Reported Earnings • May 16
First quarter 2026 earnings released: EPS: NT$0.37 (vs NT$0.20 in 1Q 2025) First quarter 2026 results: EPS: NT$0.37 (up from NT$0.20 in 1Q 2025). Revenue: NT$79.3m (up 77% from 1Q 2025). Net income: NT$12.0m (up 133% from 1Q 2025). Profit margin: 15% (up from 12% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. New Risk • Apr 10
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 26% 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 Risk Earnings have declined by 69% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (26% increase in shares outstanding). Market cap is less than US$100m (NT$1.22b market cap, or US$38.4m). Reported Earnings • Mar 13
Full year 2025 earnings released: NT$0.16 loss per share (vs NT$0.26 loss in FY 2024) Full year 2025 results: NT$0.16 loss per share (improved from NT$0.26 loss in FY 2024). Revenue: NT$172.6m (up 124% from FY 2024). Net loss: NT$4.33m (loss narrowed 35% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Duyuru • Mar 05
Appro Photoelectron Inc., Annual General Meeting, May 22, 2026 Appro Photoelectron Inc., Annual General Meeting, May 22, 2026, at 09:00 Taipei Standard Time. Location: 4 floor no,80, chung cheng rd., sinjhuang district, new taipei city Taiwan Board Change • Feb 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 5 highly experienced directors. Independent Director Sihe Chen was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: NT$0.35 (vs NT$0.28 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$0.35 (up from NT$0.28 loss in 3Q 2024). Revenue: NT$26.1m (up 7.4% from 3Q 2024). Net income: NT$9.11m (up NT$16.3m from 3Q 2024). Profit margin: 35% (up from net loss in 3Q 2024). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 110 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 17
Second quarter 2025 earnings released: NT$1.43 loss per share (vs NT$0.43 loss in 2Q 2024) Second quarter 2025 results: NT$1.43 loss per share (further deteriorated from NT$0.43 loss in 2Q 2024). Revenue: NT$39.1m (up 290% from 2Q 2024). Net loss: NT$36.9m (loss widened 233% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 127 percentage points per year, which is a significant difference in performance. Reported Earnings • May 19
First quarter 2025 earnings released: EPS: NT$0.20 (vs NT$0.089 in 1Q 2024) First quarter 2025 results: EPS: NT$0.20 (up from NT$0.089 in 1Q 2024). Revenue: NT$44.8m (up 271% from 1Q 2024). Net income: NT$5.18m (up 124% from 1Q 2024). Profit margin: 12% (down from 19% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 116 percentage points per year, which is a significant difference in performance. New Risk • Apr 17
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 8.7% 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: Major Risk Earnings have declined by 37% 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 (8.7% average weekly change). Revenue is less than US$5m (NT$77m revenue, or US$2.4m). Market cap is less than US$100m (NT$811.2m market cap, or US$25.0m). Reported Earnings • Mar 30
Full year 2024 earnings released: NT$0.26 loss per share (vs NT$0.76 loss in FY 2023) Full year 2024 results: NT$0.26 loss per share (improved from NT$0.76 loss in FY 2023). Revenue: NT$77.1m (down 34% from FY 2023). Net loss: NT$6.68m (loss narrowed 66% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 108 percentage points per year, which is a significant difference in performance. Duyuru • Mar 05
Appro Photoelectron Inc., Annual General Meeting, Jun 10, 2025 Appro Photoelectron Inc., Annual General Meeting, Jun 10, 2025. Location: 4 floor no,80, chung cheng rd., sinjhuang district, new taipei city Taiwan Reported Earnings • Nov 19
Third quarter 2024 earnings released: NT$0.28 loss per share (vs NT$0.32 profit in 3Q 2023) Third quarter 2024 results: NT$0.28 loss per share (down from NT$0.32 profit in 3Q 2023). Revenue: NT$24.3m (down 37% from 3Q 2023). Net loss: NT$7.19m (down 187% from profit in 3Q 2023). 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. Reported Earnings • Aug 18
Second quarter 2024 earnings released: NT$0.43 loss per share (vs NT$0.057 profit in 2Q 2023) Second quarter 2024 results: NT$0.43 loss per share (down from NT$0.057 profit in 2Q 2023). Revenue: NT$10.0m (down 61% from 2Q 2023). Net loss: NT$11.1m (down NT$12.6m from profit in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. New Risk • Jun 19
