Valuation Update With 7 Day Price Move • May 19
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$48.55, the stock trades at a trailing P/E ratio of 55.8x. Average trailing P/E is 33x in the Electronic industry in Taiwan. Total returns to shareholders of 59% over the past three years. New Risk • May 13
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 38% 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 Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 12% per year over the past 5 years. High level of non-cash earnings (38% accrual ratio). Minor Risk Dividend is not well covered by cash flows (159% cash payout ratio). Reported Earnings • May 13
First quarter 2026 earnings released First quarter 2026 results: Revenue: NT$267.6m (down 53% from 1Q 2025). Net income: NT$11.4m (down 82% from 1Q 2025). Profit margin: 4.3% (down from 11% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$61.60, the stock trades at a trailing P/E ratio of 50.4x. Average trailing P/E is 28x in the Electronic industry in Taiwan. Total returns to shareholders of 93% over the past three years. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to NT$63.50, the stock trades at a trailing P/E ratio of 51.9x. Average trailing P/E is 26x in the Electronic industry in Taiwan. Total returns to shareholders of 95% over the past three years. Valuation Update With 7 Day Price Move • Mar 25
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$41.65, the stock trades at a trailing P/E ratio of 34.1x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 31% over the past three years. New Risk • Mar 18
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 7.8% 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: Major Risk Earnings have declined by 7.0% per year over the past 5 years. 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 (7.8% average weekly change). Buy Or Sell Opportunity • Mar 16
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 75% to NT$44.60. The fair value is estimated to be NT$36.32, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 9.7% over the last 3 years. Earnings per share has declined by 35%. Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: NT$1.22 (vs NT$1.06 in FY 2024) Full year 2025 results: EPS: NT$1.22 (up from NT$1.06 in FY 2024). Revenue: NT$1.87b (up 39% from FY 2024). Net income: NT$177.5m (up 15% from FY 2024). Profit margin: 9.5% (down from 12% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 35% 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. Declared Dividend • Mar 12
Dividend increased to NT$1.15 Dividend of NT$1.15 is 6.5% higher than last year. Ex-date: 2nd July 2026 Payment date: 31st July 2026 Dividend yield will be 3.1%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (68% earnings payout ratio) and cash flows (66% cash payout ratio). The dividend has increased by an average of 9.8% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$33.55, the stock trades at a trailing P/E ratio of 21.3x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 1.9% over the past three years. New Risk • Nov 13
New major risk - Revenue and earnings growth Earnings have declined by 2.2% 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 Risk Earnings have declined by 2.2% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: NT$0.39 (vs NT$0.31 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.39 (up from NT$0.31 in 3Q 2024). Revenue: NT$427.8m (up 9.3% from 3Q 2024). Net income: NT$56.0m (up 25% from 3Q 2024). Profit margin: 13% (up from 11% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. New Risk • Aug 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 6.2% 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 (6.2% average weekly change). Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$0.22 (vs NT$0.054 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.22 (up from NT$0.054 in 2Q 2024). Revenue: NT$576.7m (up 140% from 2Q 2024). Net income: NT$32.3m (up 310% from 2Q 2024). Profit margin: 5.6% (up from 3.3% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$30.70, the stock trades at a trailing P/E ratio of 23x. Average trailing P/E is 21x in the Electronic industry in Taiwan. Total returns to shareholders of 41% over the past three years. Upcoming Dividend • Jun 25
Upcoming dividend of NT$1.08 per share Eligible shareholders must have bought the stock before 02 July 2025. Payment date: 25 July 2025. Payout ratio is on the higher end at 81%, however this is supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (3.2%). Duyuru • Jun 20
