Intrinsic value of Deswell Industries - DSWL

Previous Close

$3.20

  Intrinsic Value

$1.28

stock screener

  Rating & Target

str. sell

-60%

Previous close

$3.20

 
Intrinsic value

$1.28

 
Up/down potential

-60%

 
Rating

str. sell

We calculate the intrinsic value of DSWL stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  36.30
  33.17
  30.35
  27.82
  25.54
  23.48
  21.63
  19.97
  18.47
  17.13
  15.91
  14.82
  13.84
  12.96
  12.16
  11.44
  10.80
  10.22
  9.70
  9.23
  8.81
  8.42
  8.08
  7.77
  7.50
  7.25
  7.02
  6.82
  6.64
  6.47
Revenue, $m
  83
  110
  144
  183
  230
  284
  346
  415
  492
  576
  668
  766
  873
  986
  1,105
  1,232
  1,365
  1,505
  1,650
  1,803
  1,962
  2,127
  2,299
  2,477
  2,663
  2,856
  3,057
  3,265
  3,482
  3,707
Variable operating expenses, $m
  61
  81
  106
  135
  170
  210
  255
  306
  363
  425
  493
  566
  644
  727
  816
  909
  1,007
  1,110
  1,218
  1,330
  1,448
  1,570
  1,696
  1,828
  1,965
  2,108
  2,256
  2,410
  2,570
  2,736
Fixed operating expenses, $m
  14
  15
  15
  15
  16
  16
  16
  17
  17
  17
  18
  18
  19
  19
  19
  20
  20
  21
  21
  22
  22
  23
  23
  24
  24
  25
  25
  26
  26
  27
Total operating expenses, $m
  75
  96
  121
  150
  186
  226
  271
  323
  380
  442
  511
  584
  663
  746
  835
  929
  1,027
  1,131
  1,239
  1,352
  1,470
  1,593
  1,719
  1,852
  1,989
  2,133
  2,281
  2,436
  2,596
  2,763
Operating income, $m
  7
  14
  23
  33
  45
  59
  74
  92
  112
  133
  157
  183
  210
  239
  270
  303
  337
  373
  411
  451
  492
  535
  579
  625
  674
  724
  776
  830
  886
  944
EBITDA, $m
  10
  18
  28
  39
  53
  69
  86
  107
  129
  154
  181
  210
  241
  274
  309
  346
  385
  426
  469
  514
  561
  609
  660
  713
  767
  824
  883
  944
  1,008
  1,075
Interest expense (income), $m
  0
  0
  0
  1
  1
  2
  3
  4
  5
  6
  7
  9
  10
  12
  14
  16
  18
  20
  22
  24
  27
  29
  32
  35
  38
  41
  44
  47
  51
  54
  58
Earnings before tax, $m
  7
  14
  22
  31
  43
  56
  71
  87
  106
  126
  148
  172
  198
  226
  255
  285
  318
  351
  387
  424
  462
  502
  544
  588
  633
  680
  728
  779
  832
  887
Tax expense, $m
  2
  4
  6
  8
  12
  15
  19
  24
  29
  34
  40
  47
  53
  61
  69
  77
  86
  95
  104
  114
  125
  136
  147
  159
  171
  184
  197
  210
  225
  239
Net income, $m
  5
  10
  16
  23
  31
  41
  52
  64
  77
  92
  108
  126
  145
  165
  186
  208
  232
  257
  282
  309
  338
  367
  397
  429
  462
  496
  532
  569
  607
  647

