Upcoming Dividend • Jul 04
Upcoming dividend of NT$0.10 per share Eligible shareholders must have bought the stock before 08 July 2026. Payment date: 28 July 2026. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of Taiwanese dividend payers (4.9%). Lower than average of industry peers (2.6%). Board Change • Jul 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 Tse-Tsung Lin was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Jun 19
Dividend of NT$0.10 announced Shareholders will receive a dividend of NT$0.10. Ex-date: 8th July 2026 Payment date: 28th July 2026 Dividend yield will be 0.5%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased by an average of 5.3% per year over the past 3 years, but has still been somewhat stable with no excessively large reductions to payments. Reported Earnings • May 19
First quarter 2026 earnings released: EPS: NT$0.003 (vs NT$0.013 in 1Q 2025) First quarter 2026 results: EPS: NT$0.003 (down from NT$0.013 in 1Q 2025). Revenue: NT$420.1m (down 2.8% from 1Q 2025). Net income: NT$1.06m (down 76% from 1Q 2025). Profit margin: 0.3% (down from 1.0% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 113 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 27
Full year 2025 earnings released: NT$0.20 loss per share (vs NT$0.031 profit in FY 2024) Full year 2025 results: NT$0.20 loss per share (down from NT$0.031 profit in FY 2024). Revenue: NT$1.74b (up 4.5% from FY 2024). Net loss: NT$68.9m (down NT$79.7m from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 115 percentage points per year, which is a significant difference in performance. Duyuru • Mar 11
Shuttle Inc., Annual General Meeting, Jun 05, 2026 Shuttle Inc., Annual General Meeting, Jun 05, 2026. Location: no,30 ln.76, jui kuang rd., neihu district, taipei city Taiwan Reported Earnings • Nov 11
Third quarter 2025 earnings released: EPS: NT$0.024 (vs NT$0.02 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$0.024 (up from NT$0.02 loss in 3Q 2024). Revenue: NT$446.2m (up 12% from 3Q 2024). Net income: NT$8.34m (up NT$15.3m from 3Q 2024). Profit margin: 1.9% (up from net loss in 3Q 2024). The move to profitability was 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 136 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 09
Second quarter 2025 earnings released: NT$0.16 loss per share (vs NT$0.004 profit in 2Q 2024) Second quarter 2025 results: NT$0.16 loss per share (down from NT$0.004 profit in 2Q 2024). Revenue: NT$407.0m (down 4.4% from 2Q 2024). Net loss: NT$55.5m (down NT$57.0m from profit in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 129 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Jun 26
Upcoming dividend of NT$0.17 per share Eligible shareholders must have bought the stock before 03 July 2025. Payment date: 23 July 2025. The company is not currently making a profit but it is cash flow positive. Trailing yield: 1.0%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (3.7%). Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$0.01 (vs NT$0.066 in 1Q 2024) First quarter 2025 results: EPS: NT$0.01 (down from NT$0.066 in 1Q 2024). Revenue: NT$432.1m (down 2.4% from 1Q 2024). Net income: NT$4.51m (down 80% from 1Q 2024). Profit margin: 1.0% (down from 5.1% in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 114 percentage points per year, which is a significant difference in performance. Duyuru • May 06
Shuttle Inc. to Report Q1, 2025 Results on May 13, 2025 Shuttle Inc. announced that they will report Q1, 2025 results on May 13, 2025 Reported Earnings • Mar 28
Full year 2024 earnings released: EPS: NT$0.03 (vs NT$0.036 in FY 2023) Full year 2024 results: EPS: NT$0.03 (down from NT$0.036 in FY 2023). Revenue: NT$1.67b (down 2.5% from FY 2023). Net income: NT$10.8m (down 13% from FY 2023). Profit margin: 0.6% (down from 0.7% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 106 percentage points per year, which is a significant difference in performance. Duyuru • Mar 07
Shuttle Inc., Annual General Meeting, May 29, 2025 Shuttle Inc., Annual General Meeting, May 29, 2025. Location: no,30 ln.76, jui kuang rd., neihu district, taipei city Taiwan Duyuru • Feb 27
Shuttle Inc. to Report Q4, 2024 Results on Mar 06, 2025 Shuttle Inc. announced that they will report Q4, 2024 results on Mar 06, 2025 New Risk • Dec 16
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. This is currently the only risk that has been identified for the company. New Risk • Nov 09
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 23% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 09
Third quarter 2024 earnings released: NT$0.02 loss per share (vs NT$0.029 profit in 3Q 2023) Third quarter 2024 results: NT$0.02 loss per share (down from NT$0.029 profit in 3Q 2023). Revenue: NT$399.3m (down 12% from 3Q 2023). Net loss: NT$7.00m (down 170% 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 96 percentage points per year, which is a significant difference in performance. Duyuru • Oct 29
