Declared Dividend • May 30
Dividend reduced to NT$0.50 Dividend of NT$0.50 is 75% lower than last year. Ex-date: 17th June 2026 Payment date: 16th July 2026 Dividend yield will be 1.3%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is not adequately covered by earnings (98% earnings payout ratio) nor is it adequately covered by cash flows (99% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 9.0% to bring the payout ratio under control. However, EPS has declined by 32% over the last 5 years so the company would need to reverse this trend. Reported Earnings • May 07
First quarter 2026 earnings released: EPS: NT$0.21 (vs NT$0.21 in 1Q 2025) First quarter 2026 results: EPS: NT$0.21 (down from NT$0.21 in 1Q 2025). Revenue: NT$6.02b (up 9.9% from 1Q 2025). Net income: NT$56.9m (down 3.7% from 1Q 2025). Profit margin: 0.9% (down from 1.1% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 05
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: NT$0.51 (down from NT$2.22 in FY 2024). Revenue: NT$25.1b (up 16% from FY 2024). Net income: NT$141.8m (down 77% from FY 2024). Profit margin: 0.6% (down from 2.9% in FY 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) also missed analyst estimates by 51%. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Duyuru • Mar 05
Darfon Electronics Corp., Annual General Meeting, May 27, 2026 Darfon Electronics Corp., Annual General Meeting, May 27, 2026, at 09:00 Taipei Standard Time. Location: no,398, t`ao ying rd., taoyuan district, taoyuan city Taiwan New Risk • Mar 05
New major risk - Revenue and earnings growth Earnings have declined by 8.7% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 231% Cash payout ratio: 92% Earnings have declined by 8.7% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.0% net profit margin). Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$32.55, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 15x in the Tech industry in Taiwan. Negligible returns to shareholders over past three years. Reported Earnings • Nov 09
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: NT$0.03 (down from NT$0.68 in 3Q 2024). Revenue: NT$6.50b (up 22% from 3Q 2024). Net income: NT$8.18m (down 96% from 3Q 2024). Profit margin: 0.1% (down from 3.5% in 3Q 2024). Revenue missed analyst estimates by 6.2%. Earnings per share (EPS) also missed analyst estimates by 96%. Revenue is forecast to grow 5.0% 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 fallen by 31% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Aug 02
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: NT$0.22 (down from NT$0.62 in 2Q 2024). Revenue: NT$6.90b (up 33% from 2Q 2024). Net income: NT$61.2m (down 64% from 2Q 2024). Profit margin: 0.9% (down from 3.3% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 10%. Earnings per share (EPS) missed analyst estimates by 19%. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jun 13
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 20 June 2025. Payment date: 18 July 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 5.3%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (3.7%). Duyuru • May 30
Darfon Electronics Corp. Announces Cash Dividend, Payable on July 18, 2025 Darfon Electronics Corp. announced that at the shareholders meeting held on May 29, 2025 approved Cash dividend of TWD 560,000,002. Ex-rights (ex-dividend) trading date is June 20, 2025. Ex-rights (ex-dividend) record date is June 28, 2025. Payment date of common stock cash dividend distribution is July 18, 2025. Reported Earnings • May 06
First quarter 2025 earnings released: EPS: NT$0.21 (vs NT$0.52 in 1Q 2024) First quarter 2025 results: EPS: NT$0.21 (down from NT$0.52 in 1Q 2024). Revenue: NT$5.48b (up 7.3% from 1Q 2024). Net income: NT$59.1m (down 59% from 1Q 2024). Profit margin: 1.1% (down from 2.8% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 5% per year. Duyuru • Apr 27
Darfon Electronics Corp. to Report Q1, 2025 Results on May 05, 2025 Darfon Electronics Corp. announced that they will report Q1, 2025 results on May 05, 2025 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$33.95, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 18x in the Tech industry in Taiwan. Total loss to shareholders of 13% over the past three years. New Risk • Mar 08
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 61% 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 Dividend is not well covered by earnings (157% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.9% net profit margin). Reported Earnings • Mar 08
Full year 2024 earnings released: EPS: NT$2.22 (vs NT$5.91 in FY 2023) Full year 2024 results: EPS: NT$2.22 (down from NT$5.91 in FY 2023). Revenue: NT$21.7b (down 16% from FY 2023). Net income: NT$618.6m (down 63% from FY 2023). Profit margin: 2.9% (down from 6.4% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 4% per year. Duyuru • Mar 05
Darfon Electronics Corp., Annual General Meeting, May 29, 2025 Darfon Electronics Corp., Annual General Meeting, May 29, 2025, at 09:00 Taipei Standard Time. Location: no,398, t`ao ying rd., taoyuan district, taoyuan city Taiwan Duyuru • Feb 22
Darfon Electronics Corp. to Report Fiscal Year 2024 Results on Mar 03, 2025 Darfon Electronics Corp. announced that they will report fiscal year 2024 results at 9:00 AM, Taipei Standard Time on Mar 03, 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. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 05
