Buy Or Sell Opportunity • May 25
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to NT$73.50. The fair value is estimated to be NT$60.52, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 10% over the last 3 years. Earnings per share has declined by 24%. Reported Earnings • May 18
First quarter 2026 earnings released: EPS: NT$0.96 (vs NT$2.06 in 1Q 2025) First quarter 2026 results: EPS: NT$0.96 (down from NT$2.06 in 1Q 2025). Revenue: NT$1.59b (down 10% from 1Q 2025). Net income: NT$169.0m (down 54% from 1Q 2025). Profit margin: 11% (down from 21% in 1Q 2025). Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 23% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 24% 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. Reported Earnings • Mar 11
Full year 2025 earnings released: EPS: NT$4.63 (vs NT$8.72 in FY 2024) Full year 2025 results: EPS: NT$4.63 (down from NT$8.72 in FY 2024). Revenue: NT$6.51b (down 4.8% from FY 2024). Net income: NT$817.5m (down 47% from FY 2024). Profit margin: 13% (down from 23% in FY 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 17% 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. Duyuru • Mar 09
IEI Integration Corp., Annual General Meeting, May 25, 2026 IEI Integration Corp., Annual General Meeting, May 25, 2026, at 09:00 Taipei Standard Time. Location: 6 floor no,29, chung hsing rd., sijhih district, new taipei city Taiwan Buy Or Sell Opportunity • Jan 16
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at NT$68.20. The fair value is estimated to be NT$56.69, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.5% over the last 3 years. Earnings per share has declined by 11%. Buy Or Sell Opportunity • Dec 19
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at NT$68.10. The fair value is estimated to be NT$56.32, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.5% over the last 3 years. Earnings per share has declined by 11%. Buy Or Sell Opportunity • Nov 28
Now 20% overvalued Over the last 90 days, the stock has fallen 4.0% to NT$67.60. The fair value is estimated to be NT$56.26, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.5% over the last 3 years. Earnings per share has declined by 11%. Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: NT$2.11 (vs NT$1.67 in 3Q 2024) Third quarter 2025 results: EPS: NT$2.11 (up from NT$1.67 in 3Q 2024). Revenue: NT$1.52b (down 19% from 3Q 2024). Net income: NT$373.2m (up 27% from 3Q 2024). Profit margin: 25% (up from 16% 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 11% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • Aug 14
Second quarter 2025 earnings released: NT$1.67 loss per share (vs NT$1.43 profit in 2Q 2024) Second quarter 2025 results: NT$1.67 loss per share (down from NT$1.43 profit in 2Q 2024). Revenue: NT$1.66b (up 1.7% from 2Q 2024). Net loss: NT$294.3m (down 217% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Declared Dividend • Jul 04
Dividend increased to NT$4.50 Dividend of NT$4.50 is 29% higher than last year. Ex-date: 17th July 2025 Payment date: 15th August 2025 Dividend yield will be 5.7%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (52% earnings payout ratio) and cash flows (86% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 24% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • May 29
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (20% accrual ratio). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$2.06 (vs NT$2.67 in 1Q 2024) First quarter 2025 results: EPS: NT$2.06 (down from NT$2.67 in 1Q 2024). Revenue: NT$1.78b (up 4.3% from 1Q 2024). Net income: NT$363.7m (down 23% from 1Q 2024). Profit margin: 21% (down from 28% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • May 01
IEI Integration Corp. to Report Q1, 2025 Results on May 09, 2025 IEI Integration Corp. announced that they will report Q1, 2025 results on May 09, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$74.70, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 18x in the Tech industry in Taiwan. Total returns to shareholders of 90% over the past three years. New Risk • Mar 14
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 27% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (27% accrual ratio). Minor Risks Dividend is not well covered by cash flows (102% cash payout ratio). Share price has been volatile over the past 3 months (6.9% average weekly change). New Risk • Mar 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 6.4% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.4% average weekly change). Duyuru • Feb 26