Shuttle Inc. to Report Q3, 2024 Results on Nov 05, 2024 Shuttle Inc. announced that they will report Q3, 2024 results on Nov 05, 2024 Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: NT$0.004 (vs NT$0.036 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.004 (down from NT$0.036 in 2Q 2023). Revenue: NT$425.9m (up 7.3% from 2Q 2023). Net income: NT$1.44m (down 88% from 2Q 2023). Profit margin: 0.3% (down from 3.1% in 2Q 2023). The decrease in margin was driven by higher expenses. 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 25% per year, which means it is well ahead of earnings. Duyuru • Aug 06
Shuttle Inc. to Report Q2, 2024 Results on Aug 13, 2024 Shuttle Inc. announced that they will report Q2, 2024 results on Aug 13, 2024 Declared Dividend • Jul 06
Dividend of NT$0.17 announced Shareholders will receive a dividend of NT$0.17. Ex-date: 22nd July 2024 Payment date: 9th August 2024 Dividend yield will be 0.7%, which is lower than the industry average of 3.0%. Payout Ratios Payout ratio: 140%. Cash payout ratio: 35%. New Risk • Jun 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 86% 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 (7.3% average weekly change). Large one-off items impacting financial results. Reported Earnings • May 12
First quarter 2024 earnings released: EPS: NT$0.07 (vs NT$0.019 loss in 1Q 2023) First quarter 2024 results: EPS: NT$0.07 (up from NT$0.019 loss in 1Q 2023). Revenue: NT$442.7m (up 4.6% from 1Q 2023). Net income: NT$22.7m (up NT$29.3m from 1Q 2023). Profit margin: 5.1% (up from net loss in 1Q 2023). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Duyuru • May 02
Shuttle Inc. to Report Q1, 2024 Results on May 07, 2024 Shuttle Inc. announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 07, 2024 Reported Earnings • Mar 26
Full year 2023 earnings released: EPS: NT$0.04 (vs NT$0.16 in FY 2022) Full year 2023 results: EPS: NT$0.04 (down from NT$0.16 in FY 2022). Revenue: NT$1.71b (down 1.4% from FY 2022). Net income: NT$12.4m (down 78% from FY 2022). Profit margin: 0.7% (down from 3.2% in FY 2022). The decrease in margin was primarily 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 11% per year, which means it is well ahead of earnings. Duyuru • Mar 14
Shuttle Inc., Annual General Meeting, Jun 07, 2024 Shuttle Inc., Annual General Meeting, Jun 07, 2024. Location: No.30, Rui-Guang Rd., Ln.76., Nei-Hu Dist., Taipei City Taipei Taiwan Agenda: To consider 2023 Business Report; to Audit Committee’s Review Report on the 2023 Financial Statements; to 2023 Report on Compensation to Employees of the Company; to Adoption of the 2023 Financial Statements; to Adoption of the Proposal for Distribution of 2023 Profits ; and to consider other matters if any. Duyuru • Dec 14
Shuttle Inc. Announces the Appointment of Cheng,Ying and Li,Chin-Ju as Independent Directors Shuttle Inc. announced the appointment of Cheng,Ying and Li,Chin-Ju as Independent directors of the Company. Effective date of the new member is December 12, 2023. Reported Earnings • Nov 04
Third quarter 2023 earnings released: EPS: NT$0.03 (vs NT$0.11 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.03 (down from NT$0.11 in 3Q 2022). Revenue: NT$455.0m (up 10% from 3Q 2022). Net income: NT$10.1m (down 74% from 3Q 2022). Profit margin: 2.2% (down from 9.3% in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Reported Earnings • Aug 05
Second quarter 2023 earnings released: EPS: NT$0.04 (vs NT$0.11 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.04 (down from NT$0.11 in 2Q 2022). Revenue: NT$397.0m (down 20% from 2Q 2022). Net income: NT$12.4m (down 67% from 2Q 2022). Profit margin: 3.1% (down from 7.6% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 18% per year. New Risk • Jul 24
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 6.1% 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 (6.1% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.5% net profit margin). Upcoming Dividend • Jul 18
Upcoming dividend of NT$0.20 per share at 1.4% yield Eligible shareholders must have bought the stock before 25 July 2023. Payment date: 21 August 2023. Trailing yield: 1.4%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (3.3%). Duyuru • Jul 09
Shuttle Inc. Announces Cash Dividends Payable on August 21, 2023 Shuttle Inc. announced Cash dividends TWD 68,685,461 (TWD 0.2 per share) of common stock. Ex-rights (ex-dividend) trading date: July 25, 2023. Ex-rights (ex-dividend) record date: July 31, 2023. Payment date of cash dividend distribution: August 21, 2023. Reported Earnings • Mar 26
Full year 2022 earnings released: EPS: NT$0.16 (vs NT$0.57 in FY 2021) Full year 2022 results: EPS: NT$0.16 (down from NT$0.57 in FY 2021). Revenue: NT$1.73b (down 5.8% from FY 2021). Net income: NT$55.1m (down 72% from FY 2021). Profit margin: 3.2% (down from 11% in FY 2021). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. 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. 6 experienced directors. 1 highly experienced director. 3 independent directors (4 non-independent directors). Independent Director Yu-Sheng Wang was the last independent director to join the board, commencing their role in 2018. 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 • Aug 16
