Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$57.30, the stock trades at a trailing P/E ratio of 50.9x. Average trailing P/E is 36x in the Electronic industry in Taiwan. Total returns to shareholders of 18% over the past three years. Buy Or Sell Opportunity • May 21
Now 30% overvalued after recent price rise Over the last 90 days, the stock has risen 52% to NT$57.20. The fair value is estimated to be NT$44.06, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.9% over the last 3 years. Earnings per share has declined by 24%. Reported Earnings • May 15
First quarter 2026 earnings released: EPS: NT$0.31 (vs NT$0.30 in 1Q 2025) First quarter 2026 results: EPS: NT$0.31 (up from NT$0.30 in 1Q 2025). Revenue: NT$122.1m (down 12% from 1Q 2025). Net income: NT$9.78m (up 3.5% from 1Q 2025). Profit margin: 8.0% (up from 6.8% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$54.00, the stock trades at a trailing P/E ratio of 48.4x. Average trailing P/E is 27x in the Electronic industry in Taiwan. Total returns to shareholders of 16% over the past three years. Upcoming Dividend • Apr 17
Upcoming dividend of NT$1.13 per share Eligible shareholders must have bought the stock before 24 April 2026. Payment date: 18 May 2026. Payout ratio is a comfortable 67% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of Taiwanese dividend payers (5.1%). In line with average of industry peers (1.6%). Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 37% After last week's 37% share price gain to NT$71.00, the stock trades at a trailing P/E ratio of 63.7x. Average trailing P/E is 28x in the Electronic industry in Taiwan. Total returns to shareholders of 37% over the past three years. New Risk • Apr 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 8.4% 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 (8.4% average weekly change). Market cap is less than US$100m (NT$1.85b market cap, or US$57.9m). Buy Or Sell Opportunity • Mar 26
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 39% to NT$50.90. The fair value is estimated to be NT$41.31, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.3% over the last 3 years. Earnings per share has declined by 26%. Valuation Update With 7 Day Price Move • Mar 25
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to NT$46.30, the stock trades at a trailing P/E ratio of 41.4x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Negligible returns to shareholders over past three years. Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$1.13 (vs NT$1.19 in FY 2024) Full year 2025 results: EPS: NT$1.13 (down from NT$1.19 in FY 2024). Revenue: NT$582.1m (up 2.8% from FY 2024). Net income: NT$35.1m (down 5.0% from FY 2024). Profit margin: 6.0% (down from 6.5% 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 26% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Duyuru • Mar 13
LinkCom Manufacturing Co.,LTD., Annual General Meeting, Jun 26, 2026 LinkCom Manufacturing Co.,LTD., Annual General Meeting, Jun 26, 2026. Location: 5 floor no,127 ln.235, pao ch`iao rd., sindian district, new taipei city Taiwan Board Change • Feb 26
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. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . 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 18
Third quarter 2025 earnings released: EPS: NT$0.57 (vs NT$0.21 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.57 (up from NT$0.21 in 3Q 2024). Revenue: NT$150.7m (down 7.1% from 3Q 2024). Net income: NT$17.8m (up 167% from 3Q 2024). Profit margin: 12% (up from 4.1% 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 25% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$0.08 (vs NT$0.28 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.08 (down from NT$0.28 in 2Q 2024). Revenue: NT$168.8m (up 33% from 2Q 2024). Net income: NT$2.47m (down 72% from 2Q 2024). Profit margin: 1.5% (down from 6.9% in 2Q 2024). The decrease in margin was driven by higher expenses. 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 15% per year, which means it is well ahead of earnings. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$0.30 (vs NT$0.16 in 1Q 2024) First quarter 2025 results: EPS: NT$0.30 (up from NT$0.16 in 1Q 2024). Revenue: NT$138.1m (up 21% from 1Q 2024). Net income: NT$9.45m (up 89% from 1Q 2024). Profit margin: 6.8% (up from 4.4% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. New Risk • May 09