IEI Integration Corp., Annual General Meeting, May 29, 2025 IEI Integration Corp., Annual General Meeting, May 29, 2025. Location: 6 floor no,29, chung hsing rd., sijhih district, new taipei city Taiwan Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$100.00, the stock trades at a trailing P/E ratio of 14.9x. Average trailing P/E is 22x in the Tech industry in Taiwan. Total returns to shareholders of 150% over the past three years. Buy Or Sell Opportunity • Feb 19
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 1.7% to NT$83.00. The fair value is estimated to be NT$68.60, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.4% over the last 3 years. Earnings per share has grown by 14%. Duyuru • Feb 18
IEI Integration Corp. to Report Fiscal Year 2024 Final Results on Feb 25, 2025 IEI Integration Corp. announced that they will report fiscal year 2024 final results on Feb 25, 2025 Duyuru • Dec 03
IEI Integration Corp. Unveils HTB-230D-R680e Medical AI Computer: Transforming Medical Imaging with Ai-Powered Precision IEI Integration Corp. announced the launch of the HTB-230D-R680E Medical AI Computer, a cutting-edge solution designed to revolutionize medical imaging diagnostics. As the demand for precise and rapid medical imaging grows, healthcare professionals require tools that deliver both accuracy and efficiency. The HTB-230D- R680E meets this need with advanced AI computing capabilities and an intuitive 10.1" PCAP touchscreen, significantly reducing diagnostic time while enhancing precision. The HTB-230 D-R680E is ideal for surgical recording, medical diagnostic assistance, and AI Inference in Medical Imaging. Powered by 13th Gen Intel®? Core™? i9/i7/i5 processors and up to 128GB DDR5 memory, the HTB- 230D-R680E supports NVIDIA Quadro RTX Ampere GPUs, delivering exceptional AI computing power. Healthcare professionals efficiently process imaging data, detecting subtle abnormalities often missed, enabling faster and more accurate diagnoses. Medical-Grade Scalability and Reliability: The HTB-230D -R680E is designed to adapt to diverse medical applications. It supports one PCIe x16 and two x4 expansion slots, allowing for the seamless integration of GPUs, video capture cards, and interface cards. To meet rigorous demands in healthcare environments, it incorporates a 700W ATX medical-grade power supply and a sophisticated three-zone airflow system, ensuring stable operation under heavy workloads. Integrated with a 10.1" 1920x1200 LCD featuring 10-point touch capability, this interactive display delivers real-time visualization and intuitive operation with multi-layer gloves, simplifying workflows and improving efficiency for healthcare professionals. Buy Or Sell Opportunity • Nov 22
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 7.9% to NT$86.00. The fair value is estimated to be NT$71.24, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.4% over the last 3 years. Earnings per share has grown by 14%. Reported Earnings • Nov 12
Third quarter 2024 earnings released: EPS: NT$1.67 (vs NT$2.76 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.67 (down from NT$2.76 in 3Q 2023). Revenue: NT$1.87b (flat on 3Q 2023). Net income: NT$297.6m (down 39% from 3Q 2023). Profit margin: 16% (down from 26% in 3Q 2023). Revenue is forecast to grow 8.6% p.a. on average during the next 2 years, compared to a 21% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 19% per year. Duyuru • Nov 01
IEI Integration Corp. to Report Q3, 2024 Results on Nov 08, 2024 IEI Integration Corp. announced that they will report Q3, 2024 results on Nov 08, 2024 Buy Or Sell Opportunity • Aug 22
Now 20% overvalued Over the last 90 days, the stock has fallen 1.9% to NT$81.80. The fair value is estimated to be NT$68.12, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.0% over the last 3 years. Earnings per share has grown by 18%. Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: NT$1.43 (vs NT$1.95 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.43 (down from NT$1.95 in 2Q 2023). Revenue: NT$1.63b (down 15% from 2Q 2023). Net income: NT$252.5m (down 27% from 2Q 2023). Profit margin: 16% (down from 18% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.5% p.a. on average during the next 2 years, compared to a 20% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 19% per year. Duyuru • Aug 02
