Buy Or Sell Opportunity • Jun 22
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 27% to NT$940. The fair value is estimated to be NT$776, 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 declined by 5.8%. Revenue is forecast to grow by 21% in 2 years. Earnings are forecast to grow by 41% in the next 2 years. Major Estimate Revision • Jun 13
Consensus EPS estimates increase by 19% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from NT$19.8b to NT$21.3b. EPS estimate increased from NT$31.37 to NT$37.27 per share. Net income forecast to grow 19% next year vs 29% growth forecast for Electrical industry in Taiwan. Consensus price target broadly unchanged at NT$1,251. Share price was steady at NT$930 over the past week. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to NT$928, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 24x in the Electrical industry in Taiwan. Total loss to shareholders of 47% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$606 per share. Buy Or Sell Opportunity • May 25
Now 24% overvalued Over the last 90 days, the stock has fallen 22% to NT$715. The fair value is estimated to be NT$579, 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 declined by 5.9%. Revenue is forecast to grow by 18% in 2 years. Earnings are forecast to grow by 34% in the next 2 years. Reported Earnings • May 09
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: NT$4.00 (down from NT$9.73 in 1Q 2025). Revenue: NT$4.20b (down 16% from 1Q 2025). Net income: NT$391.5m (down 54% from 1Q 2025). Profit margin: 9.3% (down from 17% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 4.6%. Earnings per share (EPS) also missed analyst estimates by 51%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 20% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Price Target Changed • Mar 10
Price target decreased by 13% to NT$1,253 Down from NT$1,434, the current price target is an average from 5 analysts. New target price is 53% above last closing price of NT$819. Stock is down 48% over the past year. The company is forecast to post earnings per share of NT$41.92 for next year compared to NT$40.23 last year. Duyuru • Mar 09
Voltronic Power Technology Corp., Annual General Meeting, May 28, 2026 Voltronic Power Technology Corp., Annual General Meeting, May 28, 2026. Location: 2 floor no,12, chou tzu st., neihu district, taipei city Taiwan Reported Earnings • Mar 08
Full year 2025 earnings released: EPS: NT$40.23 (vs NT$48.13 in FY 2024) Full year 2025 results: EPS: NT$40.23 (down from NT$48.13 in FY 2024). Revenue: NT$20.5b (down 10.0% from FY 2024). Net income: NT$3.52b (down 16% from FY 2024). Profit margin: 17% (down from 18% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.6% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$1,155, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 26x in the Electrical industry in Taiwan. Total loss to shareholders of 28% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$976 per share. New Risk • Nov 07
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 97% Dividend yield: 3.1% 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: Minor Risks Dividend is not well covered by cash flows (97% cash payout ratio). Share price has been volatile over the past 3 months (6.8% average weekly change). New Risk • Oct 16
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: Major Risk Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. Minor Risk Share price has been volatile over the past 3 months (6.6% average weekly change). Buy Or Sell Opportunity • Oct 08
Now 21% overvalued Over the last 90 days, the stock has fallen 17% to NT$1,035. The fair value is estimated to be NT$854, 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 3.0%. Revenue is forecast to grow by 7.3% in 2 years. Earnings are forecast to decline by 5.9% in the next 2 years. New Risk • Aug 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: NT$17.11 (vs NT$14.70 in 2Q 2024) Second quarter 2025 results: EPS: NT$17.11 (up from NT$14.70 in 2Q 2024). Revenue: NT$5.71b (down 12% from 2Q 2024). Net income: NT$1.50b (up 17% from 2Q 2024). Profit margin: 26% (up from 20% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Price Target Changed • Aug 08
Price target decreased by 8.1% to NT$1,594 Down from NT$1,735, the current price target is an average from 5 analysts. New target price is 35% above last closing price of NT$1,180. Stock is down 33% over the past year. The company is forecast to post earnings per share of NT$46.31 for next year compared to NT$48.13 last year. Upcoming Dividend • Jul 03
