Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$41.10, the stock trades at a trailing P/E ratio of 39.8x. Average trailing P/E is 37x in the Electronic industry in Taiwan. Total returns to shareholders of 109% over the past three years. New Risk • Jul 14
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.01b (US$93.4m) 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 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 (11% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (NT$3.01b market cap, or US$93.4m). Declared Dividend • Jul 03
Dividend increased to NT$0.70 Dividend of NT$0.70 is 133% higher than last year. Ex-date: 16th July 2026 Payment date: 14th August 2026 Dividend yield will be 1.4%, 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 (61% cash payout ratio). The dividend has increased by an average of 8.5% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 7.4% 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 • Jun 29
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$50.50, the stock trades at a trailing P/E ratio of 48.8x. Average trailing P/E is 40x in the Electronic industry in Taiwan. Total returns to shareholders of 133% over the past three years. Buy Or Sell Opportunity • Jun 26
Now 21% undervalued Over the last 90 days, the stock has risen 47% to NT$50.30. The fair value is estimated to be NT$63.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.9% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Jun 11
Now 21% undervalued Over the last 90 days, the stock has risen 36% to NT$50.60. The fair value is estimated to be NT$64.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.9% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$57.90, the stock trades at a trailing P/E ratio of 70.2x. Average trailing P/E is 41x in the Electronic industry in Taiwan. Total returns to shareholders of 187% over the past three years. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$40.95, the stock trades at a trailing P/E ratio of 49.7x. Average trailing P/E is 31x in the Electronic industry in Taiwan. Total returns to shareholders of 118% over the past three years. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$36.35, the stock trades at a trailing P/E ratio of 44.1x. Average trailing P/E is 29x in the Electronic industry in Taiwan. Total returns to shareholders of 111% over the past three years. New Risk • Apr 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: 2.2% 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: 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 (11% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (NT$2.23b market cap, or US$69.6m). Reported Earnings • Mar 17
Full year 2025 earnings released: EPS: NT$0.82 (vs NT$0.002 in FY 2024) Full year 2025 results: EPS: NT$0.82 (up from NT$0.002 in FY 2024). Revenue: NT$927.6m (down 9.1% from FY 2024). Net income: NT$56.4m (up NT$56.3m from FY 2024). Profit margin: 6.1% (up from 0% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Duyuru • Mar 12
AimCore Technology Co., Ltd, Annual General Meeting, Jun 24, 2026 AimCore Technology Co., Ltd, Annual General Meeting, Jun 24, 2026. Location: no,12, kuang fu n. rd., hukou township, hsinchu county Taiwan New Risk • Feb 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.5% net profit margin). Market cap is less than US$100m (NT$1.90b market cap, or US$60.3m). New Risk • Nov 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 48% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.5% net profit margin). Market cap is less than US$100m (NT$1.63b market cap, or US$51.9m). Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: NT$0.67 (vs NT$0.092 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.67 (up from NT$0.092 in 3Q 2024). Revenue: NT$237.6m (down 3.1% from 3Q 2024). Net income: NT$45.7m (up NT$39.4m from 3Q 2024). Profit margin: 19% (up from 2.6% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. New Risk • Sep 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.5% 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 Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (NT$1.76b market cap, or US$57.2m). Reported Earnings • Aug 17
Second quarter 2025 earnings released: NT$0.08 loss per share (vs NT$0.086 profit in 2Q 2024) Second quarter 2025 results: NT$0.08 loss per share (down from NT$0.086 profit in 2Q 2024). Revenue: NT$264.9m (up 4.3% from 2Q 2024). Net loss: NT$5.24m (down 189% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Declared Dividend • Jul 11
Dividend reduced to NT$0.30 Dividend of NT$0.30 is 57% lower than last year. Ex-date: 24th July 2025 Payment date: 21st August 2025 Dividend yield will be 1.3%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (20% cash payout ratio). The dividend has decreased over the past 96 years, indicating a lack of growth and stability in payments. Reported Earnings • May 15
First quarter 2025 earnings released: NT$0.05 loss per share (vs NT$0.15 profit in 1Q 2024) First quarter 2025 results: NT$0.05 loss per share (down from NT$0.15 profit in 1Q 2024). Revenue: NT$248.4m (down 13% from 1Q 2024). Net loss: NT$3.48m (down 134% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Duyuru • May 07