IEI Integration Corp. to Report Q2, 2024 Results on Aug 09, 2024 IEI Integration Corp. announced that they will report Q2, 2024 results on Aug 09, 2024 Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$98.10, the stock trades at a trailing P/E ratio of 11.7x. Average forward P/E is 17x in the Tech industry in Taiwan. Total returns to shareholders of 122% over the past three years. Declared Dividend • Jul 05
Dividend of NT$3.50 announced Dividend of NT$3.50 is the same as last year. Ex-date: 18th July 2024 Payment date: 16th August 2024 Dividend yield will be 4.1%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is well covered by both earnings (42% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 10% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Duyuru • Jul 03
IEI Integration Corp. Approves Cash Dividend, Payable on August 16, 2024 The board of directors of IEI Integration Corp. approved common stock Cash dividend of TWD 618,092,265 (TWD 3.5 per share) payable on August 16, 2024. Ex-rights (ex-dividend) trading date: July 18, 2024. Ex-rights (ex-dividend) record date: July 25, 2024. Date of the resolution by the board of directors or shareholders meeting or decision by the Company: July 2, 2024. Reported Earnings • May 12
First quarter 2024 earnings released: EPS: NT$2.67 (vs NT$2.14 in 1Q 2023) First quarter 2024 results: EPS: NT$2.67 (up from NT$2.14 in 1Q 2023). Revenue: NT$1.70b (down 21% from 1Q 2023). Net income: NT$471.4m (up 25% from 1Q 2023). Profit margin: 28% (up from 18% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 19% per year. Duyuru • May 03
IEI Integration Corp. to Report Q1, 2024 Results on May 10, 2024 IEI Integration Corp. announced that they will report Q1, 2024 results on May 10, 2024 Reported Earnings • Mar 12
Full year 2023 earnings released: EPS: NT$7.83 (vs NT$8.45 in FY 2022) Full year 2023 results: EPS: NT$7.83 (down from NT$8.45 in FY 2022). Revenue: NT$7.58b (down 4.6% from FY 2022). Net income: NT$1.38b (down 7.4% from FY 2022). Profit margin: 18% (in line with FY 2022). Revenue is forecast to grow 8.0% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Tech 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 15% per year, which means it is significantly lagging earnings growth. Duyuru • Mar 09
IEI Integration Corp., Annual General Meeting, Jun 18, 2024 IEI Integration Corp., Annual General Meeting, Jun 18, 2024. Location: 6F, No. 29, Zhongxing Road Xizhi District, New Taipei City (IEI Education and Training center) New Taipei City Taiwan Agenda: To consider 2023 Business Report; to consider the Audit Committee's review of the 2023 annual final accounting books and statements; to consider the Report on 2023 employees' and directors' remuneration; to consider the Acknowledgment of the 2023 Earnings Distribution; and to consider other matters. Price Target Changed • Dec 01
Price target increased by 22% to NT$102 Up from NT$83.00, the current price target is an average from 2 analysts. New target price is 17% above last closing price of NT$87.10. Stock is up 16% over the past year. The company posted earnings per share of NT$8.45 last year. Reported Earnings • Nov 08
Third quarter 2023 earnings released: EPS: NT$2.76 (vs NT$3.46 in 3Q 2022) Third quarter 2023 results: EPS: NT$2.76 (down from NT$3.46 in 3Q 2022). Revenue: NT$1.86b (down 27% from 3Q 2022). Net income: NT$488.1m (down 20% from 3Q 2022). Profit margin: 26% (up from 24% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 19% per year. Price Target Changed • Oct 26
Price target decreased by 17% to NT$83.00 Down from NT$101, the current price target is provided by 1 analyst. New target price is 19% above last closing price of NT$70.00. Stock is up 33% over the past year. The company posted earnings per share of NT$8.45 last year. Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: NT$1.95 (vs NT$1.87 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.95 (up from NT$1.87 in 2Q 2022). Revenue: NT$1.91b (up 16% from 2Q 2022). Net income: NT$344.8m (up 4.2% from 2Q 2022). Profit margin: 18% (down from 20% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 12
Upcoming dividend of NT$3.50 per share at 4.2% yield Eligible shareholders must have bought the stock before 19 July 2023. Payment date: 18 August 2023. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 4.2%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.6%). Duyuru • Jul 04