Upcoming dividend of NT$43.00 per share Eligible shareholders must have bought the stock before 10 July 2025. Payment date: 13 August 2025. Payout ratio and cash payout ratio are on the higher end at 79% and 75% respectively. Trailing yield: 2.9%. Lower than top quartile of Taiwanese dividend payers (5.3%). In line with average of industry peers (2.7%). Declared Dividend • Jun 09
Dividend increased to NT$43.00 Dividend of NT$43.00 is 15% higher than last year. Ex-date: 10th July 2025 Payment date: 13th August 2025 Dividend yield will be 2.9%, which is lower than the industry average of 3.1%. Sustainability & Growth Dividend is covered by both earnings (79% earnings payout ratio) and cash flows (75% cash payout ratio). The dividend has increased by an average of 21% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 32% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Major Estimate Revision • May 22
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$25.6b to NT$24.9b. EPS estimate also fell from NT$52.25 per share to NT$46.10 per share. Net income forecast to shrink 4.4% next year vs 20% growth forecast for Electrical industry in Taiwan . Consensus price target of NT$1,939 unchanged from last update. Share price fell 3.3% to NT$1,480 over the past week. Reported Earnings • May 14
First quarter 2025 earnings: EPS exceeds analyst expectations First quarter 2025 results: EPS: NT$9.73 (up from NT$8.18 in 1Q 2024). Revenue: NT$4.99b (up 8.6% from 1Q 2024). Net income: NT$850.7m (up 19% from 1Q 2024). Profit margin: 17% (up from 16% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.0%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 3% per year. Duyuru • May 06
Voltronic Power Technology Corp. to Report Q1, 2025 Results on May 13, 2025 Voltronic Power Technology Corp. announced that they will report Q1, 2025 results on May 13, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$1,285, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 14x in the Electrical industry in Taiwan. Total loss to shareholders of 2.4% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$1,398 per share. Reported Earnings • Mar 08
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: NT$48.13 (up from NT$41.52 in FY 2023). Revenue: NT$22.8b (up 20% from FY 2023). Net income: NT$4.20b (up 16% from FY 2023). Profit margin: 18% (in line with FY 2023). Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) also surpassed analyst estimates by 1.2%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Duyuru • Feb 27
Voltronic Power Technology Corp. to Report Fiscal Year 2024 Results on Mar 06, 2025 Voltronic Power Technology Corp. announced that they will report fiscal year 2024 results at 9:00 AM, Taipei Standard Time on Mar 06, 2025 Reported Earnings • Nov 10
Third quarter 2024 earnings: EPS misses analyst expectations Third quarter 2024 results: EPS: NT$14.08 (up from NT$7.22 in 3Q 2023). Revenue: NT$6.70b (up 50% from 3Q 2023). Net income: NT$1.23b (up 95% from 3Q 2023). Profit margin: 18% (up from 14% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.1%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$2,370, the stock trades at a forward P/E ratio of 46x. Average forward P/E is 19x in the Electrical industry in Taiwan. Total returns to shareholders of 52% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$1,337 per share. New Risk • Sep 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 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 Dividend is not well covered by earnings (99% payout ratio). Share price has been volatile over the past 3 months (7.5% average weekly change). Price Target Changed • Sep 20
Price target increased by 11% to NT$1,962 Up from NT$1,768, the current price target is an average from 5 analysts. New target price is 10.0% below last closing price of NT$2,180. Stock is up 40% over the past year. The company is forecast to post earnings per share of NT$48.67 for next year compared to NT$41.52 last year. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: NT$14.70 (vs NT$15.16 in 2Q 2023) Second quarter 2024 results: EPS: NT$14.70 (down from NT$15.16 in 2Q 2023). Revenue: NT$6.51b (up 25% from 2Q 2023). Net income: NT$1.28b (down 2.9% from 2Q 2023). Profit margin: 20% (down from 25% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Aug 06
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 15% to NT$1,730. The fair value is estimated to be NT$1,406, 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 23%. Revenue is forecast to grow by 38% in 2 years. Earnings are forecast to grow by 33% in the next 2 years. Duyuru • Aug 01