AimCore Technology Co., Ltd to Report Q1, 2025 Results on May 14, 2025 AimCore Technology Co., Ltd announced that they will report Q1, 2025 results on May 14, 2025 New Risk • Apr 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Profit margins are more than 30% lower than last year (0.02% net profit margin). Market cap is less than US$100m (NT$1.44b market cap, or US$43.7m). Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: NT$0.002 (vs NT$0.89 in FY 2023) Full year 2024 results: EPS: NT$0.002 (down from NT$0.89 in FY 2023). Revenue: NT$1.02b (down 5.1% from FY 2023). Net income: NT$169.0k (down 100% from FY 2023). Profit margin: 0% (down from 5.6% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Duyuru • Mar 13
AimCore Technology Co., Ltd, Annual General Meeting, Jun 20, 2025 AimCore Technology Co., Ltd, Annual General Meeting, Jun 20, 2025. Location: no,12, kuang fu n. rd., hukou township, hsinchu county Taiwan Duyuru • Mar 05
AimCore Technology Co., Ltd to Report Q4, 2024 Results on Mar 12, 2025 AimCore Technology Co., Ltd announced that they will report Q4, 2024 results on Mar 12, 2025 New Risk • Jan 12
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. 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 (7.5% average weekly change). Market cap is less than US$100m (NT$1.79b market cap, or US$54.0m). New Risk • Nov 18
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: 2.3% Last year net profit margin: 5.0% 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 Risk Share price has been highly volatile over the past 3 months (9.8% average weekly change). Minor Risks Dividend is not well covered by earnings (199% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.3% net profit margin). Market cap is less than US$100m (NT$2.39b market cap, or US$73.4m). Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.09 (vs NT$0.26 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.09 (down from NT$0.26 in 3Q 2023). Revenue: NT$245.3m (down 12% from 3Q 2023). Net income: NT$6.27m (down 65% from 3Q 2023). Profit margin: 2.6% (down from 6.4% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Duyuru • Nov 05
AimCore Technology Co., Ltd to Report Q3, 2024 Results on Nov 12, 2024 AimCore Technology Co., Ltd announced that they will report Q3, 2024 results on Nov 12, 2024 Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$36.35, the stock trades at a trailing P/E ratio of 70.3x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 86% over the past three years. Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$33.85, the stock trades at a trailing P/E ratio of 65.4x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 67% over the past three years. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.09 (vs NT$0.33 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.09 (down from NT$0.33 in 2Q 2023). Revenue: NT$254.0m (down 5.4% from 2Q 2023). Net income: NT$5.87m (down 74% from 2Q 2023). Profit margin: 2.3% (down from 8.3% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$22.25, the stock trades at a trailing P/E ratio of 29.3x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 3.3% over the past three years. Upcoming Dividend • Jul 11
Upcoming dividend of NT$0.70 per share Eligible shareholders must have bought the stock before 18 July 2024. Payment date: 15 August 2024. Trailing yield: 2.3%. Lower than top quartile of Taiwanese dividend payers (4.2%). In line with average of industry peers (2.5%). New Risk • Jul 04
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 Dividend is not well covered by earnings (92% payout ratio). Share price has been volatile over the past 3 months (6.7% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (NT$2.37b market cap, or US$72.3m). Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$32.55, the stock trades at a trailing P/E ratio of 42.9x. Average trailing P/E is 25x in the Electronic industry in Taiwan. Total returns to shareholders of 40% over the past three years. Duyuru • Jun 27
AimCore Technology Co., Ltd Approves the Cash Dividend, Payable on August 15, 2024 AimCore Technology Co. Ltd. at its shareholders’ meeting held on June 26, 2024, approved the cash dividends to shareholders of TWD 0.7 per share. Ex-rights (Ex-dividend) date is July 18, 2024. .Ex-rights (Ex-dividend) record date is July 25, 2024. Payment date of cash dividend distribution is August 15, 2024. Duyuru • May 03
AimCore Technology Co., Ltd to Report Q1, 2024 Results on May 10, 2024 AimCore Technology Co., Ltd announced that they will report Q1, 2024 results on May 10, 2024 Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$24.40, 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 loss to shareholders of 15% over the past three years. New Risk • Mar 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 130% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (NT$1.81b market cap, or US$56.6m). Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: NT$0.88 (vs NT$0.086 in FY 2022) Full year 2023 results: EPS: NT$0.88 (up from NT$0.086 in FY 2022). Revenue: NT$1.08b (down 4.9% from FY 2022). Net income: NT$60.6m (up NT$54.7m from FY 2022). Profit margin: 5.6% (up from 0.5% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 9% 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. Duyuru • Mar 16