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: NT$0.68 (down from NT$3.86 in 3Q 2023). Revenue: NT$5.35b (down 22% from 3Q 2023). Net income: NT$189.4m (down 82% from 3Q 2023). Profit margin: 3.5% (down from 16% in 3Q 2023). Revenue missed analyst estimates by 17%. Earnings per share (EPS) also missed analyst estimates by 36%. Revenue is forecast to grow 15% 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 7% per year whereas the company’s share price has increased by 3% per year. Duyuru • Oct 24
Darfon Electronics Corp. to Report Q3, 2024 Results on Nov 01, 2024 Darfon Electronics Corp. announced that they will report Q3, 2024 results on Nov 01, 2024 Buy Or Sell Opportunity • Aug 21
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 22% to NT$52.60. The fair value is estimated to be NT$66.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.2% over the last 3 years. Earnings per share has grown by 16%. Reported Earnings • Aug 08
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: NT$0.62 (down from NT$0.82 in 2Q 2023). Revenue: NT$5.20b (down 25% from 2Q 2023). Net income: NT$172.0m (down 25% from 2Q 2023). Profit margin: 3.3% (in line with 2Q 2023). Revenue missed analyst estimates by 13%. Earnings per share (EPS) also missed analyst estimates by 30%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Tech industry in Taiwan. 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 4% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Aug 05
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 31% to NT$49.50. The fair value is estimated to be NT$66.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 15%. Duyuru • Jul 27
Darfon Electronics Corp. to Report Q2, 2024 Results on Aug 05, 2024 Darfon Electronics Corp. announced that they will report Q2, 2024 results on Aug 05, 2024 Buy Or Sell Opportunity • Jul 03
Now 19% overvalued after recent price rise Over the last 90 days, the stock has risen 9.3% to NT$69.50. The fair value is estimated to be NT$58.37, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 15%. Buy Or Sell Opportunity • Jul 02
Now 18% overvalued after recent price rise Over the last 90 days, the stock has risen 8.6% to NT$69.10. The fair value is estimated to be NT$58.37, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 15%. Buy Or Sell Opportunity • Jul 01
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to NT$69.90. The fair value is estimated to be NT$58.37, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 15%. Buy Or Sell Opportunity • Jun 20
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 9.0% to NT$70.10. The fair value is estimated to be NT$58.37, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 15%. Declared Dividend • Jun 15
Dividend increased to NT$4.00 Dividend of NT$4.00 is 33% higher than last year. Ex-date: 4th July 2024 Payment date: 5th August 2024 Dividend yield will be 5.8%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (68% earnings payout ratio) and cash flows (38% cash payout ratio). The dividend has increased by an average of 21% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 16% over the next year. However, it would need to fall by 25% to increase the payout ratio to a potentially unsustainable range. Buy Or Sell Opportunity • Jun 03
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to NT$69.20. The fair value is estimated to be NT$57.57, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 15%. Reported Earnings • May 07
First quarter 2024 earnings: EPS exceeds analyst expectations First quarter 2024 results: EPS: NT$0.52 (up from NT$0.51 in 1Q 2023). Revenue: NT$5.11b (down 15% from 1Q 2023). Net income: NT$143.7m (flat on 1Q 2023). Profit margin: 2.8% (up from 2.4% in 1Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 93%. Revenue is forecast to grow 4.9% 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 15% per year and the company’s share price has also increased by 15% per year. Buy Or Sell Opportunity • May 07
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 42% to NT$71.80. The fair value is estimated to be NT$57.10, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 15%. Duyuru • Apr 26
Darfon Electronics Corp. to Report Q1, 2024 Results on May 03, 2024 Darfon Electronics Corp. announced that they will report Q1, 2024 results on May 03, 2024 Major Estimate Revision • Mar 13
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$27.1b to NT$26.5b. EPS estimate also fell from NT$3.90 per share to NT$3.50 per share. Net income forecast to shrink 41% next year vs 27% growth forecast for Tech industry in Taiwan . Consensus price target up from NT$58.00 to NT$73.00. Share price was steady at NT$60.70 over the past week. New Risk • Mar 11
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 132% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Mar 06
Full year 2023 earnings released: EPS: NT$5.91 (vs NT$4.15 in FY 2022) Full year 2023 results: EPS: NT$5.91 (up from NT$4.15 in FY 2022). Revenue: NT$25.8b (down 13% from FY 2022). Net income: NT$1.65b (up 42% from FY 2022). Profit margin: 6.4% (up from 3.9% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Duyuru • Dec 30
