Ltd. announced that they will report Q2, 2024 results on Aug 01, 2024 Reported Earnings • May 18
First quarter 2024 earnings released: EPS: NT$0.83 (vs NT$1.23 in 1Q 2023) First quarter 2024 results: EPS: NT$0.83 (down from NT$1.23 in 1Q 2023). Revenue: NT$20.7b (up 8.9% from 1Q 2023). Net income: NT$866.4m (down 28% from 1Q 2023). Profit margin: 4.2% (down from 6.3% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.2% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Auto industry in Asia. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Duyuru • May 02
Yulon Motor Company Ltd. to Report Q1, 2024 Results on May 09, 2024 Yulon Motor Company Ltd. announced that they will report Q1, 2024 results on May 09, 2024 Reported Earnings • Mar 17
Full year 2023 earnings released: EPS: NT$4.63 (vs NT$4.80 loss in FY 2022) Full year 2023 results: EPS: NT$4.63 (up from NT$4.80 loss in FY 2022). Revenue: NT$82.1b (up 6.5% from FY 2022). Net income: NT$4.69b (up NT$9.39b from FY 2022). Profit margin: 5.7% (up from net loss in FY 2022). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 8.7% p.a. on average during the next 2 years, compared to a 7.9% growth forecast for the Auto industry in Asia. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Declared Dividend • Mar 15
Dividend increased to NT$1.40 Dividend of NT$1.40 is 50% higher than last year. Ex-date: 22nd August 2024 Payment date: 27th September 2024 Dividend yield will be 2.0%, which is lower than the industry average of 2.8%. Sustainability & Growth Dividend is not covered by earnings (117% earnings payout ratio) and 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 1.1% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 30% to bring the payout ratio under control. However, EPS has declined by 18% over the last 5 years so the company would need to reverse this trend. Board Change • Mar 15
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 8 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Yun-Hua Yang was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Duyuru • Dec 16
Yulon Motor Company Ltd. Announces Location Change of the Company's Stock Affair Unit Yulon Motor Company Ltd. announced Location change of the stock affair unit. From the 25th day of December, 2023, the company informed to post or refer to the altered address of the Company’s stock affair unit at 1F., No. 3, Zhongxing Rd., Xindian Dist., New Taipei City 231029 for the following stock affairs, including stock transfer, dividends or shares allotment, address alternation, stock loss report, pledge creation or removal and the loss report or change of personnel registered seals. Duyuru • Nov 25
Beijing Automotive Group Co., Ltd agreed to acquire Yulon Motor Finance (China) Co., Ltd. from Yulon Finance Corporation (TWSE:9941) and Yulon Motor Company Ltd. (TWSE:2201) for CNY 1.3 billion. Beijing Automotive Group Co., Ltd agreed to acquire Yulon Motor Finance (China) Co., Ltd. from Yulon Finance Corporation (TWSE:9941) and Yulon Motor Company Ltd. (TWSE:2201) for CNY 1.3 billion on November 23, 2023. The final consideration is subject to adjustments. Yulon Motor Finance (China) reported total equity of CNY 1.02 billion and net profit of CNY 63 million. The transaction has been approved by the Board of Directors of Beijing Automotive Group, Yulon Finance Corporation and Yulon Motor Company. This transaction is subject to actual signing of the equity transfer agreement and approval status of local regulatory authority including Department of Commerce, Ministry of Economic Affairs. Ruan Qionghua and JUAN CHIUNG-HUA of YuanHe Cpa acted as independent experts for Yulon Finance Corporation and Yulon Motor Company. Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: NT$1.20 (vs NT$0.13 loss in 3Q 2022) Third quarter 2023 results: EPS: NT$1.20 (up from NT$0.13 loss in 3Q 2022). Revenue: NT$20.5b (up 6.3% from 3Q 2022). Net income: NT$1.26b (up NT$1.38b from 3Q 2022). Profit margin: 6.1% (up from net loss in 3Q 2022). Revenue is forecast to grow 9.3% p.a. on average during the next 2 years, compared to a 9.3% growth forecast for the Auto industry in Asia. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Aug 17
Upcoming dividend of NT$0.93 per share at 1.4% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 28 September 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.4%. Lower than top quartile of Taiwanese dividend payers (5.7%). Lower than average of industry peers (2.9%). Duyuru • Jun 15
Yulon Motor Company Ltd. announced that it expects to receive TWD 319.999976 million in funding from China Motor Corporation Yulon Motor Company Ltd. announced a private placement to issue 4,705,882 shares at an issue price of TWD 68 per share for the gross proceeds of TWD 319,999,976 on June 13, 2023. The transaction will include participation from new investor China Motor Corporation. The transaction has been approved by the shareholders of the company. Reported Earnings • Mar 18
Full year 2022 earnings released: NT$4.80 loss per share (vs NT$4.82 profit in FY 2021) Full year 2022 results: NT$4.80 loss per share (down from NT$4.82 profit in FY 2021). Revenue: NT$77.1b (down 1.2% from FY 2021). Net loss: NT$4.70b (down 200% from profit in FY 2021). Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 23
Price target increased to NT$68.00 Up from NT$49.00, the current price target is provided by 1 analyst. New target price is 19% above last closing price of NT$57.10. Stock is up 33% over the past year. The company posted earnings per share of NT$4.82 last year. Reported Earnings • Nov 16
Third quarter 2022 earnings released: NT$0.13 loss per share (vs NT$1.14 profit in 3Q 2021) Third quarter 2022 results: NT$0.13 loss per share (down from NT$1.14 profit in 3Q 2021). Revenue: NT$19.3b (flat on 3Q 2021). Net loss: NT$125.3m (down 111% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
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. 6 non-independent directors. Independent Director Yun-Hua Yang was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Aug 18