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: Minor Risks Share price has been volatile over the past 3 months (8.7% average weekly change). Market cap is less than US$100m (NT$1.60b market cap, or US$52.9m). Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$48.70, the stock trades at a trailing P/E ratio of 41.1x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 74% over the past three years. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$31.95, the stock trades at a trailing P/E ratio of 26.9x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 9.3% over the past three years. Reported Earnings • Mar 14
Full year 2024 earnings released: EPS: NT$1.19 (vs NT$1.69 in FY 2023) Full year 2024 results: EPS: NT$1.19 (down from NT$1.69 in FY 2023). Revenue: NT$566.1m (up 2.1% from FY 2023). Net income: NT$36.9m (down 26% from FY 2023). Profit margin: 6.5% (down from 9.0% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Declared Dividend • Mar 06
Dividend reduced to NT$0.99 Dividend of NT$0.99 is 36% lower than last year. Ex-date: 20th March 2025 Payment date: 18th April 2025 Dividend yield will be 2.4%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is not covered by earnings (177% earnings payout ratio) nor is it covered by cash flows (273% cash payout ratio). The dividend has increased by an average of 12% per year over the past 4 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 96% to bring the payout ratio under control. However, EPS has declined by 7.7% over the last 5 years so the company would need to reverse this trend. Duyuru • Feb 27
LinkCom Manufacturing Co.,LTD., Annual General Meeting, May 22, 2025 LinkCom Manufacturing Co.,LTD., Annual General Meeting, May 22, 2025. Location: 5 floor no,127 ln.235, pao ch`iao rd., sindian district, new taipei city Taiwan Reported Earnings • Nov 19
Third quarter 2024 earnings released: EPS: NT$0.21 (vs NT$0.46 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.21 (down from NT$0.46 in 3Q 2023). Revenue: NT$162.3m (up 21% from 3Q 2023). Net income: NT$6.66m (down 53% from 3Q 2023). Profit margin: 4.1% (down from 11% 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 2% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to NT$47.00, the stock trades at a trailing P/E ratio of 41.6x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 74% over the past three years. Valuation Update With 7 Day Price Move • Oct 31
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$55.00, the stock trades at a trailing P/E ratio of 48.7x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 104% over the past three years. Valuation Update With 7 Day Price Move • Oct 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$46.90, the stock trades at a trailing P/E ratio of 41.6x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 74% over the past three years. Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$39.80, the stock trades at a trailing P/E ratio of 35.3x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 45% over the past three years. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.28 (vs NT$0.54 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.28 (down from NT$0.54 in 2Q 2023). Revenue: NT$126.6m (down 7.3% from 2Q 2023). Net income: NT$8.72m (down 45% from 2Q 2023). Profit margin: 6.9% (down from 12% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. New Risk • Jun 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 43% 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: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 113% Cash payout ratio: 112% Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (NT$1.18b market cap, or US$36.4m). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.16 (vs NT$0.46 in 1Q 2023) First quarter 2024 results: EPS: NT$0.16 (down from NT$0.46 in 1Q 2023). Revenue: NT$114.5m (down 21% from 1Q 2023). Net income: NT$5.01m (down 61% from 1Q 2023). Profit margin: 4.4% (down from 8.9% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 20% 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 29
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.3% to NT$41.65. The fair value is estimated to be NT$53.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.0% over the last 3 years. Earnings per share has grown by 28%. Upcoming Dividend • Mar 14