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  110
  146
  190
  243
  305
  377
  459
  550
  652
  764
  885
  1,017
  1,157
  1,307
  1,466
  1,634
  1,810
  1,995
  2,189
  2,391
  2,601
  2,821
  3,049
  3,286
  3,532
  3,788
  4,054
  4,330
  4,618
  4,917
Adjusted assets (=assets-cash), $m
  110
  146
  190
  243
  305
  377
  459
  550
  652
  764
  885
  1,017
  1,157
  1,307
  1,466
  1,634
  1,810
  1,995
  2,189
  2,391
  2,601
  2,821
  3,049
  3,286
  3,532
  3,788
  4,054
  4,330
  4,618
  4,917
Revenue / Adjusted assets
  0.755
  0.753
  0.758
  0.753
  0.754
  0.753
  0.754
  0.755
  0.755
  0.754
  0.755
  0.753
  0.755
  0.754
  0.754
  0.754
  0.754
  0.754
  0.754
  0.754
  0.754
  0.754
  0.754
  0.754
  0.754
  0.754
  0.754
  0.754
  0.754
  0.754
Average production assets, $m
  43
  57
  75
  95
  120
  148
  180
  216
  256
  299
  347
  399
  454
  513
  575
  641
  710
  782
  858
  937
  1,020
  1,106
  1,195
  1,288
  1,385
  1,485
  1,589
  1,698
  1,811
  1,928
Working capital, $m
  17
  23
  30
  38
  48
  59
  72
  87
  103
  120
  140
  160
  182
  206
  231
  257
  285
  314
  345
  377
  410
  444
  480
  518
  557
  597
  639
  682
  728
  775
Total debt, $m
  7
  15
  26
  38
  53
  70
  89
  111
  135
  161
  190
  221
  254
  289
  327
  366
  408
  452
  497
  545
  595
  647
  700
  756
  814
  875
  938
  1,003
  1,071
  1,141
Total liabilities, $m
  26
  34
  45
  57
  72
  89
  108
  130
  154
  180
  209
  240
  273
  308
  346
  386
  427
  471
  517
  564
  614
  666
  719
  775
  834
  894
  957
  1,022
  1,090
  1,160
Total equity, $m
  84
  112
  145
  186
  233
  288
  351
  421
  498
  584
  676
  777
  884
  999
  1,120
  1,248
  1,383
  1,525
  1,672
  1,827
  1,988
  2,155
  2,329
  2,510
  2,698
  2,894
  3,097
  3,308
  3,528
  3,756
Total liabilities and equity, $m
  110
  146
  190
  243
  305
  377
  459
  551
  652
  764
  885
  1,017
  1,157
  1,307
  1,466
  1,634
  1,810
  1,996
  2,189
  2,391
  2,602
  2,821
  3,048
  3,285
  3,532
  3,788
  4,054
  4,330
  4,618
  4,916
Debt-to-equity ratio
  0.080
  0.140
  0.180
  0.210
  0.230
  0.240
  0.250
  0.260
  0.270
  0.280
  0.280
  0.280
  0.290
  0.290
  0.290
  0.290
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
Adjusted equity ratio
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  5
  10
  16
  23
  31
  41
  52
  64
  77
  92
  108
  126
  145
  165
  186
  208
  232
  257
  282
  309
  338
  367
  397
  429
  462
  496
  532
  569
  607
  647
Depreciation, amort., depletion, $m
  3
  4
  5
  6
  8
  10
  12
  15
  17
  20
  23
  27
  31
  35
  39
  43
  48
  53
  58
  63
  69
  75
  81
  87
  94
  100
  107
  115
  122
  130
Funds from operations, $m
  8
  14
  21
  29
  39
  51
  64
  78
  95
  112
  132
  153
  175
  199
  225
  252
  280
  309
  340
  373
  406
  442
  478
  516
  555
  597
  639
  683
  730
  777
Change in working capital, $m
  5
  6
  7
  8
  10
  11
  13
  14
  16
  18
  19
  21
  22
  24
  25
  26
  28
  29
  30
  32
  33
  35
  36
  37
  39
  40
  42
  44
  45
  47
Cash from operations, $m
  4
  8
  14
  21
  29
  39
  51
  64
  78
  95
  113
  132
  153
  176
  200
  225
  252
  280
  310
  341
  373
  407
  442
  479
  517
  556
  597
  640
  684
  730
Maintenance CAPEX, $m