Darfon Electronics Corp. Announces the Resignation of Philip, Nian as Chief Information Security Officer Darfon Electronics Corp. announced the resignation of Philip, Nian as Chief Information Security Officer, effective December 29, 2023. New Risk • Nov 11
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 74% 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 Earnings are forecast to decline by an average of 36% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. New Risk • Nov 04
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 16% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 16% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 04
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: NT$3.86 (up from NT$1.21 in 3Q 2022). Revenue: NT$6.84b (down 9.6% from 3Q 2022). Net income: NT$1.07b (up 217% from 3Q 2022). Profit margin: 16% (up from 4.5% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 3.6%. Earnings per share (EPS) exceeded analyst estimates. Revenue is forecast to grow 7.3% p.a. on average during the next 2 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 13% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Duyuru • Sep 29
Darfon Electronics Corp. Approves Distribution of Cash Dividend Darfon Electronics Corp. approved Distribution of cash dividend RMB 288,027,783.07 at the shareholders' meeting held on September 28, 2023. New Risk • Aug 06
New major risk - Revenue and earnings growth Earnings have declined by 2.2% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 2.2% per year over the past 5 years. Minor Risk Dividend is not well covered by cash flows (136% cash payout ratio). Reported Earnings • Aug 05
Second quarter 2023 earnings: EPS misses analyst expectations Second quarter 2023 results: EPS: NT$0.82 (down from NT$1.02 in 2Q 2022). Revenue: NT$6.89b (down 11% from 2Q 2022). Net income: NT$228.2m (down 20% from 2Q 2022). Profit margin: 3.3% (down from 3.7% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.5%. Revenue is forecast to grow 4.9% p.a. on average during the next 2 years, compared to a 9.6% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 4% per year. Duyuru • Aug 04
Darfon Electronics Corp. Announces Changes in the Company's CFO Darfon Electronics Corp. announced changes in the company's CFO. Name, title, and resume of the previous position holder: CFO: Lin, Hsien-Chang, Financial Vice President of the Company. Name, title, and resume of the new position holder: CFO: Lin, Feng-Cheng, Associate Vice President of the Company's Financial Department. Effective date: August 3, 2023. Upcoming Dividend • Jul 04
Upcoming dividend of NT$3.00 per share at 6.3% yield Eligible shareholders must have bought the stock before 11 July 2023. Payment date: 10 August 2023. Payout ratio is a comfortable 72% but the company is not cash flow positive. Trailing yield: 6.3%. Within top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (3.8%). Duyuru • May 23
Darfon Electronics Corp. Announces Appointment of Philip, Nian as Chief Information Security Officer Darfon Electronics Corp. announced the appointment of Philip, Nian as chief information security officer, effective May 22, 2023. Philip, Nian is senior director of the information technology service department of Darfon Electronics Corp. Reported Earnings • Mar 10
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: NT$4.15 (up from NT$4.10 in FY 2021). Revenue: NT$29.5b (up 5.3% from FY 2021). Net income: NT$1.16b (up 1.4% from FY 2021). Profit margin: 3.9% (down from 4.1% in FY 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) exceeded analyst estimates by 4.2%. Revenue is forecast to grow 6.2% p.a. on average during the next 2 years, compared to a 4.2% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 14% per year and the company’s share price has also increased by 14% per year. Board Change • Nov 16
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 an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 4 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Kelvin Lee was the last independent director to join the board, commencing their role in 2021. 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 05
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: NT$1.21 (up from NT$1.09 in 3Q 2021). Revenue: NT$7.57b (up 8.8% from 3Q 2021). Net income: NT$338.7m (up 12% from 3Q 2021). Profit margin: 4.5% (up from 4.4% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) also missed analyst estimates by 7.7%. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 06
Second quarter 2022 earnings: EPS exceeds analyst expectations Second quarter 2022 results: EPS: NT$1.02 (down from NT$1.11 in 2Q 2021). Revenue: NT$7.75b (up 2.9% from 2Q 2021). Net income: NT$286.4m (down 7.7% from 2Q 2021). Profit margin: 3.7% (down from 4.1% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.5%. Over the next year, revenue is forecast to grow 7.2%, compared to a 4.0% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 1% per year. Price Target Changed • Jul 15
Price target decreased to NT$51.00 Down from NT$58.50, the current price target is an average from 3 analysts. New target price is 35% above last closing price of NT$37.80. Stock is down 21% over the past year. The company is forecast to post earnings per share of NT$4.68 for next year compared to NT$4.09 last year. Upcoming Dividend • Jun 30