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: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 222% Earnings have declined by 13% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Revenue is less than US$5m (NT$91m revenue, or US$2.8m). Market cap is less than US$100m (NT$1.07b market cap, or US$33.1m). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.09 (vs NT$0.31 loss in 1Q 2023) First quarter 2024 results: EPS: NT$0.09 (up from NT$0.31 loss in 1Q 2023). Revenue: NT$12.1m (down 68% from 1Q 2023). Net income: NT$2.31m (up NT$10.4m from 1Q 2023). Profit margin: 19% (up from net loss in 1Q 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 02
Full year 2023 earnings released: NT$0.76 loss per share (vs NT$1.29 profit in FY 2022) Full year 2023 results: NT$0.76 loss per share (down from NT$1.29 profit in FY 2022). Revenue: NT$117.0m (down 68% from FY 2022). Net loss: NT$19.7m (down 159% from profit in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 47 percentage points per year, which is a significant difference in performance. Duyuru • Mar 14
Appro Photoelectron Inc., Annual General Meeting, Jun 06, 2024 Appro Photoelectron Inc., Annual General Meeting, Jun 06, 2024. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: NT$0.32 (vs NT$0.37 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.32 (down from NT$0.37 in 3Q 2022). Revenue: NT$38.3m (down 39% from 3Q 2022). Net income: NT$8.22m (down 14% from 3Q 2022). Profit margin: 22% (up from 15% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Aug 21
Upcoming dividend of NT$1.00 per share at 3.3% yield Eligible shareholders must have bought the stock before 28 August 2023. Payment date: 19 September 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.3%. Lower than top quartile of Taiwanese dividend payers (5.6%). Lower than average of industry peers (4.3%). Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: NT$0.06 (vs NT$0.39 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.06 (down from NT$0.39 in 2Q 2022). Revenue: NT$25.9m (down 68% from 2Q 2022). Net income: NT$1.47m (down 85% from 2Q 2022). Profit margin: 5.7% (down from 13% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Mar 29
Full year 2022 earnings released: EPS: NT$1.29 (vs NT$7.54 in FY 2021) Full year 2022 results: EPS: NT$1.29 (down from NT$7.54 in FY 2021). Revenue: NT$364.5m (down 70% from FY 2021). Net income: NT$33.3m (down 83% from FY 2021). Profit margin: 9.1% (down from 16% 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 25% per year whereas the company’s share price has increased by 27% per year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Director Wen Qi Weng was the last director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.37 (vs NT$2.47 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.37 (down from NT$2.47 in 3Q 2021). Revenue: NT$62.6m (down 84% from 3Q 2021). Net income: NT$9.51m (down 85% from 3Q 2021). Profit margin: 15% (down from 17% 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 44% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.39 (vs NT$1.75 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.39 (down from NT$1.75 in 2Q 2021). Revenue: NT$80.8m (down 74% from 2Q 2021). Net income: NT$10.1m (down 77% from 2Q 2021). Profit margin: 13% (down from 14% in 2Q 2021). The decrease in margin was driven by lower 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 5% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$34.65, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 12x in the Electronic industry in Taiwan. Total returns to shareholders of 42% over the past three years. Upcoming Dividend • Jun 30
Upcoming dividend of NT$5.00 per share Eligible shareholders must have bought the stock before 07 July 2022. Payment date: 12 August 2022. Payout ratio is a comfortable 61% and this is well supported by cash flows. Trailing yield: 9.4%. Within top quartile of Taiwanese dividend payers (6.4%). Higher than average of industry peers (4.6%). Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$51.90, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 14x in the Electronic industry in Taiwan. Total returns to shareholders of 41% over the past three years. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$1.05 (vs NT$2.32 in 1Q 2021) First quarter 2022 results: EPS: NT$1.05 (down from NT$2.32 in 1Q 2021). Revenue: NT$158.4m (down 43% from 1Q 2021). Net income: NT$21.7m (down 53% from 1Q 2021). Profit margin: 14% (down from 17% in 1Q 2021). The decrease in margin was driven by lower revenue. 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 11% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Director Wen Qi Weng was the last director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 03