  -2
  -3
  -4
  -5
  -6
  -8
  -10
  -12
  -15
  -17
  -20
  -23
  -27
  -31
  -35
  -39
  -43
  -48
  -53
  -58
  -63
  -69
  -75
  -81
  -87
  -94
  -100
  -107
  -115
  -122
New CAPEX, $m
  -11
  -14
  -17
  -21
  -24
  -28
  -32
  -36
  -40
  -44
  -48
  -51
  -55
  -59
  -62
  -66
  -69
  -73
  -76
  -79
  -83
  -86
  -89
  -93
  -97
  -100
  -104
  -108
  -113
  -117
Cash from investing activities, $m
  -13
  -17
  -21
  -26
  -30
  -36
  -42
  -48
  -55
  -61
  -68
  -74
  -82
  -90
  -97
  -105
  -112
  -121
  -129
  -137
  -146
  -155
  -164
  -174
  -184
  -194
  -204
  -215
  -228
  -239
Free cash flow, $m
  -10
  -9
  -7
  -5
  -1
  3
  9
  16
  24
  34
  45
  57
  71
  86
  103
  120
  140
  160
  181
  204
  227
  252
  278
  305
  333
  362
  393
  424
  457
  491
Issuance/(repayment) of debt, $m
  7
  9
  10
  12
  15
  17
  19
  22
  24
  26
  29
  31
  33
  35
  38
  40
  42
  44
  46
  48
  50
  52
  54
  56
  58
  60
  63
  65
  68
  71
Issuance/(repurchase) of shares, $m
  17
  18
  18
  18
  16
  14
  11
  6
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  24
  27
  28
  30
  31
  31
  30
  28
  24
  26
  29
  31
  33
  35
  38
  40
  42
  44
  46
  48
  50
  52
  54
  56
  58
  60
  63
  65
  68
  71
Total cash flow (excl. dividends), $m
  14
  17
  21
  25
  30
  34
  39
  44
  48
  60
  73
  88
  104
  122
  140
  160
  181
  203
  227
  251
  277
  304
  332
  361
  391
  423
  455
  489
  525
  561
Retained Cash Flow (-), $m
  -22
  -28
  -34
  -40
  -47
  -55
  -62
  -70
  -78
  -85
  -93
  -100
  -107
  -115
  -121
  -128
  -135
  -141
  -148
  -154
  -161
  -167
  -174
  -181
  -188
  -196
  -203
  -211
  -220
  -228
Prev. year cash balance distribution, $m
  19
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  11
  -10
  -13
  -15
  -18
  -21
  -23
  -26
  -29
  -25
  -19
  -12
  -3
  7
  19
  32
  46
  62
  79
  97
  116
  136
  158
  180
  203
  227
  252
  278
  305
  333
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  11
  -10
  -11
  -13
  -14
  -15
  -16
  -16
  -17
  -13
  -9
  -5
  -1
  2
  6
  8
  10
  11
  12
  12
  12
  11
  10
  9
  8
  7
  5
  4
  3
  3
Current shareholders' claim on cash, %
  72.3
  55.6
  45.2
  38.5
  34.2
  31.5
  29.9
  29.2
  29.1
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Deswell Industries, Inc. is engaged in the manufacturing and selling of injection-molded plastic parts and components. The Company also provides manufacturing services for electronic products and subassemblies, and manufactures metallic molds and accessory parts for original equipment manufacturers (OEMs) and contract manufacturers. Its segments include plastic injection molding and electronic products assembling. It produces a range of plastic parts and components that are used in the manufacture of consumer and industrial products, using various plastic injection technologies, such as film injection, integrated injection and insert injection. Its products include plastic components of electronic entertainment products; cases for flashlights, telephones, paging machines, projectors and alarm clocks; toner cartridges and cases for photocopy and printer machines; parts for electrical products, such as air-conditioning and ventilators; laser key caps, and automobile components.

