New Risk • May 08
New major risk - Revenue and earnings growth Earnings have declined by 2.9% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.7x net interest cover). Share price has been highly volatile over the past 3 months (15% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 211% Paying a dividend despite having no free cash flows. Earnings have declined by 2.9% per year over the past 5 years. High level of non-cash earnings (23% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (4.3% net profit margin). Market cap is less than US$100m (NT$2.01b market cap, or US$64.2m). New Risk • May 06
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.5% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Share price has been highly volatile over the past 3 months (15% average weekly change). High level of non-cash earnings (24% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 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 (3.0% net profit margin). Market cap is less than US$100m (NT$2.05b market cap, or US$65.0m). New Risk • Mar 23
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 13% 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 (2.4x net interest cover). Share price has been highly volatile over the past 3 months (13% average weekly change). High level of non-cash earnings (24% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Profit margins are more than 30% lower than last year (3.0% net profit margin). Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (NT$2.62b market cap, or US$82.1m). Duyuru • Mar 23
Revivegen Co., Ltd., Annual General Meeting, Jun 26, 2026 Revivegen Co., Ltd., Annual General Meeting, Jun 26, 2026. New Risk • Feb 28
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 Risks Interest payments are not well covered by earnings (2.4x net interest cover). High level of non-cash earnings (24% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Profit margins are more than 30% lower than last year (3.0% net profit margin). Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (NT$1.81b market cap, or US$57.6m). New Risk • Sep 04
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 27% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). High level of non-cash earnings (24% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (3.0% net profit margin). Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (NT$1.95b market cap, or US$63.4m). New Risk • Aug 15
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.0% Last year net profit margin: 12% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.0x net interest cover). High level of non-cash earnings (24% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (3.0% net profit margin). Market cap is less than US$100m (NT$1.60b market cap, or US$53.2m). Declared Dividend • Jul 06
Dividend of NT$0.50 announced Shareholders will receive a dividend of NT$0.50. Ex-date: 22nd July 2025 Payment date: 19th August 2025 Dividend yield will be 1.6%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (70% 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 decreased over the past 36 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 8.4% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$33.15, the stock trades at a trailing P/E ratio of 46.5x. Average trailing P/E is 18x in the Commercial Services industry in Taiwan. Total loss to shareholders of 5.5% over the past year. New Risk • Apr 25
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 29% 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 Debt is not well covered by operating cash flow (6.4% operating cash flow to total debt). High level of non-cash earnings (29% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.5% average weekly change). Market cap is less than US$100m (NT$1.70b market cap, or US$52.4m). New Risk • Apr 07
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 8.1% 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 Debt is not well covered by operating cash flow (7.1% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (8.1% average weekly change). Minor Risk Market cap is less than US$100m (NT$1.57b market cap, or US$47.6m). Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to NT$26.70, the stock trades at a trailing P/E ratio of 31.7x. Average trailing P/E is 18x in the Commercial Services industry in Taiwan. Total loss to shareholders of 28% over the past year. Duyuru • Mar 27
Revivegen Co., Ltd., Annual General Meeting, Jun 26, 2025 Revivegen Co., Ltd., Annual General Meeting, Jun 26, 2025. Location: no,3, kui jen rd., gueiren district, tainan city Taiwan Reported Earnings • Jan 09
First half 2024 earnings released: EPS: NT$0.56 (vs NT$0.52 in 1H 2023) First half 2024 results: EPS: NT$0.56 (up from NT$0.52 in 1H 2023). Revenue: NT$227.5m (up 24% from 1H 2023). Net income: NT$29.5m (up 49% from 1H 2023). Profit margin: 13% (up from 11% in 1H 2023). The increase in margin was driven by higher revenue. Upcoming Dividend • Jul 17
Upcoming dividend of NT$0.20 per share Eligible shareholders must have bought the stock before 24 July 2024. Payment date: 03 September 2024. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (3.7%). Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to NT$53.90, the stock trades at a trailing P/E ratio of 70.5x. Average trailing P/E is 30x in the Commercial Services industry in Taiwan. Total returns to shareholders of 61% over the past year. Reported Earnings • May 25
Full year 2023 earnings released: EPS: NT$1.09 (vs NT$1.35 in FY 2022) Full year 2023 results: EPS: NT$1.09. Revenue: NT$393.6m (up 16% from FY 2022). Net income: NT$40.8m (up 16% from FY 2022). Profit margin: 10% (in line with FY 2022). Duyuru • Mar 28
Revivegen Environmental Technology Co., LTD., Annual General Meeting, Jun 13, 2024 Revivegen Environmental Technology Co., LTD., Annual General Meeting, Jun 13, 2024. 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 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 95% Dividend per share is over 5x cash flows per share. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Shareholders have been diluted in the past year (2.2% increase in shares outstanding). Market cap is less than US$100m (NT$1.47b market cap, or US$46.6m). Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$40.80, the stock trades at a trailing P/E ratio of 52.5x. Average trailing P/E is 25x in the Commercial Services industry in Taiwan. Total loss to shareholders of 2.0% over the past year. Reported Earnings • Aug 18
First half 2023 earnings released: EPS: NT$0.59 (vs NT$0.95 in 1H 2022) First half 2023 results: EPS: NT$0.59 (down from NT$0.95 in 1H 2022). Revenue: NT$183.4m (up 12% from 1H 2022). Net income: NT$19.7m (down 13% from 1H 2022). Profit margin: 11% (down from 14% in 1H 2022). The decrease in margin was driven by higher expenses. New Risk • Aug 17
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 96% Dividend per share is over 6x cash flows per share. Dividend yield: 3.0% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 96% Dividend per share is over 6x cash flows per share. Shareholders have been substantially diluted in the past year (69% increase in shares outstanding). Minor Risk Market cap is less than US$100m (NT$1.60b market cap, or US$50.2m). New Risk • Aug 13
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 69% 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 (69% increase in shares outstanding). Minor Risks Dividend is not well covered by cash flows (191% cash payout ratio). Market cap is less than US$100m (NT$1.62b market cap, or US$50.8m). Upcoming Dividend • Jul 11
Upcoming dividend of NT$0.84 per share at 2.9% yield Eligible shareholders must have bought the stock before 18 July 2023. Payment date: 18 August 2023. Payout ratio is a comfortable 74% and the cash payout ratio is 93%. Trailing yield: 2.9%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (4.4%). Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: NT$1.35 (vs NT$1.58 in FY 2021) Full year 2022 results: EPS: NT$1.35 (down from NT$1.58 in FY 2021). Revenue: NT$339.2m (flat on FY 2021). Net income: NT$35.1m (down 1.2% from FY 2021). Profit margin: 10% (in line with FY 2021). Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$40.00, the stock trades at a trailing P/E ratio of 28.2x. Average trailing P/E is 19x in the Commercial Services industry in Taiwan. Buying Opportunity • Jul 06
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be NT$64.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 72% over the last year. Earnings per share has grown by 192%. 