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 25 August 2022. Payment date: 30 September 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 3.6%. Lower than top quartile of Taiwanese dividend payers (6.4%). Lower than average of industry peers (5.2%). Reported Earnings • Aug 13
Second quarter 2022 earnings released: NT$3.97 loss per share (vs NT$0.96 profit in 2Q 2021) Second quarter 2022 results: NT$3.97 loss per share (down from NT$0.96 profit in 2Q 2021). Revenue: NT$17.7b (down 1.0% from 2Q 2021). Net loss: NT$3.89b (down NT$4.83b from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Duyuru • Aug 07
Yulon Motor Company Ltd. announced that it has received TWD 427.7 million in funding Yulon Motor Company Ltd. announced that it has raised NT$427,700,000 in a round of financing on August 5, 2022. The amount was raised by issuing common shares by issuing common shares 42,770,000 at par value NT$10 per share. Duyuru • Aug 06
Yulon Motor Company Ltd. Announces Appointment the Members of the Remuneration Committee Yulon Motor Company Ltd. announced appointment the members of the remuneration committee. .Name of the previous position holder: Hsieh Yi-Hong; Zhou Zhong-qi; Tsai Yen-Chin. Resume of the previous position holder: Hsieh Yi-Hong:Independent director of Yulon Motor Co. Ltd.; Zhou Zhong-qi:Independent director of Yulon Motor Co. Ltd.; Tsai Yen-Chin: Independent director of Yulon Motor Co. Ltd. Name of the new position holder: Zhou Zhong-qi; Tsai Yen-Chin; Yang Yun-Hua. Resume of the new position holder: Zhou Zhong-qi: Independent director of Yulon Motor Co. Ltd.; Tsai Yen-Chin: Independent director of Yulon Motor Co. Ltd.; Yang Yun-Hua:Independent director of Yulon Nissan Motor Co. Ltd. Effective date of the new member: July 1, 2022. Valuation Update With 7 Day Price Move • Jul 13
Investor sentiment improved over the past week After last week's 15% share price gain to NT$49.00, the stock trades at a trailing P/E ratio of 9x. Average forward P/E is 10x in the Auto industry in Taiwan. Total returns to shareholders of 40% over the past three years. Reported Earnings • May 17
First quarter 2022 earnings released: EPS: NT$2.12 (vs NT$1.39 in 1Q 2021) First quarter 2022 results: EPS: NT$2.12 (up from NT$1.39 in 1Q 2021). Revenue: NT$19.0b (down 7.0% from 1Q 2021). Net income: NT$2.07b (up 53% from 1Q 2021). Profit margin: 11% (up from 6.6% in 1Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 8 highly experienced directors. 3 independent directors (7 non-independent directors). Independent Director Yen-Chin Tsai was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Duyuru • Apr 03
Yulon Motor Company Ltd. Announces Executive Changes Yulon Motor Company Ltd. announced appointment of Zi-Sheng Zuo in place of Shi-Hao Zeng as representative of the juristic-person director. Effective appointment on April 1, 2022. Reported Earnings • Apr 01
Full year 2021 earnings released: EPS: NT$4.82 (vs NT$2.80 in FY 2020) Full year 2021 results: EPS: NT$4.82 (up from NT$2.80 in FY 2020). Revenue: NT$78.0b (down 5.5% from FY 2020). Net income: NT$4.72b (up 72% from FY 2020). Profit margin: 6.0% (up from 3.3% in FY 2020). The increase in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 3.8%, compared to a 20% growth forecast for the industry in Taiwan. 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 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$1.14 (vs NT$0.76 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: NT$19.4b (down 8.5% from 3Q 2020). Net income: NT$1.11b (up 50% from 3Q 2020). Profit margin: 5.7% (up from 3.5% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 17
Investor sentiment improved over the past week After last week's 18% share price gain to NT$43.95, the stock trades at a trailing P/E ratio of 10.2x. Average forward P/E is 11x in the Auto industry in Taiwan. Total returns to shareholders of 41% over the past three years. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.96 (vs NT$0.58 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: NT$17.9b (down 9.6% from 2Q 2020). Net income: NT$943.3m (up 66% from 2Q 2020). Profit margin: 5.3% (up from 2.9% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 27
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 03 August 2021. Payment date: 07 September 2021. Trailing yield: 2.5%. Lower than top quartile of Taiwanese dividend payers (4.9%). Lower than average of industry peers (6.2%). Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$1.39 (vs NT$0.20 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$20.5b (up 17% from 1Q 2020). Net income: NT$1.36b (up NT$1.16b from 1Q 2020). Profit margin: 6.6% (up from 1.1% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$2.80 (vs NT$26.13 loss in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: NT$82.6b (down 3.7% from FY 2019). Net income: NT$2.74b (up NT$27.8b from FY 2019). Profit margin: 3.3% (up from net loss in FY 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Dec 25
New 90-day high: NT$41.05 The company is up 15% from its price of NT$35.55 on 25 September 2020. The Taiwanese market is up 16% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Auto industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$147 per share. Analyst Estimate Surprise Post Earnings • Nov 16
Revenue misses expectations Revenue missed analyst estimates by 1.7%. Over the next year, revenue is forecast to grow 3.0%, compared to a 11% growth forecast for the Auto industry in Taiwan. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.76 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$21.2b (down 1.8% from 3Q 2019). Net income: NT$744.1m (up NT$2.31b from 3Q 2019). Profit margin: 3.5% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 118% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 02
New 90-day low: NT$34.90 The company is down 6.0% from its price of NT$36.96 on 04 August 2020. The Taiwanese market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. 