FINANCIAL RATIOS  of  Deswell Industries (DSWL)

Valuation Ratios
P/E Ratio 50.8
Price to Sales 1.1
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow -50.8
Price to Free Cash Flow -16.9
Growth Rates
Sales Growth Rate 0%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 100%
Cap. Spend. - 3 Yr. Gr. Rate 14.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 1.1%
Ret/ On Assets - 3 Yr. Avg. -2.5%
Return On Total Capital 1.3%
Ret/ On T. Cap. - 3 Yr. Avg. -2.8%
Return On Equity 1.3%
Return On Equity - 3 Yr. Avg. -2.8%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 15.6%
Gross Margin - 3 Yr. Avg. 12.4%
EBITDA Margin 8.9%
EBITDA Margin - 3 Yr. Avg. 1.6%
Operating Margin -4.4%
Oper. Margin - 3 Yr. Avg. -9.6%
Pre-Tax Margin 4.4%
Pre-Tax Margin - 3 Yr. Avg. -4%
Net Profit Margin 2.2%
Net Profit Margin - 3 Yr. Avg. -5.6%
Effective Tax Rate 50%
Eff/ Tax Rate - 3 Yr. Avg. 16.7%
Payout Ratio 200%

DSWL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DSWL stock intrinsic value calculation we used $60.667 million for the last fiscal year's total revenue generated by Deswell Industries. The default revenue input number comes from 0001 income statement of Deswell Industries. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our DSWL stock valuation model: a) initial revenue growth rate of 36.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for DSWL is calculated based on our internal credit rating of Deswell Industries, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Deswell Industries.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of DSWL stock the variable cost ratio is equal to 73.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $14 million in the base year in the intrinsic value calculation for DSWL stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Deswell Industries.

Corporate tax rate of 27% is the nominal tax rate for Deswell Industries. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the DSWL stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for DSWL are equal to 52%.

Life of production assets of 14.8 years is the average useful life of capital assets used in Deswell Industries operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for DSWL is equal to 20.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $81.279 million for Deswell Industries - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 15.885 million for Deswell Industries is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Deswell Industries at the current share price and the inputted number of shares is $0.1 billion.