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 07 July 2022. Payment date: 04 August 2022. Payout ratio is a comfortable 70% but the company is not cash flow positive. Trailing yield: 7.4%. Within top quartile of Taiwanese dividend payers (6.4%). In line with average of industry peers (7.2%). Board Change • Jun 06
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Kelvin Lee was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 06
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: NT$0.89 (up from NT$0.72 in 1Q 2021). Revenue: NT$7.42b (up 24% from 1Q 2021). Net income: NT$248.4m (up 23% from 1Q 2021). Profit margin: 3.3% (down from 3.4% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) missed analyst estimates by 12%. Over the next year, revenue is forecast to grow 9.6%, compared to a 8.2% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 1% per year. Price Target Changed • Apr 27
Price target increased to NT$61.50 Up from NT$52.50, the current price target is an average from 2 analysts. New target price is 31% above last closing price of NT$46.95. Stock is down 10% over the past year. The company is forecast to post earnings per share of NT$4.92 for next year compared to NT$4.09 last year. Reported Earnings • Mar 11
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: NT$4.09 (up from NT$3.23 in FY 2020). Revenue: NT$28.0b (up 26% from FY 2020). Net income: NT$1.15b (up 27% from FY 2020). Profit margin: 4.1% (up from 4.0% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.2%. Over the next year, revenue is forecast to grow 13%, compared to a 8.3% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS NT$1.08 (vs NT$1.01 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: NT$6.96b (up 14% from 3Q 2020). Net income: NT$303.7m (up 7.8% from 3Q 2020). Profit margin: 4.4% (down from 4.6% in 3Q 2020). The decrease in margin was driven by higher expenses. 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 4% per year, which means it is well ahead of earnings. Board Change • Sep 12
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. 4 experienced directors. 3 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Nelson Lee was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Sep 10
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. 4 experienced directors. 3 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Nelson Lee was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Sep 09
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. 4 experienced directors. 3 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Nelson Lee was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Sep 07
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. 4 experienced directors. 3 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Nelson Lee was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Sep 06
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. 4 experienced directors. 3 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Nelson Lee was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Aug 16
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 23 August 2021. Payment date: 11 September 2021. Trailing yield: 5.7%. Within top quartile of Taiwanese dividend payers (5.2%). In line with average of industry peers (5.4%). Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$1.11 (vs NT$0.89 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: NT$7.54b (up 32% from 2Q 2020). Net income: NT$310.3m (up 25% from 2Q 2020). Profit margin: 4.1% (down from 4.3% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • May 14
First quarter 2021 earnings released: EPS NT$0.72 (vs NT$0.36 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$6.00b (up 46% from 1Q 2020). Net income: NT$201.3m (up 100% from 1Q 2020). Profit margin: 3.4% (up from 2.4% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 4% per year. Duyuru • Mar 17
Darfon Electronics Corp., Annual General Meeting, Jun 23, 2021 Darfon Electronics Corp., Annual General Meeting, Jun 23, 2021. Reported Earnings • Mar 16
Full year 2020 earnings released: EPS NT$3.23 (vs NT$3.21 in FY 2019) The company reported a mediocre full year result with weaker profit margins, although earnings were flat and revenues improved. Full year 2020 results: Revenue: NT$22.3b (up 17% from FY 2019). Net income: NT$903.8m (flat on FY 2019). Profit margin: 4.0% (down from 4.7% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Mar 10
New 90-day high: NT$47.40 The company is up 6.0% from its price of NT$44.70 on 10 December 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is up 7.0% over the same period. Is New 90 Day High Low • Nov 24
New 90-day high: NT$43.40 The company is up 12% from its price of NT$38.60 on 26 August 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Tech industry, which is down 2.0% over the same period. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS NT$1.01 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: NT$6.11b (up 23% from 3Q 2019). Net income: NT$281.8m (up 18% from 3Q 2019). Profit margin: 4.6% (down from 4.8% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 07
Third quarter 2020 earnings released: EPS NT$1.01 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: NT$6.11b (up 23% from 3Q 2019). Net income: NT$281.8m (up 18% from 3Q 2019). Profit margin: 4.6% (down from 4.8% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth.