Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$318, the stock trades at a trailing P/E ratio of 42.2x. Average forward P/E is 23x in the Software industry in Taiwan. Total returns to shareholders of 101% over the past three years. New Risk • Jul 01
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 9.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • May 21
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to NT$224. The fair value is estimated to be NT$182, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 29%. Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$7.08 (vs NT$4.95 in FY 2024) Full year 2025 results: EPS: NT$7.08 (up from NT$4.95 in FY 2024). Revenue: NT$804.3m (up 20% from FY 2024). Net income: NT$165.4m (up 43% from FY 2024). Profit margin: 21% (up from 17% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 26% per year whereas the company’s share price has increased by 23% per year. Duyuru • Mar 12
Turn Cloud Technology Service Inc., Annual General Meeting, May 28, 2026 Turn Cloud Technology Service Inc., Annual General Meeting, May 28, 2026. Location: 23- floor building. d no,93, sec.1 hsin t`ai 5th rd., sijhih district, new taipei city Taiwan Price Target Changed • Jan 21
Price target increased by 16% to NT$306 Up from NT$263, the current price target is provided by 1 analyst. New target price is 55% above last closing price of NT$198. Stock is down 7.6% over the past year. The company posted earnings per share of NT$4.94 last year. Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$218, the stock trades at a trailing P/E ratio of 32.4x. Average forward P/E is 31x in the Software industry in Taiwan. Total returns to shareholders of 105% over the past three years. Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: NT$2.91 (vs NT$1.27 in 3Q 2024) Third quarter 2025 results: EPS: NT$2.91 (up from NT$1.27 in 3Q 2024). Revenue: NT$229.2m (up 26% from 3Q 2024). Net income: NT$68.0m (up 129% from 3Q 2024). Profit margin: 30% (up from 16% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 21
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$248, the stock trades at a trailing P/E ratio of 48.8x. Average forward P/E is 35x in the Software industry in Taiwan. Total returns to shareholders of 142% over the past three years. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$0.84 (vs NT$0.82 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.84 (up from NT$0.82 in 2Q 2024). Revenue: NT$163.0m (up 13% from 2Q 2024). Net income: NT$19.3m (up 3.2% from 2Q 2024). Profit margin: 12% (down from 13% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 17% per year. Upcoming Dividend • Jun 25
Upcoming dividend of NT$4.30 per share Eligible shareholders must have bought the stock before 02 July 2025. Payment date: 21 July 2025. Payout ratio is on the higher end at 84% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (2.9%). Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$200, the stock trades at a trailing P/E ratio of 38.9x. Average forward P/E is 33x in the Software industry in Taiwan. Total returns to shareholders of 49% over the past three years. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.66 (vs NT$0.56 in 1Q 2024) First quarter 2025 results: EPS: NT$0.66 (up from NT$0.56 in 1Q 2024). Revenue: NT$155.2m (up 21% from 1Q 2024). Net income: NT$15.0m (up 18% from 1Q 2024). Profit margin: 9.7% (in line with 1Q 2024). 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 11% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Apr 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 29% to NT$153. The fair value is estimated to be NT$193, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 17%. Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: NT$5.04 (vs NT$3.81 in FY 2023) Full year 2024 results: EPS: NT$5.04 (up from NT$3.81 in FY 2023). Revenue: NT$668.5m (up 24% from FY 2023). Net income: NT$115.4m (up 42% from FY 2023). Profit margin: 17% (up from 15% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Duyuru • Mar 14
Turn Cloud Technology Service Inc., Annual General Meeting, Jun 06, 2025 Turn Cloud Technology Service Inc., Annual General Meeting, Jun 06, 2025, at 10:00 Taipei Standard Time. Location: 23- floor building. d no,93, sec.1 hsin t`ai 5th rd., sijhih district, new taipei city Taiwan New Risk • Mar 13
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.7% 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: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.8% average weekly change). New Risk • Jan 31
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 7.8% 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 (7.8% average weekly change). High level of non-cash earnings (21% accrual ratio). Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$226, the stock trades at a trailing P/E ratio of 62.6x. Average forward P/E is 32x in the Software industry in Taiwan. Total returns to shareholders of 126% over the past three years. New Risk • Nov 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 18
Second quarter 2024 earnings released: EPS: NT$0.86 (vs NT$1.11 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.86 (down from NT$1.11 in 2Q 2023). Revenue: NT$144.2m (up 6.6% from 2Q 2023). Net income: NT$18.7m (down 14% from 2Q 2023). Profit margin: 13% (down from 16% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 34% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Software industry in Taiwan. Buy Or Sell Opportunity • Aug 02
Now 24% undervalued Over the last 90 days, the stock has risen 59% to NT$208. The fair value is estimated to be NT$272, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 20%. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$234, the stock trades at a trailing P/E ratio of 60.3x. Average forward P/E is 25x in the Software industry in Taiwan. Total returns to shareholders of 36% over the past year. New Risk • Jun 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 6.7% 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: Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Shareholders have been diluted in the past year (11% increase in shares outstanding). Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$194, the stock trades at a trailing P/E ratio of 49.9x. Average forward P/E is 24x in the Software industry in Taiwan. Total returns to shareholders of 38% over the past year. Upcoming Dividend • Jun 17
Upcoming dividend of NT$3.30 per share Eligible shareholders must have bought the stock before 24 June 2024. Payment date: 15 July 2024. Payout ratio and cash payout ratio are on the higher end at 81% and 76% respectively. Trailing yield: 2.0%. Lower than top quartile of Taiwanese dividend payers (4.2%). In line with average of industry peers (2.2%). Buy Or Sell Opportunity • May 08
Now 30% overvalued after recent price rise Over the last 90 days, the stock has risen 4.2% to NT$150. The fair value is estimated to be NT$116, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 25%. Reported Earnings • Mar 17
Full year 2023 earnings released: EPS: NT$4.00 (vs NT$3.46 in FY 2022) Full year 2023 results: EPS: NT$4.00 (up from NT$3.46 in FY 2022). Revenue: NT$538.9m (up 16% from FY 2022). Net income: NT$81.1m (up 27% from FY 2022). Profit margin: 15% (up from 14% in FY 2022). The increase in margin was driven by higher revenue. Duyuru • Mar 15
Turn Cloud Technology Service Inc., Annual General Meeting, Jun 06, 2024 Turn Cloud Technology Service Inc., Annual General Meeting, Jun 06, 2024. New Risk • Feb 03
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.14b (US$100.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (112% cash payout ratio). Shareholders have been diluted in the past year (11% increase in shares outstanding). Market cap is less than US$100m (NT$3.14b market cap, or US$100.0m). New Risk • Nov 27
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 5.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (5.8% average weekly change). Shareholders have been diluted in the past year (11% increase in shares outstanding). Reported Earnings • Nov 15
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: NT$1.44 (up from NT$1.10 in 3Q 2022). Revenue: NT$147.2m (up 15% from 3Q 2022). Net income: NT$28.8m (up 34% from 3Q 2022). Profit margin: 20% (up from 17% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 62%. Earnings per share (EPS) also missed analyst estimates by 68%. Revenue is forecast to grow 62% p.a. on average during the next 2 years, compared to a 21% growth forecast for the Software industry in Asia. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$173, the stock trades at a trailing P/E ratio of 47x. Average trailing P/E is 25x in the Software industry in Taiwan. Total returns to shareholders of 18% over the past year. Upcoming Dividend • Jun 21
Upcoming dividend of NT$3.00 per share at 2.1% yield Eligible shareholders must have bought the stock before 28 June 2023. Payment date: 21 July 2023. Payout ratio is on the higher end at 79% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (2.5%). Reported Earnings • Apr 25
Third quarter 2022 earnings released: EPS: NT$1.10 (vs NT$0.77 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.10 (up from NT$0.77 in 3Q 2021). Revenue: NT$128.4m (up 29% from 3Q 2021). Net income: NT$21.4m (up 57% from 3Q 2021). Profit margin: 17% (up from 14% in 3Q 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment improved over the past week After last week's 17% share price gain to NT$122, the stock trades at a trailing P/E ratio of 49.3x. Average trailing P/E is 14x in the Software industry in Taiwan. Total returns to shareholders of 15% over the past year. Duyuru • Apr 16
Turn Cloud Technology Service Inc., Annual General Meeting, Jun 30, 2022 Turn Cloud Technology Service Inc., Annual General Meeting, Jun 30, 2022. 