RELATED COMPANIES Price Int.Val. Rating
KOSS Koss 1.98 1.27  str.sell

COMPANY NEWS

▶ Deswell Announces First Half 2019 Results   [Nov-15-18 08:30AM  Business Wire]
▶ Deswell Announces Second Half 2018 Results   [Jun-12-18 08:30AM  Business Wire]
▶ Deswell Announces First Half 2018 Results   [Nov-16-17 08:15AM  Business Wire]
▶ At $2.745, Is Deswell Industries Inc (DSWL) A Sell?   [Oct-11-17 02:34PM  Simply Wall St.]
▶ Deswell Announces Second Half 2017 Results   [Jun-12-17 08:24AM  Business Wire]
▶ Deswell Announces First Half 2017 Results   [Nov-17-16 08:45AM  Business Wire]
▶ Deswell Announces Fourth Quarter 2016 Results   [Jun-24-16 10:04AM  Business Wire]
▶ Deswell Announces New Corporate Headquarters   [Jun-03-16 08:30AM  Business Wire]
▶ Deswell Announces Third Quarter 2016 Results   [Mar-11-16 08:30AM  Business Wire]
▶ Deswell Announces Second Quarter 2016 Results   [Nov-11  08:30AM  Business Wire]
▶ Deswell Announces Fourth Quarter 2015 Results   [Jun-22  08:00AM  Business Wire]
▶ Deswell Announces Third Quarter 2015 Results   [Feb-13  10:26AM  Business Wire]
▶ Deswell Announces Second Quarter 2015 Results   [Jan-08  08:30AM  Business Wire]
▶ Deswell Announces First Quarter 2015 Results   [Aug-22  10:41AM  Business Wire]
▶ 3 Sell-Rated Dividend Stocks: LPHI, DSWL, ACRE   [Jul-03  11:30AM  at TheStreet]
▶ Deswell Announces Fourth Quarter 2014 Results   [Jun-10  08:30AM  Business Wire]
▶ 3 Hold-Rated Dividend Stocks: SPH, DSWL, HRZN   [Apr-01  11:30AM  at TheStreet]
▶ Deswell Announces Third Quarter 2014 Results   [Feb-25  08:15AM  Business Wire]
▶ Deswell Industries: A 1-Foot Hurdle Investors Can Step Over   [Jan-30  05:21PM  at Seeking Alpha]
▶ 4 Hold-Rated Dividend Stocks: MCGC, EFC, INTX, DSWL   [Jan-16  10:30AM  at TheStreet]
▶ 4 Hold-Rated Dividend Stocks: NGPC, BKCC, DSWL, VOC   [Jan-07  10:30AM  at TheStreet]
▶ Deswell Announces Second Quarter 2014 Results   [Nov-13  08:31AM  Business Wire]
▶ A Classic Net-Net: Deswell Industries   [Oct-09  10:26AM  at Seeking Alpha]
▶ Deswell Announces First Quarter 2014 Results   [Aug-30  08:15AM  Business Wire]
▶ 4 Hold-Rated Dividend Stocks: PBT, RSO, MCC, DSWL   [Jul-15  11:30AM  at TheStreet]
▶ 4 Hold-Rated Dividend Stocks: NSH, RSO, QRE, DSWL   [Jul-05  11:30AM  at TheStreet]
▶ 5 Hold-Rated Dividend Stocks: KFN, NKA, APTS, DSWL, VALU   [Jun-26  11:30AM  at TheStreet]
▶ Deswell: Valuation Of A Classic Net-Net   [Jun-25  01:39AM  at Seeking Alpha]
▶ 3 Hold-Rated Dividend Stocks: VLY, VALU, DSWL   [Jun-17  11:30AM  at TheStreet]
▶ Deswell Announces Fourth Quarter 2013 Results   [Jun-13  08:30AM  Business Wire]
▶ 5 Hold-Rated Dividend Stocks   [May-03  11:30AM  at TheStreet]
▶ 5 Hold-Rated Dividend Stocks   [Apr-23  11:30AM  at TheStreet]
▶ 5 Hold-Rated Dividend Stocks   [Apr-12  11:30AM  at TheStreet]
▶ 4 Hold-Rated Dividend Stocks   [Apr-02  11:31AM  at TheStreet]
▶ 4 Hold-Rated Dividend Stocks   [Mar-25  11:30AM  at TheStreet]
▶ Deswell Announces Third Quarter 2013 Results   [Feb-05  09:12AM  Business Wire]
▶ Deswell Announces Second Quarter 2013 Results   [Nov-16-12 08:47AM  Business Wire]
▶ X Factor: 13 Stocks Hit Ex-Dividend Date on August 23   [Aug-22-12 09:55AM  at Minyanville]
▶ DSWL Ex-Dividend Reminder - 8/23/12   [Aug-21-12 10:32AM  at Forbes]
▶ Deswell Announces First Quarter 2013 Results   [Aug-15-12 09:25AM  Business Wire]
▶ Basic Materials Sector Wrap   [Jul-23-12 05:52PM  at Fox Business]
▶ Deswell Industries Ex-Dividend Reminder   [Jun-29-12 10:23AM  at Forbes]
▶ Deswell Announces Fourth Quarter Results   [Jun-18-12 09:27AM  Business Wire]
▶ Deswell Industries Inc. Stock Upgraded (DSWL)   [Apr-16-12 05:07AM  at TheStreet]
▶ Deswell Announces $4 Million Stock Buyback Plan   [Mar-14-12 08:33AM  Business Wire]
▶ Deswell Announces Third Quarter Results   [Mar-07-12 09:13AM  Business Wire]
▶ Daily Dividend Report: OFG, BLK, DVN, AMT, DSWL   [Nov-30-11 04:35PM  at Forbes]
▶ Deswell Announces Second Quarter Results   [08:50AM  Business Wire]
▶ Deswell Announces First Quarter Results   [Sep-08-11 08:25AM  Business Wire]
▶ Carlisle Companies Trades Ex-Dividend   [Aug-11-11 10:11AM  at Forbes]
▶ Deswell Announces Fourth Quarter Results   [Jun-29-11 09:30AM  Business Wire]
▶ 5 Basic Materials Companies Paying High Dividends   [May-06-11 03:06PM  Wall St. Cheat Sheet]
▶ Drilling Down on Deswell Industries   [Mar-14-11 02:02PM  at Seeking Alpha]
▶ Deswell Announces Third Quarter Results   [Mar-10-11 08:57AM  Business Wire]
▶ Deswell Announces Second Quarter Results   [Dec-15-10 10:21AM  Business Wire]
▶ Statoil - Upgrades & Downgrades   [Sep-10-10 11:06AM  at TheStreet.com]

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