Taiwan Relative Valuation — a loss-making PE is not “cheap”, it does not exist
The most common misuse of multiples is reading a negative as cheap. With negative EPS a price-to-earnings ratio is mathematically negative and conceptually undefined; the same holds for book value. This table refuses to compute and says why in plain language rather than emitting a number that invites misreading. What can be computed is placed against the official industry peer median and percentile.
Three independently gated inputs
Statements use only versions published on or before the selected date; prices use only sessions up to that date; dividends only ex-dates already passed. If the date precedes availability the field stays empty — it never silently falls back to the latest revision.
This matters most in valuation: pairing a later-restated statement with a contemporaneous price produces a multiple nobody could have seen at the time, which biases any backtest optimistic.
Refusal beats forcing a number
Any non-positive denominator is refused with a stated reason — negative EPS, negative book value. Percentiles are withheld when fewer than two peers exist, because a percentile over one sample is meaningless. The peer count is always returned.
Why no enterprise-value multiples
EV/EBITDA and EV/Sales require reconstructing interest-bearing debt and minority interest per company. Without estimation those fields are not obtainable here, so they are openly not provided rather than approximated.