Valuation Update With 7 Day Price Move • May 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$11.90, the stock trades at a trailing P/E ratio of 67.1x. Average trailing P/E is 24x in the Electrical industry in Taiwan. Total loss to shareholders of 1.7% over the past three years. New Risk • May 21
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% 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 (20% accrual ratio). Minor Risk Market cap is less than US$100m (NT$1.07b market cap, or US$33.9m). Duyuru • Mar 13
Sunf Pu Technology Co., Ltd., Annual General Meeting, Jun 26, 2026 Sunf Pu Technology Co., Ltd., Annual General Meeting, Jun 26, 2026. Location: no,3, ting hu 5th st. ta hua li, gueishan district, taoyuan city Taiwan Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: NT$0.11 (vs NT$0.007 in FY 2024) Full year 2025 results: EPS: NT$0.11 (up from NT$0.007 in FY 2024). Revenue: NT$770.3m (down 8.1% from FY 2024). Net income: NT$10.4m (up NT$9.78m from FY 2024). Profit margin: 1.3% (up from 0.1% in FY 2024). The increase in margin 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 63 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 13
Third quarter 2025 earnings released: NT$0.12 loss per share (vs NT$0.047 profit in 3Q 2024) Third quarter 2025 results: NT$0.12 loss per share (down from NT$0.047 profit in 3Q 2024). Revenue: NT$205.7m (down 19% from 3Q 2024). Net loss: NT$11.1m (down 360% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 57% 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. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: NT$0.16 (vs NT$0.087 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.16 (up from NT$0.087 in 2Q 2024). Revenue: NT$152.6m (down 17% from 2Q 2024). Net income: NT$14.5m (up 82% from 2Q 2024). Profit margin: 9.5% (up from 4.3% in 2Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • May 19
First quarter 2025 earnings released: EPS: NT$0.02 (vs NT$0.023 loss in 1Q 2024) First quarter 2025 results: EPS: NT$0.02 (up from NT$0.023 loss in 1Q 2024). Revenue: NT$191.7m (up 8.6% from 1Q 2024). Net income: NT$2.01m (up NT$4.12m from 1Q 2024). Profit margin: 1.0% (up from net loss in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Duyuru • May 06
Sunf Pu Technology Co., Ltd. to Report Q1, 2025 Results on May 13, 2025 Sunf Pu Technology Co., Ltd. announced that they will report Q1, 2025 results on May 13, 2025 Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: NT$0.01 (vs NT$0.41 in FY 2023) Full year 2024 results: EPS: NT$0.01 (down from NT$0.41 in FY 2023). Revenue: NT$838.3m (down 6.9% from FY 2023). Net income: NT$607.0k (down 98% from FY 2023). Profit margin: 0.1% (down from 4.2% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Duyuru • Mar 14
Sunf Pu Technology Co., Ltd., Annual General Meeting, Jun 26, 2025 Sunf Pu Technology Co., Ltd., Annual General Meeting, Jun 26, 2025. Location: no,3, ting hu 5th st. ta hua li, gueishan district, taoyuan city Taiwan Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.05 (vs NT$0.13 loss in 3Q 2023) Third quarter 2024 results: EPS: NT$0.05 (up from NT$0.13 loss in 3Q 2023). Revenue: NT$254.3m (up 55% from 3Q 2023). Net income: NT$4.28m (up NT$15.7m from 3Q 2023). Profit margin: 1.7% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Nov 06
Sunf Pu Technology Co., Ltd. to Report Q3, 2024 Results on Nov 13, 2024 Sunf Pu Technology Co., Ltd. announced that they will report Q3, 2024 results on Nov 13, 2024 New Risk • Sep 25
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 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Market cap is less than US$100m (NT$1.32b market cap, or US$41.5m). Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.09 (vs NT$0.77 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.09 (down from NT$0.77 in 2Q 2023). Revenue: NT$184.3m (down 35% from 2Q 2023). Net income: NT$7.95m (down 89% from 2Q 2023). Profit margin: 4.3% (down from 25% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Duyuru • Aug 07
Sunf Pu Technology Co., Ltd. to Report Q2, 2024 Results on Aug 14, 2024 Sunf Pu Technology Co., Ltd. announced that they will report Q2, 2024 results on Aug 14, 2024 Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$10.05, the stock trades at a trailing P/E ratio of 24.8x. Average trailing P/E is 25x in the Electrical industry in Taiwan. Total returns to shareholders of 24% over the past three years. Reported Earnings • May 19
First quarter 2024 earnings released: NT$0.02 loss per share (vs NT$0.013 loss in 1Q 2023) First quarter 2024 results: NT$0.02 loss per share (further deteriorated from NT$0.013 loss in 1Q 2023). Revenue: NT$176.6m (down 42% from 1Q 2023). Net loss: NT$2.11m (loss widened 73% from 1Q 2023). 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. Duyuru • May 03
Sunf Pu Technology Co., Ltd. to Report Q1, 2024 Results on May 10, 2024 Sunf Pu Technology Co., Ltd. announced that they will report Q1, 2024 results on May 10, 2024 Duyuru • Apr 14
Sunf Pu Technology Co., Ltd., Annual General Meeting, Jun 26, 2024 Sunf Pu Technology Co., Ltd., Annual General Meeting, Jun 26, 2024. Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: NT$0.41 (vs NT$0.20 in FY 2022) Full year 2023 results: EPS: NT$0.41 (up from NT$0.20 in FY 2022). Revenue: NT$900.9m (down 25% from FY 2022). Net income: NT$38.0m (up 110% from FY 2022). Profit margin: 4.2% (up from 1.5% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to NT$18.15, the stock trades at a trailing P/E ratio of 29.8x. Average trailing P/E is 21x in the Electrical industry in Taiwan. Total returns to shareholders of 153% over the past three years. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$14.20, the stock trades at a trailing P/E ratio of 23.3x. Average trailing P/E is 20x in the Electrical industry in Taiwan. Total returns to shareholders of 110% over the past three years. Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$12.55, the stock trades at a trailing P/E ratio of 20.6x. Average trailing P/E is 19x in the Electrical industry in Taiwan. Total returns to shareholders of 92% over the past three years. Reported Earnings • Nov 15
Third quarter 2023 earnings released: NT$0.13 loss per share (vs NT$0.072 profit in 3Q 2022) Third quarter 2023 results: NT$0.13 loss per share (down from NT$0.072 profit in 3Q 2022). Revenue: NT$163.6m (down 50% from 3Q 2022). Net loss: NT$11.5m (down 273% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 122% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 19
Second quarter 2023 earnings released: EPS: NT$0.77 (vs NT$0.17 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.77 (up from NT$0.17 in 2Q 2022). Revenue: NT$285.4m (down 7.2% from 2Q 2022). Net income: NT$70.5m (up 354% from 2Q 2022). Profit margin: 25% (up from 5.1% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 120% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. New Risk • Jun 15
New major 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 7.6% 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 High level of non-cash earnings (31% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Market cap is less than US$100m (NT$1.06b market cap, or US$34.4m). Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$12.55, the stock trades at a trailing P/E ratio of 63.6x. Average trailing P/E is 15x in the Electrical industry in Taiwan. Total returns to shareholders of 157% over the past three years. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 5 highly experienced directors. No independent directors (5 non-independent directors). Co-Chief Executive Officer, General Manager and Director Guo Cheng Luo was the last director to join the board, commencing their role in 2008. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: NT$0.17 (vs NT$0.049 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.17 (up from NT$0.049 in 2Q 2021). Revenue: NT$307.5m (down 2.4% from 2Q 2021). Net income: NT$15.5m (up 250% from 2Q 2021). Profit margin: 5.1% (up from 1.4% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • May 09
First quarter 2022 earnings released: NT$0.02 loss per share (vs NT$0.008 loss in 1Q 2021) First quarter 2022 results: NT$0.02 loss per share (down from NT$0.008 loss in 1Q 2021). Revenue: NT$219.7m (down 13% from 1Q 2021). Net loss: NT$2.06m (loss widened 167% from 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 5 highly experienced directors. No independent directors (5 non-independent directors). Co-Chief Executive Officer, General Manager and Director Guo Cheng Luo was the last director to join the board, commencing their role in 2008. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Mar 31
Full year 2021 earnings released: EPS: NT$0.08 (vs NT$0.32 loss in FY 2020) Full year 2021 results: EPS: NT$0.08 (up from NT$0.32 loss in FY 2020). Revenue: NT$1.17b (up 11% from FY 2020). Net income: NT$7.16m (up NT$36.7m from FY 2020). Profit margin: 0.6% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 94 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.08 (vs NT$0.24 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$308.3m (up 13% from 3Q 2020). Net income: NT$7.19m (up NT$28.9m from 3Q 2020). Profit margin: 2.3% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 104 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS NT$0.05 (vs NT$0.021 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$315.2m (up 9.6% from 2Q 2020). Net income: NT$4.44m (up 136% from 2Q 2020). Profit margin: 1.4% (up from 0.7% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Reported Earnings • May 16
First quarter 2021 earnings released: NT$0.01 loss per share (vs NT$0.064 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: NT$252.0m (up 28% from 1Q 2020). Net loss: NT$770.0k (loss narrowed 87% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 31
Full year 2020 earnings released: NT$0.32 loss per share (vs NT$0.43 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: NT$1.05b (down 14% from FY 2019). Net loss: NT$29.5m (loss narrowed 25% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Dec 23
New 90-day high: NT$7.50 The company is up 2.0% from its price of NT$7.38 on 25 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 6.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: NT$0.24 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: NT$272.6m (down 7.3% from 3Q 2019). Net loss: NT$21.7m (down NT$24.9m from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Sep 24
New 90-day high: NT$7.45 The company is up 32% from its price of NT$5.66 on 24 June 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 12% over the same period.