IEI Integration Corp. Announces Distribution of Cash Dividends, Payment Date of Cash Dividend Distribution August 18, 2023 IEI Integration Corp. announced distribution of cash dividends. Type and monetary amount of dividend distribution: Cash dividends TWD 618,092,265 (TWD 3.5 per share), Ex-rights (ex-dividend) trading date: July 19, 2023, Last date before book closure of July 20, 2023, Book closure starting date of July 21, 2023, Book closure ending date:2023/07/25, Ex-rights (ex-dividend) record date of July 25, 2023 and Payment date of cash dividend distribution August 18, 2023. New Risk • Jun 16
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 6.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.0% average weekly change). Valuation Update With 7 Day Price Move • May 17
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$97.10, the stock trades at a trailing P/E ratio of 10.5x. Average forward P/E is 13x in the Tech industry in Taiwan. Total returns to shareholders of 173% over the past three years. Reported Earnings • May 10
First quarter 2023 earnings released: EPS: NT$2.14 (vs NT$1.39 in 1Q 2022) First quarter 2023 results: EPS: NT$2.14 (up from NT$1.39 in 1Q 2022). Revenue: NT$2.15b (up 38% from 1Q 2022). Net income: NT$378.7m (up 54% from 1Q 2022). Profit margin: 18% (up from 16% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 30% per year whereas the company’s share price has increased by 25% per year. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$3.46 (vs NT$1.19 in 3Q 2021) Third quarter 2022 results: EPS: NT$3.46 (up from NT$1.19 in 3Q 2021). Revenue: NT$2.54b (up 62% from 3Q 2021). Net income: NT$611.7m (up 190% from 3Q 2021). Profit margin: 24% (up from 14% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. No independent directors (4 non-independent directors). Chairman of the Board Ming-Zhi Zhang was the last director to join the board, commencing their role in 2005. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$3.46 (vs NT$1.19 in 3Q 2021) Third quarter 2022 results: EPS: NT$3.46 (up from NT$1.19 in 3Q 2021). Revenue: NT$2.54b (up 62% from 3Q 2021). Net income: NT$611.7m (up 190% from 3Q 2021). Profit margin: 24% (up from 14% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment deteriorated over the past week After last week's 20% share price decline to NT$62.30, the stock trades at a trailing P/E ratio of 11.5x. Average trailing P/E is 13x in the Tech industry in Taiwan. Total returns to shareholders of 37% over the past three years. Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment improved over the past week After last week's 16% share price gain to NT$72.20, the stock trades at a trailing P/E ratio of 13.3x. Average trailing P/E is 13x in the Tech industry in Taiwan. Total returns to shareholders of 54% over the past three years. Reported Earnings • Aug 09
Second quarter 2022 earnings released: EPS: NT$1.87 (vs NT$1.27 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.87 (up from NT$1.27 in 2Q 2021). Revenue: NT$1.65b (up 1.8% from 2Q 2021). Net income: NT$330.8m (up 48% from 2Q 2021). Profit margin: 20% (up from 14% in 2Q 2021). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 19
Investor sentiment improved over the past week After last week's 16% share price gain to NT$52.60, the stock trades at a trailing P/E ratio of 10.9x. Average forward P/E is 10x in the Tech industry in Taiwan. Total returns to shareholders of 23% over the past three years. Upcoming Dividend • Jul 07
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 14 July 2022. Payment date: 12 August 2022. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 6.4%. Lower than top quartile of Taiwanese dividend payers (6.8%). Lower than average of industry peers (7.9%). Price Target Changed • Jun 29
Price target decreased to NT$47.30 Down from NT$52.50, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of NT$45.55. Stock is down 8.7% over the past year. The company posted earnings per share of NT$4.90 last year. Reported Earnings • May 15