Second quarter 2022 earnings released: EPS: NT$0.11 (vs NT$0.007 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.11 (up from NT$0.007 in 2Q 2021). Revenue: NT$496.5m (up 13% from 2Q 2021). Net income: NT$37.8m (up NT$35.3m from 2Q 2021). Profit margin: 7.6% (up from 0.6% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 116% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 23
Investor sentiment improved over the past week After last week's 17% share price gain to NT$14.15, the stock trades at a trailing P/E ratio of 24.5x. Average trailing P/E is 13x in the Tech industry in Taiwan. Total returns to shareholders of 33% over the past three years. Reported Earnings • May 17
First quarter 2022 earnings released: EPS: NT$0.01 (vs NT$0.005 in 1Q 2021) First quarter 2022 results: EPS: NT$0.01 (up from NT$0.005 in 1Q 2021). Revenue: NT$422.0m (up 7.1% from 1Q 2021). Net income: NT$4.41m (up 151% from 1Q 2021). Profit margin: 1.0% (up from 0.4% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 122% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Kuo-Shih Huang was the last independent director to join the board, commencing their role in 2016. 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 • Apr 01
Full year 2021 earnings released: EPS: NT$0.58 (vs NT$0.17 in FY 2020) Full year 2021 results: EPS: NT$0.58 (up from NT$0.17 in FY 2020). Revenue: NT$1.84b (up 5.6% from FY 2020). Net income: NT$195.5m (up 237% from FY 2020). Profit margin: 11% (up from 3.3% in FY 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 124% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Mar 29
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 32%. The fair value is estimated to be NT$17.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 36% per annum over the last 3 years. The company has become profitable over the last year. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improved over the past week After last week's 15% share price gain to NT$15.40, the stock trades at a trailing P/E ratio of 52.3x. Average trailing P/E is 16x in the Tech industry in Taiwan. Total returns to shareholders of 12% over the past three years. Buying Opportunity • Feb 22
Now 20% undervalued Over the last 90 days, the stock is up 13%. The fair value is estimated to be NT$17.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 36% per annum over the last 3 years. The company has become profitable over the last year. Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment improved over the past week After last week's 36% share price gain to NT$19.10, the stock trades at a trailing P/E ratio of 64.9x. Average trailing P/E is 15x in the Tech industry in Taiwan. Total returns to shareholders of 67% over the past three years. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS NT$0.05 (vs NT$0.016 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$487.3m (up 26% from 3Q 2020). Net income: NT$16.1m (up 194% from 3Q 2020). Profit margin: 3.3% (up from 1.4% 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 117% 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 • Aug 18
Second quarter 2021 earnings released: EPS NT$0.01 (vs NT$0.048 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$438.6m (up 9.6% from 2Q 2020). Net income: NT$2.46m (down 85% from 2Q 2020). Profit margin: 0.6% (down from 4.1% 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 108% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 17
Investor sentiment deteriorated over the past week After last week's 23% share price decline to NT$10.80, the stock trades at a trailing P/E ratio of 31.4x. Average trailing P/E is 15x in the Tech industry in Taiwan. Total loss to shareholders of 33% over the past three years. Reported Earnings • May 11
First quarter 2021 earnings released: EPS NT$0.01 (vs NT$0.13 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: NT$394.2m (down 19% from 1Q 2020). Net income: NT$1.76m (up NT$45.0m from 1Q 2020). Profit margin: 0.4% (up from net loss in 1Q 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 18
Full year 2020 earnings released: EPS NT$0.17 (vs NT$0.012 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: NT$1.74b (down 45% from FY 2019). Net income: NT$58.1m (up NT$54.1m from FY 2019). Profit margin: 3.3% (up from 0.1% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Dec 25
New 90-day high: NT$12.35 The company is up 38% from its price of NT$8.95 on 25 September 2020. The Taiwanese market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Tech industry, which is up 8.0% over the same period. Is New 90 Day High Low • Nov 27
New 90-day high: NT$9.64 The company is up 5.0% from its price of NT$9.21 on 28 August 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Tech industry, which is down 1.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.02 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$387.7m (down 55% from 3Q 2019). Net income: NT$5.49m (down 85% from 3Q 2019). Profit margin: 1.4% (down from 4.4% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 08
New 90-day low: NT$8.94 The company is down 9.0% from its price of NT$9.80 on 10 July 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is down 2.0% over the same period.