Taiwan Kong King Co.,Ltd Announces Change of the Representative of Institutional Director Taiwan Kong King Co.,Ltd announced the change of the representative of Institutional Director. Name of legal person:Wong’s Kong King International (Holdings) Limited. Name of the previous position holder:CHEN MEI-FEN. Resume of the previous position holder:Director of Taiwan Kong King Co. Ltd. Name of the new position holder:CHOU TSUI-HSIA. Resume of the new position holder:Corporate governance officer and financial officer of Taiwan Kong King Co. Ltd. Effective date of the new appointment: June 18, 2025. New Risk • May 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 8.8% 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 Dividend is not well covered by earnings (102% payout ratio). Share price has been volatile over the past 3 months (8.8% average weekly change). Profit margins are more than 30% lower than last year (11% net profit margin). New Risk • May 14
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: 11% Last year net profit margin: 17% 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: Minor Risks 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 (11% net profit margin). Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$0.43 (vs NT$0.16 in 1Q 2024) First quarter 2025 results: EPS: NT$0.43 (up from NT$0.16 in 1Q 2024). Revenue: NT$572.5m (up 176% from 1Q 2024). Net income: NT$62.5m (up 172% from 1Q 2024). Profit margin: 11% (in line with 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Duyuru • May 03
Taiwan Kong King Co.,Ltd to Report Q1, 2025 Results on May 12, 2025 Taiwan Kong King Co.,Ltd announced that they will report Q1, 2025 results on May 12, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$20.25, the stock trades at a trailing P/E ratio of 19.1x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 15% over the past three years. New Risk • Apr 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.27b (US$98.8m) 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: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 102% Cash payout ratio: 451% High level of non-cash earnings (46% accrual ratio). Minor Risk Market cap is less than US$100m (NT$3.27b market cap, or US$98.8m). Reported Earnings • Mar 21
Full year 2024 earnings released: EPS: NT$1.06 (vs NT$2.02 in FY 2023) Full year 2024 results: EPS: NT$1.06 (down from NT$2.02 in FY 2023). Revenue: NT$1.34b (down 25% from FY 2023). Net income: NT$154.0m (down 47% from FY 2023). Profit margin: 12% (down from 16% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Declared Dividend • Mar 13
Dividend reduced to NT$1.08 Dividend of NT$1.08 is 40% lower than last year. Ex-date: 2nd July 2025 Payment date: 25th July 2025 Dividend yield will be 4.2%, which is about the same as the industry average. Sustainability & Growth Dividend is not covered by earnings (185% earnings payout ratio) and 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 11% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 105% to bring the payout ratio under control, which is more than the 14% EPS growth achieved over the last 5 years. Duyuru • Mar 04
Taiwan Kong King Co.,Ltd to Report Fiscal Year 2024 Results on Mar 11, 2025 Taiwan Kong King Co.,Ltd announced that they will report fiscal year 2024 results on Mar 11, 2025 Duyuru • Jan 09
Taiwan Kong King Co.,Ltd Announces Change of the Representative of Institutional Director Taiwan Kong King Co.,Ltd announced change of the representative of Institutional Director. Name of legal person: Wong's Kong King International (Holdings) Limited. Name of the previous position holder: TSUI YING-CHUN. Resume of the previous position holder: Executive director and CEO of Wong's Kong King International (Holdings) Limited. Name of the new position holder: Ava Wong. Resume of the new position holder:Executive director and Deputy Chairman of the Board of Wong’s Kong King International (Holdings) Limited. Reason for the change: Reassignment. Original term is from June 18, 2024 to June 17, 2027. Effective date of the new appointment is January 8, 2025. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.31 (vs NT$0.48 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.31 (down from NT$0.48 in 3Q 2023). Revenue: NT$391.4m (up 11% from 3Q 2023). Net income: NT$44.8m (down 36% from 3Q 2023). Profit margin: 11% (down from 20% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Duyuru • Nov 05
Taiwan Kong King Co.,Ltd to Report Q3, 2024 Results on Nov 12, 2024 Taiwan Kong King Co.,Ltd announced that they will report Q3, 2024 results on Nov 12, 2024 Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$31.60, the stock trades at a trailing P/E ratio of 27.6x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 97% over the past three years. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.05 (vs NT$0.68 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.05 (down from NT$0.68 in 2Q 2023). Revenue: NT$240.6m (down 57% from 2Q 2023). Net income: NT$7.88m (down 92% from 2Q 2023). Profit margin: 3.3% (down from 18% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Duyuru • Aug 03
Taiwan Kong King Co.,Ltd to Report Q2, 2024 Results on Aug 12, 2024 Taiwan Kong King Co.,Ltd announced that they will report Q2, 2024 results on Aug 12, 2024 Buy Or Sell Opportunity • Jul 01