First quarter 2022 earnings released: EPS: NT$1.39 (vs NT$1.46 in 1Q 2021) First quarter 2022 results: EPS: NT$1.39 (down from NT$1.46 in 1Q 2021). Revenue: NT$1.56b (up 9.1% from 1Q 2021). Net income: NT$245.3m (down 4.9% from 1Q 2021). Profit margin: 16% (down from 18% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. No independent directors (4 non-independent directors). Chairman of the Board Ming-Zhi Zhang was the last director to join the board, commencing their role in 2005. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Mar 15
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$4.90 (down from NT$5.64 in FY 2020). Revenue: NT$6.24b (up 5.0% from FY 2020). Net income: NT$865.9m (down 13% from FY 2020). Profit margin: 14% (down from 17% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 8.6%, compared to a 8.7% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS NT$1.19 (vs NT$1.45 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: NT$1.57b (up 1.8% from 3Q 2020). Net income: NT$210.9m (down 18% from 3Q 2020). Profit margin: 14% (down from 17% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Upcoming Dividend • Aug 17
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 24 August 2021. Payment date: 17 September 2021. Trailing yield: 4.3%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (5.5%). Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS NT$1.27 (vs NT$1.53 in 2Q 2020) The company reported a poor second quarter result with weaker earnings and profit margins, although revenues were flat. Second quarter 2021 results: Revenue: NT$1.62b (flat on 2Q 2020). Net income: NT$223.9m (down 18% from 2Q 2020). Profit margin: 14% (down from 17% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 14
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$47.45, the stock trades at a trailing P/E ratio of 8x. Average trailing P/E is 15x in the Tech industry in Taiwan. Total loss to shareholders of 3.0% over the past three years. Reported Earnings • May 08
First quarter 2021 earnings released: EPS NT$1.46 (vs NT$1.15 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: NT$1.43b (up 42% from 1Q 2020). Net income: NT$257.9m (up 27% from 1Q 2020). Profit margin: 18% (down from 20% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has fallen by 1% per year. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improved over the past week After last week's 17% share price gain to NT$61.10, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 17x in the Tech industry in Taiwan. Total returns to shareholders of 8.8% over the past three years. Duyuru • Mar 18
IEI Integration Corp., Annual General Meeting, Jun 17, 2021 IEI Integration Corp., Annual General Meeting, Jun 17, 2021. Reported Earnings • Mar 16
Full year 2020 earnings released: EPS NT$5.64 (vs NT$2.82 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$5.95b (up 6.1% from FY 2019). Net income: NT$996.7m (up 48% from FY 2019). Profit margin: 17% (up from 12% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 10% per year. Is New 90 Day High Low • Jan 14
New 90-day high: NT$58.40 The company is up 33% from its price of NT$43.90 on 16 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Tech industry, which is up 12% over the same period. Valuation Update With 7 Day Price Move • Dec 25
Investor sentiment improved over the past week After last week's 16% share price gain to NT$56.50, the stock is trading at a trailing P/E ratio of 14.4x, up from the previous P/E ratio of 12.4x. This compares to an average P/E of 15x in the Tech industry in Taiwan. Total return to shareholders over the past three years is a loss of 3.0%. Is New 90 Day High Low • Dec 24
New 90-day high: NT$54.80 The company is up 31% from its price of NT$41.85 on 25 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Tech industry, which is up 7.0% over the same period. Is New 90 Day High Low • Nov 30
New 90-day high: NT$48.15 The company is up 6.0% from its price of NT$45.35 on 01 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Tech industry, which is flat over the same period. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS NT$1.45 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: NT$1.54b (up 6.4% from 3Q 2019). Net income: NT$257.2m (down 6.5% from 3Q 2019). Profit margin: 17% (down from 19% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 20% per year whereas the company’s share price has fallen by 16% per year. Is New 90 Day High Low • Sep 24
New 90-day low: NT$42.55 The company is down 4.0% from its price of NT$44.50 on 24 June 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is up 2.0% over the same period.