Taiwan Tech Dispatch

🧭 在股價低迷中持股如山：從《股利致富》到價值投資的內在修煉

• 前半段為文章的英文版本 (The first half is the English version)
• 後半段為中文版本 (The second half is the Mandarin version)

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Recently, I attended EASTECH’s 2025 shareholder meeting and wrote two blog posts to share my insights and research:

📌 EASTECH 2025 Shareholder Meeting: Key Observations
📌 Five Questions Every Long-Term Investor Should Ask

Ironically, just as I was gaining more confidence in the company’s fundamentals and management team, the stock price began to slump. And like many long-term investors, I found myself reflecting—not reacting.

Instead of panic-selling or doubting my thesis, I turned to one of my investing anchors: Marc Lichtenfeld’s book, Get Rich with Dividends.

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📘 The Get Rich with Dividends Framework: A Long-Term Compass

Lichtenfeld’s “10-11-12 System” emphasizes investing in high-quality companies with growing dividends and sticking to them long enough to let compound interest work its magic.

You don’t need to time the market—you need to own businesses that pay and grow dividends predictably over the years.

This philosophy echoes what I see in EASTECH today.

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✅ Why EASTECH Is a Classic Dividend-Growth Company

Through the lens of Get Rich with Dividends, EASTECH checks all the right boxes:

1. Zero Debt & Financial Resilience
   EASTECH has operated with zero debt for years, supported by strong free cash flow and disciplined capital allocation. It is one of the few manufacturers that maintains consistent dividend payouts without financial leverage.
2. Consistent and Rising Cash Dividends
   Since I’ve held the stock, the company has increased its dividend annually. These aren’t just accounting numbers—they’re cash flows going directly into my account, giving me the option to reinvest and compound.
3. Long-Term Customer Relationships as a Competitive Moat
   As a global audio module supplier, EASTECH has decades-long OEM/ODM partnerships with tier-one brands like Harman and BOSE. This stable, sticky customer base is a key pillar of its durable earnings power and dividend reliability.

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📈 The Real Power of Compounding Is Emotional Stability

It’s easy to talk about compound interest. It’s harder to stay the course when your portfolio is red.

Lichtenfeld’s system only works if you don’t flinch during down markets.
Compound interest is not about high returns—it’s about time, consistency, and discipline.

I remind myself that every market dip is not a threat, but an opportunity to lower cost basis and increase future dividend yields.

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🧠 Buffett’s Wisdom: Patience Is the Transfer Mechanism of Wealth

Whenever the market gets moody, I reread Warren Buffett’s quote:

“The stock market is a device for transferring money from the impatient to the patient.”

EASTECH’s current valuation might not excite short-term speculators, but that’s exactly why it appeals to me. I’m not investing in price movement—I’m investing in cash flow, fundamentals, and strategic positioning.

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🔁 Final Thoughts: Stay Steady, Reinvest, and Trust the Process

Here’s what I’m reminding myself—and you—today:

1. We invest in cash flow, not headlines.
2. Dividend growth + reinvestment = financial compounding.
3. Patience is the rarest asset in investing. Protect it.

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📚 Recommended Reading:

• My EASTECH Shareholder Meeting Notes
• 5 Strategic Questions About EASTECH
• Get Rich with Dividends by Marc Lichtenfeld

Let’s continue to share perspectives—and build a dividend-powered future, one patient year at a time.

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前陣子我參加了東科-KY（EASTECH, 5225）的 2025 股東會，並寫下了兩篇部落格文章分享我的觀察與深入思考：

📌 現場觀察與股東會紀實
📌 長線投資者應關注的五個問題

然而，就在我對公司體質越來越有信心之際，市場上的股價卻持續低迷，甚至讓部分投資人感到失望。這樣的時刻，最容易讓人動搖，也最考驗一位價值投資者的信仰與紀律。

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💡《股利致富》的提醒：股利成長 + 再投資 = 穩健致富

最近我重讀 Marc Lichtenfeld 所著的《股利致富：Get Rich with Dividends》，深受啟發。他在書中提出一套極具實務操作性的「10-11-12 系統」，強調的是：

投資那些穩定成長股利的公司，並長期持有與再投資，就有機會創造每年 10~12% 的複利報酬。

這並非來自投機操作或擇時神技，而是靠企業基本面、股利成長性與時間的力量。

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✅ EASTECH，正是一間典型的「股利致富型」企業

在這本書的邏輯下，我回頭檢視我投資的東科-KY，發現其實非常符合作者對「最佳股利投資標的」的標準：

1. 零負債，體質極佳
   東科多年維持零負債經營，財報健康、現金流穩定，是少數在不靠財務槓桿也能穩定配息的企業。
2. 穩定成長的現金股利
   從我持有東科以來，公司每年都提高配息金額，這不是帳面數字遊戲，而是實際進入我口袋的現金流，也讓我能持續做股利再投入。
3. 長期穩定的護城河與客戶關係
   東科身為全球音訊模組領域的重要供應商，與國際一線品牌如 Harman、BOSE 等保持長期合作。這種穩定的 OEM/ODM 關係，是長期穩定盈餘與配息的保證。

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📈 複利奇蹟，需要「不動如山」的執行力

Marc Lichtenfeld 在書中提醒讀者：

「你無需擊敗市場，只需設計一套能穩定創造現金流與股利成長的系統，然後堅持下去。」

這與愛因斯坦那句經典名言不謀而合：「複利是世界第八大奇蹟。」

東科的穩定配息與成長，不正是複利奇蹟的最佳載體嗎？每一次市場的悲觀情緒、每一波價格下修，反而是為未來的複利效益創造更佳的成本優勢。

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🧠 投資者的內在修煉：從巴菲特學會「耐住寂寞」

每當市場情緒低迷，我會想起巴菲特的一句名言：

「股市是一個將錢從急躁的人手中轉移到有耐心的人手中的工具。」

EASTECH 的現階段，也許看不到令人興奮的爆炸性利多，但長線而言，它的現金流、客戶關係、全球定位與配息紀律，正是一位價值投資者該擁抱的資產。

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🔁 結語：給自己與每一位價值投資人的提醒

1. 不要投資新聞標題，要投資企業價值與未來現金流。
2. 短期價格的下跌，是長期複利的起點。
3. 耐心與紀律，是長線投資最稀缺的資源。

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📚 延伸閱讀我對東科的分析與紀錄：

• 2025 股東會現場觀察
• 五個長線投資者應關注的問題

📖 推薦閱讀：Marc Lichtenfeld《股利致富：Get Rich with Dividends》

如果你也有類似的投資策略，或正在市場低潮中掙扎，歡迎留言交流。我們一起在時間的力量中，慢慢致富。