Voltronic Power Technology Corp. to Report Q2, 2024 Results on Aug 08, 2024 Voltronic Power Technology Corp. announced that they will report Q2, 2024 results on Aug 08, 2024 New Risk • Jul 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 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 Dividend is not well covered by earnings (99% payout ratio). Share price has been volatile over the past 3 months (6.6% average weekly change). Declared Dividend • Jul 06
Dividend reduced to NT$37.50 Dividend of NT$37.50 is 14% lower than last year. Ex-date: 22nd July 2024 Payment date: 22nd August 2024 Dividend yield will be 2.1%, which is lower than the industry average of 3.1%. Sustainability & Growth Dividend is not adequately covered by earnings (99% earnings payout ratio). However, it is covered by cash flows (88% cash payout ratio). The dividend has increased by an average of 22% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 9.7% to bring the payout ratio under control. EPS is expected to grow by 39% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • May 12
First quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2024 results: EPS: NT$8.17 (down from NT$8.55 in 1Q 2023). Revenue: NT$4.60b (down 2.1% from 1Q 2023). Net income: NT$713.9m (down 4.3% from 1Q 2023). Profit margin: 16% (in line with 1Q 2023). Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) missed analyst estimates by 2.2%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Duyuru • May 02
Voltronic Power Technology Corp. to Report Q1, 2024 Results on May 09, 2024 Voltronic Power Technology Corp. announced that they will report Q1, 2024 results on May 09, 2024 Reported Earnings • Mar 01
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: NT$41.52 (down from NT$50.90 in FY 2022). Revenue: NT$19.0b (down 17% from FY 2022). Net income: NT$3.62b (down 18% from FY 2022). Profit margin: 19% (in line with FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.0%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Duyuru • Feb 27
Voltronic Power Technology Corp., Annual General Meeting, Jun 14, 2024 Voltronic Power Technology Corp., Annual General Meeting, Jun 14, 2024. Location: 2F, No.327, Sec.1 ,Tiding Boulevard, Neihu Dist. (LILY CONFERENCE) Taipei City Taiwan Agenda: To consider the 2023 business report; to consider Audit Committee's Review Report for the year of 2023; to consider the directors and employee bonus of 2023; to amend the Procedure of Director Meeting; to consider the 2023 business report and financial statements; to consider Earnings distribution of 2023; to consider proposal by the Company to use additional paid in capital to distribute dividend in cash; to elect the Directors; and to consider other matters. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$1,360, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 18x in the Electrical industry in Taiwan. Total returns to shareholders of 11% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$823 per share. New Risk • Dec 05
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 6.0% 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: Minor Risks Dividend is not well covered by earnings (99% payout ratio). Share price has been volatile over the past 3 months (6.0% average weekly change). Major Estimate Revision • Nov 16
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$19.7b to NT$19.3b. EPS estimate also fell from NT$42.47 per share to NT$36.99 per share. Net income forecast to shrink 4.0% next year vs 29% growth forecast for Electrical industry in Taiwan . Consensus price target of NT$1,691 unchanged from last update. Share price was steady at NT$1,445 over the past week. Reported Earnings • Nov 10
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: NT$7.22 (down from NT$17.29 in 3Q 2022). Revenue: NT$4.46b (down 30% from 3Q 2022). Net income: NT$629.6m (down 58% from 3Q 2022). Profit margin: 14% (down from 24% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) also missed analyst estimates by 19%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. New Risk • Nov 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Price Target Changed • Aug 31
Price target decreased by 10% to NT$1,786 Down from NT$1,990, the current price target is an average from 4 analysts. New target price is 23% above last closing price of NT$1,450. Stock is down 14% over the past year. The company is forecast to post earnings per share of NT$36.91 for next year compared to NT$50.90 last year. Reported Earnings • Aug 12
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: NT$15.16 (up from NT$14.71 in 2Q 2022). Revenue: NT$5.20b (down 18% from 2Q 2022). Net income: NT$1.32b (up 3.3% from 2Q 2022). Profit margin: 25% (up from 20% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 3.3%. Earnings per share (EPS) exceeded analyst estimates by 21%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 11