Now 29% overvalued after recent price rise Over the last 90 days, the stock has risen 9.1% to NT$33.60. The fair value is estimated to be NT$25.99, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.4% over the last 3 years. Earnings per share has grown by 11%. Buy Or Sell Opportunity • Jun 20
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 2.5% to NT$31.25. The fair value is estimated to be NT$25.99, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.4% over the last 3 years. Earnings per share has grown by 11%. Reported Earnings • May 16
Full year 2023 earnings released: EPS: NT$2.02 (vs NT$3.30 in FY 2022) Full year 2023 results: EPS: NT$2.02 (down from NT$3.30 in FY 2022). Revenue: NT$1.80b (down 30% from FY 2022). Net income: NT$292.6m (down 39% from FY 2022). Profit margin: 16% (down from 19% in FY 2022). The decrease in margin was driven by lower revenue. 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 32% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • May 03
Taiwan Kong King Co.,Ltd to Report Q1, 2024 Results on May 09, 2024 Taiwan Kong King Co.,Ltd announced that they will report Q1, 2024 results on May 09, 2024 Declared Dividend • Mar 14
Dividend reduced to NT$1.80 Dividend of NT$1.80 is 40% lower than last year. Ex-date: 4th July 2024 Payment date: 26th July 2024 Dividend yield will be 6.0%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is not covered by earnings (129% earnings payout ratio) nor is it covered by cash flows (174% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 43% to bring the payout ratio under control, which is less than the 54% EPS growth achieved over the last 5 years. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: NT$0.48 (vs NT$0.85 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.48 (down from NT$0.85 in 3Q 2022). Revenue: NT$351.5m (down 38% from 3Q 2022). Net income: NT$69.5m (down 43% from 3Q 2022). Profit margin: 20% (down from 22% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: NT$0.68 (vs NT$0.83 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.68 (down from NT$0.83 in 2Q 2022). Revenue: NT$558.8m (down 39% from 2Q 2022). Net income: NT$98.9m (down 18% from 2Q 2022). Profit margin: 18% (up from 13% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has increased by 58% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Aug 10
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 9.8%. The fair value is estimated to be NT$39.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 51%. Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$32.60, the stock trades at a trailing P/E ratio of 11.5x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 461% over the past three years. Upcoming Dividend • Jun 27
Upcoming dividend of NT$3.00 per share at 8.2% yield Eligible shareholders must have bought the stock before 04 July 2023. Payment date: 28 July 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 8.2%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (4.2%). Reported Earnings • Mar 30
Full year 2022 earnings released Full year 2022 results: Revenue: NT$2.57b (up 27% from FY 2021). Net income: NT$478.4m (up 78% from FY 2021). Profit margin: 19% (up from 13% in FY 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$38.20, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 13x in the Electronic industry in Taiwan. Total returns to shareholders of 565% over the past three years. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 10 highly experienced directors. 5 independent directors (7 non-independent directors). Independent Director Wen-Yuan Huang was the last independent director to join the board, commencing their role in 2009. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$3.38 (vs NT$2.35 in 3Q 2021) Third quarter 2022 results: EPS: NT$3.38 (up from NT$2.35 in 3Q 2021). Revenue: NT$565.9m (down 7.4% from 3Q 2021). Net income: NT$122.8m (up 44% from 3Q 2021). Profit margin: 22% (up from 14% in 3Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 52% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$3.31 (vs NT$1.45 in 2Q 2021) Second quarter 2022 results: EPS: NT$3.31 (up from NT$1.45 in 2Q 2021). Revenue: NT$908.4m (up 70% from 2Q 2021). Net income: NT$120.3m (up 128% from 2Q 2021). Profit margin: 13% (up from 9.9% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 58% per year whereas the company’s share price has increased by 54% per year. Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improved over the past week After last week's 18% share price gain to NT$135, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 12x in the Electronic industry in Taiwan. Total returns to shareholders of 447% over the past three years. Upcoming Dividend • Jun 23