Full year 2021 earnings released: EPS: NT$9.43 (vs NT$5.43 in FY 2020) Full year 2021 results: EPS: NT$9.43 (up from NT$5.43 in FY 2020). Revenue: NT$1.23b (up 67% from FY 2020). Net income: NT$192.3m (up 77% from FY 2020). Profit margin: 16% (in line with FY 2020). 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 24% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improved over the past week After last week's 21% share price gain to NT$80.70, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 139% over the past three years. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$3.09 (vs NT$1.92 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: NT$381.6m (up 62% from 3Q 2020). Net income: NT$64.0m (up 66% from 3Q 2020). Profit margin: 17% (in line with 3Q 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 36% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 20
Upcoming dividend of NT$2.90 per share Eligible shareholders must have bought the stock before 27 August 2021. Payment date: 29 September 2021. Trailing yield: 2.9%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (3.3%). Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$2.50 (vs NT$0.62 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$305.8m (up 164% from 2Q 2020). Net income: NT$44.0m (up 305% from 2Q 2020). Profit margin: 14% (up from 9.4% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$2.65 (vs NT$0.18 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$279.3m (up 334% from 1Q 2020). Net income: NT$46.4m (up NT$43.2m from 1Q 2020). Profit margin: 17% (up from 5.0% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. 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$95.00, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 79% over the past three years. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improved over the past week After last week's 18% share price gain to NT$126, the stock trades at a trailing P/E ratio of 20.2x. Average trailing P/E is 20x in the Electronic industry in Taiwan. Total returns to shareholders of 182% over the past three years. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$6.22 (vs NT$1.71 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$737.2m (up 115% from FY 2019). Net income: NT$108.9m (up 264% from FY 2019). Profit margin: 15% (up from 8.7% 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 40% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Duyuru • Mar 17
Appro Photoelectron Inc., Annual General Meeting, Jun 01, 2021 Appro Photoelectron Inc., Annual General Meeting, Jun 01, 2021. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improved over the past week After last week's 25% share price gain to NT$113, the stock trades at a trailing P/E ratio of 36x, up from the previous P/E ratio of 28.8x. Average P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders over the past three years are 164%. Is New 90 Day High Low • Mar 13
New 90-day high: NT$103 The company is up 2.0% from its price of NT$101 on 11 December 2020. The Taiwanese market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 17% over the same period. Valuation Update With 7 Day Price Move • Nov 20
Market bids up stock over the past week After last week's 21% share price gain to NT$99.30, the stock is trading at a trailing P/E ratio of 31.7x, up from the previous P/E ratio of 26.3x. This compares to an average P/E of 16x in the Electronic industry in Taiwan. Total returns to shareholders over the past three years are 199%. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$2.20 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$235.6m (up 250% from 3Q 2019). Net income: NT$38.5m (up NT$34.2m from 3Q 2019). Profit margin: 16% (up from 6.4% 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 36% per year whereas the company’s share price has increased by 31% per year. Valuation Update With 7 Day Price Move • Nov 07
Market bids up stock over the past week After last week's 24% share price gain to NT$92.50, the stock is trading at a trailing P/E ratio of 79.3x, up from the previous P/E ratio of 63.9x. This compares to an average P/E of 16x in the Electronic industry in Taiwan. Total returns to shareholders over the past three years are 186%. Is New 90 Day High Low • Nov 04
New 90-day high: NT$86.20 The company is up 94% from its price of NT$44.50 on 06 August 2020. The Taiwanese market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is down 5.0% over the same period. Valuation Update With 7 Day Price Move • Oct 26
Market bids up stock over the past week After last week's 18% share price gain to NT$75.00, the stock is trading at a trailing P/E ratio of 64.3x, up from the previous P/E ratio of 54.6x. This compares to an average P/E of 17x in the Electronic industry in Taiwan. Total returns to shareholders over the past three years are 131%.