Consensus revenue estimates fall by 14% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$22.5b to NT$19.4b. EPS estimate fell from NT$45.23 to NT$36.91 per share. Net income forecast to shrink 23% next year vs 8.1% growth forecast for Electrical industry in Taiwan . Consensus price target down from NT$1,990 to NT$1,869. Share price fell 6.8% to NT$1,570 over the past week. Upcoming Dividend • Jul 07
Upcoming dividend of NT$43.51 per share at 2.3% yield Eligible shareholders must have bought the stock before 14 July 2023. Payment date: 18 August 2023. Payout ratio is on the higher end at 81%, however this is supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (3.0%). Duyuru • Jun 30
Voltronic Power Technology Corp. Announces Cash Dividend, Payable on August 18, 2023 Voltronic Power Technology Corp. announced a cash dividend of TWD 3,817,671,665 or TWD 43.50892413 per share. Ex-rights (ex-dividend) trading date is July 14, 2023. Ex-rights (ex-dividend) record date is July 22, 2023. Payment date of cash dividend distribution is August 18, 2023. Reported Earnings • May 16
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: EPS: NT$8.55 (up from NT$5.75 in 1Q 2022). Revenue: NT$4.70b (up 9.9% from 1Q 2022). Net income: NT$745.9m (up 49% from 1Q 2022). Profit margin: 16% (up from 12% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 3.5%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 28% per year whereas the company’s share price has increased by 33% per year. Reported Earnings • Feb 25
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: NT$50.90 (up from NT$27.13 in FY 2021). Revenue: NT$22.7b (up 34% from FY 2021). Net income: NT$4.43b (up 88% from FY 2021). Profit margin: 20% (up from 14% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.2%. Revenue is forecast to grow 7.8% p.a. on average during the next 2 years, compared to a 9.3% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Feb 24
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2022 has improved. 2022 revenue forecast increased from NT$22.5b to NT$22.7b. EPS estimate increased from NT$44.70 to NT$49.78 per share. Net income forecast to grow 7.2% next year vs 22% growth forecast for Electrical industry in Taiwan. Consensus price target up from NT$1,636 to NT$1,783. Share price rose 2.2% to NT$1,605 over the past week. Price Target Changed • Feb 19
Price target increased by 8.9% to NT$1,783 Up from NT$1,636, the current price target is an average from 4 analysts. New target price is 14% above last closing price of NT$1,570. Stock is up 9.4% over the past year. The company is forecast to post earnings per share of NT$46.36 for next year compared to NT$27.13 last year. Major Estimate Revision • Nov 23
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from NT$22.2b to NT$22.8b. EPS estimate increased from NT$44.11 to NT$49.07 per share. Net income forecast to grow 5.0% next year vs 5.9% growth forecast for Electrical industry in Taiwan. Consensus price target broadly unchanged at NT$1,636. Share price was steady at NT$1,580 over the past week. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 4 highly experienced directors. Independent Director Kuei-Fang Liao was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 12
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: NT$17.29 (up from NT$7.91 in 3Q 2021). Revenue: NT$6.41b (up 42% from 3Q 2021). Net income: NT$1.51b (up 119% from 3Q 2021). Profit margin: 24% (up from 15% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 23%. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Electrical industry in Taiwan. 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 32% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Aug 18
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from NT$35.39 to NT$40.98. Revenue forecast unchanged at NT$22.0b. Net income forecast to grow 19% next year vs 16% growth forecast for Electrical industry in Taiwan. Consensus price target up from NT$1,591 to NT$1,654. Share price rose 12% to NT$1,820 over the past week. Upcoming Dividend • Aug 17
Upcoming dividend of NT$23.55 per share Eligible shareholders must have bought the stock before 24 August 2022. Payment date: 28 September 2022. Payout ratio is a comfortable 66% and the cash payout ratio is 92%. Trailing yield: 1.3%. Lower than top quartile of Taiwanese dividend payers (6.5%). Lower than average of industry peers (3.5%). Reported Earnings • Aug 12