Upcoming dividend of NT$1.56 per share Eligible shareholders must have bought the stock before 21 March 2024. Payment date: 22 April 2024. Payout ratio and cash payout ratio are on the higher end at 93% and 99% respectively. Trailing yield: 3.5%. Lower than top quartile of Taiwanese dividend payers (4.8%). In line with average of industry peers (3.4%). Duyuru • Mar 05
LinkCom Manufacturing Co.,LTD., Annual General Meeting, May 21, 2024 LinkCom Manufacturing Co.,LTD., Annual General Meeting, May 21, 2024. Reported Earnings • Mar 05
Full year 2023 earnings released: EPS: NT$1.69 (vs NT$2.24 in FY 2022) Full year 2023 results: EPS: NT$1.69 (down from NT$2.24 in FY 2022). Revenue: NT$554.4m (flat on FY 2022). Net income: NT$50.1m (down 20% from FY 2022). Profit margin: 9.0% (down from 11% in FY 2022). Revenue is forecast to grow 8.1% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Electronic industry in Taiwan. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: NT$0.46 (vs NT$0.90 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.46 (down from NT$0.90 in 3Q 2022). Revenue: NT$134.1m (up 4.5% from 3Q 2022). Net income: NT$14.3m (down 43% from 3Q 2022). Profit margin: 11% (down from 20% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 9.3% growth forecast for the Electronic industry in Taiwan. Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: NT$0.54 (vs NT$0.52 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.54 (up from NT$0.52 in 2Q 2022). Revenue: NT$136.5m (up 8.9% from 2Q 2022). Net income: NT$16.0m (up 10% from 2Q 2022). Profit margin: 12% (in line with 2Q 2022). Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 8.3% growth forecast for the Electronic industry in Taiwan. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$48.50, the stock trades at a trailing P/E ratio of 23.6x. Average forward P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 65% over the past year. Buying Opportunity • May 30
Now 23% undervalued Over the last 90 days, the stock is up 7.5%. The fair value is estimated to be NT$63.38, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years. Earnings per share has grown by 17%. Buying Opportunity • May 09
Now 22% undervalued Over the last 90 days, the stock is up 21%. The fair value is estimated to be NT$63.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years. Earnings per share has grown by 17%. Buying Opportunity • Apr 24
Now 22% undervalued Over the last 90 days, the stock is up 26%. The fair value is estimated to be NT$63.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years. Earnings per share has grown by 17%. Upcoming Dividend • Mar 31
Upcoming dividend of NT$2.01 per share at 3.8% yield Eligible shareholders must have bought the stock before 07 April 2023. Payment date: 05 May 2023. Trailing yield: 3.8%. Lower than top quartile of Taiwanese dividend payers (5.9%). Lower than average of industry peers (4.5%). Reported Earnings • Mar 24
Full year 2022 earnings released: EPS: NT$2.24 (vs NT$1.12 in FY 2021) Full year 2022 results: EPS: NT$2.24 (up from NT$1.12 in FY 2021). Revenue: NT$552.0m (up 12% from FY 2021). Net income: NT$62.7m (up 99% from FY 2021). Profit margin: 11% (up from 6.4% in FY 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$55.00, the stock trades at a trailing P/E ratio of 28.1x. Average trailing P/E is 13x in the Electronic industry in Taiwan. Total returns to shareholders of 63% over the past year. Upcoming Dividend • Jun 16
Upcoming dividend of NT$1.10 per share Eligible shareholders must have bought the stock before 23 June 2022. Payment date: 15 July 2022. Payout ratio is on the higher end at 89% but the company is not cash flow positive. Trailing yield: 3.1%. Lower than top quartile of Taiwanese dividend payers (6.0%). Lower than average of industry peers (4.3%). Reported Earnings • May 02
Full year 2021 earnings released: EPS: NT$1.12 (vs NT$0.96 in FY 2020) Full year 2021 results: EPS: NT$1.12 (up from NT$0.96 in FY 2020). Revenue: NT$492.3m (up 13% from FY 2020). Net income: NT$31.5m (up 17% from FY 2020). Profit margin: 6.4% (up from 6.2% in FY 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improved over the past week After last week's 34% share price gain to NT$39.40, the stock trades at a trailing P/E ratio of 38.6x. Average trailing P/E is 18x in the Electronic industry in Taiwan. 