AimCore Technology Co., Ltd, Annual General Meeting, Jun 21, 2024 AimCore Technology Co., Ltd, Annual General Meeting, Jun 21, 2024. Location: No. 12, Guangfu N. Rd., Hsinchu Industrial Park, Hukou Township, Hsinchu County Taiwan Agenda: To consider the Business Report of 2023; to consider the Distribution of 2023 compensation to employees and remuneration to Directors; to consider the 2023 Annual Cash Dividend Distribution Report; to consider the 2023 Earning Distribution; and to discuss other matters. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$26.40, the stock trades at a trailing P/E ratio of 33.7x. Average trailing P/E is 21x in the Electronic industry in Taiwan. Total returns to shareholders of 28% over the past three years. New Risk • Oct 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.2% 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 Share price has been volatile over the past 3 months (6.2% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (NT$1.55b market cap, or US$48.4m). Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$25.85, the stock trades at a trailing P/E ratio of 43.3x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 50% over the past three years. Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: NT$0.33 (vs NT$0.25 loss in 2Q 2022) Second quarter 2023 results: EPS: NT$0.33 (up from NT$0.25 loss in 2Q 2022). Revenue: NT$268.4m (down 15% from 2Q 2022). Net income: NT$22.4m (up NT$39.5m from 2Q 2022). Profit margin: 8.3% (up from net loss in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: NT$0.09 (vs NT$1.43 in FY 2021) Full year 2022 results: EPS: NT$0.09 (down from NT$1.43 in FY 2021). Revenue: NT$1.13b (down 11% from FY 2021). Net income: NT$5.89m (down 94% from FY 2021). Profit margin: 0.5% (down from 7.7% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$0.07 (vs NT$0.42 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.07 (down from NT$0.42 in 3Q 2021). Revenue: NT$261.9m (down 25% from 3Q 2021). Net income: NT$5.02m (down 83% from 3Q 2021). Profit margin: 1.9% (down from 8.3% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.07 (vs NT$0.42 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.07 (down from NT$0.42 in 3Q 2021). Revenue: NT$261.9m (down 25% from 3Q 2021). Net income: NT$5.02m (down 83% from 3Q 2021). Profit margin: 1.9% (down from 8.3% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2022 earnings released: NT$0.25 loss per share (vs NT$0.30 profit in 2Q 2021) Second quarter 2022 results: NT$0.25 loss per share (down from NT$0.30 profit in 2Q 2021). Revenue: NT$314.5m (flat on 2Q 2021). Net loss: NT$17.2m (down 185% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 07
Upcoming dividend of NT$0.37 per share Eligible shareholders must have bought the stock before 14 July 2022. Payment date: 10 August 2022. Trailing yield: 2.1%. Lower than top quartile of Taiwanese dividend payers (6.8%). Lower than average of industry peers (5.1%). Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.34 (vs NT$0.27 in 1Q 2021) First quarter 2022 results: EPS: NT$0.34 (up from NT$0.27 in 1Q 2021). Revenue: NT$293.0m (up 7.4% from 1Q 2021). Net income: NT$23.4m (up 26% from 1Q 2021). Profit margin: 8.0% (up from 6.8% 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 68% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 30
Full year 2021 earnings released: EPS: NT$1.43 (vs NT$0.29 in FY 2020) Full year 2021 results: EPS: NT$1.43 (up from NT$0.29 in FY 2020). Revenue: NT$1.27b (up 59% from FY 2020). Net income: NT$97.8m (up 393% from FY 2020). Profit margin: 7.7% (up from 2.5% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 20% share price gain to NT$29.25, the stock trades at a trailing P/E ratio of 31.4x. Average trailing P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 89% over the past three years. Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment improved over the past week After last week's 19% share price gain to NT$25.40, the stock trades at a trailing P/E ratio of 27.3x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 55% over the past three years. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.42 (vs NT$0.21 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$349.0m (up 42% from 3Q 2020). Net income: NT$28.8m (up 98% from 3Q 2020). Profit margin: 8.3% (up from 5.9% in 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 15% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.30 (vs NT$0.29 in 2Q 2020) The company reported a mediocre second quarter result with weaker profit margins, although earnings were flat and revenues improved. Second quarter 2021 results: Revenue: NT$316.7m (up 76% from 2Q 2020). Net income: NT$20.3m (flat on 2Q 2020). Profit margin: 6.4% (down from 11% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • May 17
First quarter 2021 earnings released: EPS NT$0.27 (vs NT$0.16 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$272.7m (up 116% from 1Q 2020). Net income: NT$18.6m (up NT$29.7m from 1Q 2020). Profit margin: 6.8% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 60% 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. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$21.65, the stock trades at a trailing P/E ratio of 74.6x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 3.7% over the past three years. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$0.29 (vs NT$6.71 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$795.8m (up 59% from FY 2019). Net income: NT$19.9m (up NT$479.0m from FY 2019). Profit margin: 2.5% (up from net loss in FY 2019). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Nov 26
New 90-day high: NT$23.20 The company is up 30% from its price of NT$17.85 on 28 August 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 4.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$0.21 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$245.4m (up 40% from 3Q 2019). Net income: NT$14.6m (up NT$17.7m from 3Q 2019). Profit margin: 5.9% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 113% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. 