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: NT$14.71 (up from NT$7.09 in 2Q 2021). Revenue: NT$6.35b (up 56% from 2Q 2021). Net income: NT$1.28b (up 108% from 2Q 2021). Profit margin: 20% (up from 15% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.3%. Earnings per share (EPS) also surpassed analyst estimates by 24%. Over the next year, revenue is forecast to grow 12%, compared to a 25% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Aug 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 4 highly experienced directors. Independent Director Kuei-Fang Liao was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Jul 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 4 highly experienced directors. Independent Director Kuei-Fang Liao was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 13
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: NT$5.75 (up from NT$4.87 in 1Q 2021). Revenue: NT$4.27b (up 23% from 1Q 2021). Net income: NT$500.4m (up 18% from 1Q 2021). Profit margin: 12% (in line with 1Q 2021). Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) missed analyst estimates by 2.5%. Over the next year, revenue is forecast to grow 17%, compared to a 25% growth forecast for the industry in Taiwan. 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 35% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 4 highly experienced directors. Independent Director Sam Ho was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 27
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: NT$27.13 (up from NT$25.31 in FY 2020). Revenue: NT$17.0b (up 24% from FY 2020). Net income: NT$2.36b (up 7.4% from FY 2020). Profit margin: 14% (down from 16% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 13%, compared to a 23% growth forecast for the industry in Taiwan. 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 40% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Feb 25
Voltronic Power Technology Corp., Annual General Meeting, Jun 17, 2022 Voltronic Power Technology Corp., Annual General Meeting, Jun 17, 2022. Location: 2F, No.327, Sec.1 ,Tiding Boulevard, Neihu Dist Taipei Taiwan Agenda: To consider the 2021 business report; to consider the audit committee's review report for the year 2021; to amend the Procedure for Board of Directors Meetings; and to consider other matters. Price Target Changed • Dec 06
Price target increased to NT$1,731 Up from NT$1,573, the current price target is an average from 5 analysts. New target price is 17% above last closing price of NT$1,480. Stock is up 65% over the past year. The company is forecast to post earnings per share of NT$27.37 for next year compared to NT$25.31 last year. Board Change • Dec 06
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 4 highly experienced directors. Independent Director Sam Ho was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$7.91 (vs NT$6.33 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: NT$4.52b (up 25% from 3Q 2020). Net income: NT$688.0m (up 25% from 3Q 2020). Profit margin: 15% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 53% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Oct 29
Price target increased to NT$1,490 Up from NT$1,364, the current price target is an average from 4 analysts. New target price is 8.3% below last closing price of NT$1,625. Stock is up 66% over the past year. The company is forecast to post earnings per share of NT$26.68 for next year compared to NT$25.31 last year. Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment improved over the past week After last week's 22% share price gain to NT$1,655, the stock trades at a forward P/E ratio of 55x. Average forward P/E is 15x in the Electrical industry in Taiwan. Total returns to shareholders of 266% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$844 per share. Upcoming Dividend • Aug 13
Upcoming dividend of NT$23.50 per share Eligible shareholders must have bought the stock before 20 August 2021. Payment date: 23 September 2021. Trailing yield: 1.7%. Lower than top quartile of Taiwanese dividend payers (5.1%). Lower than average of industry peers (3.4%). Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS NT$7.09 (vs NT$9.12 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: NT$4.06b (up 5.2% from 2Q 2020). Net income: NT$616.5m (down 22% from 2Q 2020). Profit margin: 15% (down from 21% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 17
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$1,080, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 16x in the Electrical industry in Taiwan. Total returns to shareholders of 155% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$960 per share.