Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$71.50, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 18x in the Construction industry in Taiwan. Total returns to shareholders of 261% over the past three years. Duyuru • Mar 27
Tech-Top Engineering CO., LTD, Annual General Meeting, Jun 18, 2026 Tech-Top Engineering CO., LTD, Annual General Meeting, Jun 18, 2026. Location: 1 floor no,171, chien pa rd., jhonghe district, new taipei city Taiwan Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$68.80, the stock trades at a trailing P/E ratio of 19.3x. Average trailing P/E is 17x in the Construction industry in Taiwan. Total returns to shareholders of 255% over the past three years. New Risk • Mar 02
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (58% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.3% average weekly change). Market cap is less than US$100m (NT$2.58b market cap, or US$82.2m). New Risk • Jan 21
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 6.9% 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 (65% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (NT$2.16b market cap, or US$68.4m). Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$46.55, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 18x in the Construction industry in Taiwan. Total returns to shareholders of 154% over the past three years. New Risk • Dec 02
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 Risks High level of non-cash earnings (65% accrual ratio). Shareholders have been substantially diluted in the past year (30% increase in shares outstanding). 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). Market cap is less than US$100m (NT$1.89b market cap, or US$60.3m). New Risk • Sep 11
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 6.4% 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 High level of non-cash earnings (65% accrual ratio). Shareholders have been substantially diluted in the past year (30% increase in shares outstanding). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.4% average weekly change). Market cap is less than US$100m (NT$1.94b market cap, or US$64.0m). Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$42.65, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 17x in the Construction industry in Taiwan. Total returns to shareholders of 118% over the past three years. Reported Earnings • Aug 17
First half 2025 earnings released: EPS: NT$2.02 (vs NT$1.73 in 1H 2024) First half 2025 results: EPS: NT$2.02 (up from NT$1.73 in 1H 2024). Revenue: NT$2.57b (up 76% from 1H 2024). Net income: NT$87.4m (up 52% from 1H 2024). Profit margin: 3.4% (down from 3.9% in 1H 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 31% per year and the company’s share price has also increased by 31% per year. Declared Dividend • Jun 23
Dividend increased to NT$2.00 Dividend of NT$2.00 is 67% higher than last year. Ex-date: 4th July 2025 Payment date: 31st July 2025 Dividend yield will be 3.6%, which is lower than the industry average of 4.7%. Sustainability & Growth Dividend is covered by earnings (55% 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 35% per year over the past 5 years. However, payments have been volatile during that time. Earnings per share has grown by 19% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • May 08
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 53% 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 Risks High level of non-cash earnings (53% accrual ratio). Shareholders have been substantially diluted in the past year (30% increase in shares outstanding). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.1% average weekly change). Market cap is less than US$100m (NT$1.73b market cap, or US$57.3m). Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$35.60, the stock trades at a trailing P/E ratio of 16.8x. Average trailing P/E is 18x in the Construction industry in Taiwan. Total returns to shareholders of 51% over the past three years. Duyuru • Apr 01
Tech-Top Engineering CO., LTD, Annual General Meeting, Jun 18, 2025 Tech-Top Engineering CO., LTD, Annual General Meeting, Jun 18, 2025, at 09:30 Taipei Standard Time. Location: 4 floor no,9, wu kung 6th rd., wugu district, new taipei city Taiwan New Risk • Mar 18
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 7.7% 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 (7.7% average weekly change). Shareholders have been substantially diluted in the past year (30% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (NT$2.04b market cap, or US$61.9m). New Risk • Mar 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (30% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). 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 (7.4% average weekly change). Market cap is less than US$100m (NT$1.81b market cap, or US$54.9m). New Risk • Feb 11
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 30% This is considered a major 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 Shareholders have been substantially diluted in the past year (30% increase in shares outstanding). 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 (7.4% average weekly change). Market cap is less than US$100m (NT$1.80b market cap, or US$54.8m). New Risk • Jan 21
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 6.5% 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 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 (6.5% average weekly change). Market cap is less than US$100m (NT$1.50b market cap, or US$45.9m). Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$41.30, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 17x in the Construction industry in Taiwan. Total returns to shareholders of 76% over the past three years. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$34.85, the stock trades at a trailing P/E ratio of 21x. Average trailing P/E is 18x in the Construction industry in Taiwan. Total returns to shareholders of 51% over the past three years. Upcoming Dividend • Jul 09
Upcoming dividend of NT$1.20 per share Eligible shareholders must have bought the stock before 16 July 2024. Payment date: 16 August 2024. Payout ratio is a comfortable 72% and this is well supported by cash flows. Trailing yield: 4.2%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (3.4%). New Risk • May 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks 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 (6.6% average weekly change). Market cap is less than US$100m (NT$929.8m market cap, or US$28.8m). Reported Earnings • May 04
Full year 2023 earnings released: EPS: NT$1.66 (vs NT$1.81 in FY 2022) Full year 2023 results: EPS: NT$1.66 (down from NT$1.81 in FY 2022). Revenue: NT$2.86b (down 8.6% from FY 2022). Net income: NT$55.1m (down 8.2% from FY 2022). Profit margin: 1.9% (in line with FY 2022). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Duyuru • Mar 30
Tech-Top Engineering CO., LTD, Annual General Meeting, Jun 20, 2024 Tech-Top Engineering CO., LTD, Annual General Meeting, Jun 20, 2024. New Risk • Feb 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (1.6% net profit margin). Market cap is less than US$100m (NT$773.7m market cap, or US$24.5m). Reported Earnings • Aug 14
First half 2023 earnings released: EPS: NT$0.60 (vs NT$0.78 in 1H 2022) First half 2023 results: EPS: NT$0.60 (down from NT$0.78 in 1H 2022). Revenue: NT$1.35b (up 20% from 1H 2022). Net income: NT$21.0m (down 19% from 1H 2022). Profit margin: 1.6% (down from 2.3% in 1H 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has remained flat. Upcoming Dividend • Jul 26
Upcoming dividend of NT$0.50 per share at 2.5% yield Eligible shareholders must have bought the stock before 02 August 2023. Payment date: 25 August 2023. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (5.5%). Upcoming Dividend • Nov 01
Upcoming dividend of NT$1.60 per share Eligible shareholders must have bought the stock before 08 November 2022. Payment date: 30 November 2022. Payout ratio is on the higher end at 78% but the company is not cash flow positive. Trailing yield: 7.1%. Lower than top quartile of Taiwanese dividend payers (7.4%). Higher than average of industry peers (6.1%). Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 16% share price gain to NT$29.10, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 15x in the Construction industry in Taiwan. Total returns to shareholders of 47% over the past year. Upcoming Dividend • Aug 04
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 11 August 2021. Payment date: 03 September 2021. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (4.8%). Valuation Update With 7 Day Price Move • Feb 27
Investor sentiment improved over the past week After last week's 16% share price gain to NT$23.10, the stock is trading at a trailing P/E ratio of 35x, up from the previous P/E ratio of 30.3x. This compares to an average P/E of 17x in the Construction industry in Taiwan. Total returns to shareholders over the past year are 67%. Is New 90 Day High Low • Feb 20
New 90-day low: NT$19.90 The company is down 2.0% from its price of NT$20.30 on 20 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 1.0% over the same period. Is New 90 Day High Low • Jan 12
New 90-day high: NT$21.20 The company is up 4.0% from its price of NT$20.35 on 15 October 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Construction industry, which is up 2.0% over the same period. 