Upcoming dividend of NT$6.30 per share Eligible shareholders must have bought the stock before 30 June 2022. Payment date: 28 July 2022. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 5.3%. Lower than top quartile of Taiwanese dividend payers (6.4%). Higher than average of industry peers (4.6%). Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$126, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 14x in the Electronic industry in Taiwan. Total returns to shareholders of 427% over the past three years. Valuation Update With 7 Day Price Move • May 19
Investor sentiment improved over the past week After last week's 18% share price gain to NT$125, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 13x in the Electronic industry in Taiwan. Total returns to shareholders of 429% over the past three years. Reported Earnings • May 17
First quarter 2022 earnings released: EPS: NT$3.44 (vs NT$1.19 in 1Q 2021) First quarter 2022 results: EPS: NT$3.44 (up from NT$1.19 in 1Q 2021). Revenue: NT$593.0m (up 47% from 1Q 2021). Net income: NT$124.8m (up 189% from 1Q 2021). Profit margin: 21% (up from 11% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 10 highly experienced directors. 5 independent directors (7 non-independent directors). Independent Director Wen-Yuan Huang was the last independent director to join the board, commencing their role in 2009. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 20% share price gain to NT$93.30, the stock trades at a trailing P/E ratio of 13.3x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 302% over the past three years. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$2.35 (vs NT$0.71 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$611.2m (up 146% from 3Q 2020). Net income: NT$85.3m (up 229% from 3Q 2020). Profit margin: 14% (up from 10% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 51% per year whereas the company’s share price has increased by 46% per year. Executive Departure • Aug 18
Supervisor Kuo-Hsien Wu has left the company On the 10th of August, Kuo-Hsien Wu's tenure as Supervisor ended after 19.1 years in the role. We don't have any record of a personal shareholding under Kuo-Hsien's name. A total of 3 executives have left over the last 12 months. Executive Departure • Aug 18
Supervisor Ken Chou has left the company On the 10th of August, Ken Chou's tenure as Supervisor ended after 19.1 years in the role. We don't have any record of a personal shareholding under Ken's name. A total of 3 executives have left over the last 12 months. Executive Departure • Aug 18
Supervisor Chih-Wei Tsai has left the company On the 10th of August, Chih-Wei Tsai's tenure as Supervisor ended after 12.2 years in the role. We don't have any record of a personal shareholding under Chih-Wei's name. A total of 3 executives have left over the last 12 months. Upcoming Dividend • Aug 18
Upcoming dividend of NT$4.20 per share Eligible shareholders must have bought the stock before 25 August 2021. Payment date: 17 September 2021. Trailing yield: 6.0%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (3.3%). Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$1.45 (vs NT$1.51 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$534.4m (up 21% from 2Q 2020). Net income: NT$52.7m (down 4.0% from 2Q 2020). Profit margin: 9.9% (down from 12% 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 52% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$1.19 (vs NT$0.62 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$403.2m (up 4.6% from 1Q 2020). Net income: NT$43.2m (up 91% from 1Q 2020). Profit margin: 11% (up from 5.9% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improved over the past week After last week's 32% share price gain to NT$56.10, the stock trades at a trailing P/E ratio of 11.5x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 140% over the past three years. Reported Earnings • Mar 25
Full year 2020 earnings released: EPS NT$4.86 (vs NT$2.11 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$1.39b (up 20% from FY 2019). Net income: NT$176.2m (up 131% from FY 2019). Profit margin: 13% (up from 6.6% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Mar 03
New 90-day high: NT$39.90 The company is up 8.0% from its price of NT$37.00 on 03 December 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 19% over the same period. Is New 90 Day High Low • Jan 04
New 90-day high: NT$39.00 The company is up 8.0% from its price of NT$36.15 on 07 October 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 16% over the same period. Is New 90 Day High Low • Dec 09
New 90-day high: NT$38.75 The company is up 12% from its price of NT$34.45 on 11 September 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Electronic industry, which is also up 12% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.71 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$248.5m (up 49% from 3Q 2019). Net income: NT$25.9m (up NT$23.0m from 3Q 2019). Profit margin: 10% (up from 1.8% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth.