Board Change • Jun 19
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Shou-Yen Kao was the last independent director to join the board, commencing their role in 2026. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$1,325, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 28x in the Semiconductor industry in Taiwan. Total returns to shareholders of 12% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$533 per share. Major Estimate Revision • May 20
Consensus revenue estimates decrease by 11%, EPS upgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from NT$14.3b to NT$12.7b. EPS estimate increased from NT$85.08 to NT$101 per share. Net income forecast to grow 25% next year vs 60% growth forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$1,750 to NT$1,667. Share price fell 3.5% to NT$1,380 over the past week. Reported Earnings • May 15
First quarter 2026 earnings released: EPS: NT$24.00 (vs NT$16.39 in 1Q 2025) First quarter 2026 results: EPS: NT$24.00 (up from NT$16.39 in 1Q 2025). Revenue: NT$3.50b (up 39% from 1Q 2025). Net income: NT$1.85b (up 52% from 1Q 2025). Profit margin: 53% (up from 49% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Price Target Changed • May 13
Price target decreased by 7.2% to NT$1,624 Down from NT$1,750, the current price target is an average from 9 analysts. New target price is 13% above last closing price of NT$1,435. Stock is down 27% over the past year. The company is forecast to post earnings per share of NT$90.87 for next year compared to NT$72.70 last year. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$1,290, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 24x in the Semiconductor industry in Taiwan. Total returns to shareholders of 10% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$861 per share. Major Estimate Revision • Mar 27
Consensus revenue estimates fall by 10% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from NT$15.9b to NT$14.3b. EPS estimate fell from NT$93.69 to NT$87.57 per share. Net income forecast to grow 19% next year vs 47% growth forecast for Semiconductor industry in Taiwan. Consensus price target broadly unchanged at NT$1,791. Share price fell 2.9% to NT$1,165 over the past week. Major Estimate Revision • Mar 20
Consensus EPS estimates fall by 22% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from NT$15.7b to NT$14.3b. EPS estimate also fell from NT$93.69 per share to NT$73.40 per share. Net income forecast to grow 1.2% next year vs 48% growth forecast for Semiconductor industry in Taiwan. Consensus price target of NT$1,821 unchanged from last update. Share price fell 2.0% to NT$1,200 over the past week. Reported Earnings • Mar 08
Full year 2025 earnings released: EPS: NT$72.70 (vs NT$51.57 in FY 2024) Full year 2025 results: EPS: NT$72.70 (up from NT$51.57 in FY 2024). Revenue: NT$13.4b (up 66% from FY 2024). Net income: NT$5.43b (up 45% from FY 2024). Profit margin: 40% (down from 46% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Mar 06
ASMedia Technology Inc., Annual General Meeting, Jun 17, 2026 ASMedia Technology Inc., Annual General Meeting, Jun 17, 2026. Location: no,11, chung shan s. rd., jhongjheng district, taipei city Taiwan Price Target Changed • Mar 06
Price target decreased by 10% to NT$1,840 Down from NT$2,055, the current price target is an average from 10 analysts. New target price is 43% above last closing price of NT$1,290. Stock is down 35% over the past year. The company is forecast to post earnings per share of NT$71.06 for next year compared to NT$51.57 last year. New Risk • Jan 14
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 6.5% 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 Dividend is not well covered by cash flows (122% cash payout ratio). Share price has been volatile over the past 3 months (6.5% average weekly change). Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$1,400, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 23x in the Semiconductor industry in Taiwan. Total returns to shareholders of 89% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$1,425 per share. Reported Earnings • Nov 14
Third quarter 2025 earnings: Revenues and EPS in line with analyst expectations Third quarter 2025 results: EPS: NT$21.21 (up from NT$13.06 in 3Q 2024). Revenue: NT$3.99b (up 88% from 3Q 2024). Net income: NT$1.58b (up 63% from 3Q 2024). Profit margin: 40% (down from 46% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 20% per year. New Risk • Sep 28
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.1% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Aug 22
Now 20% overvalued Over the last 90 days, the stock has fallen 11% to NT$1,685. The fair value is estimated to be NT$1,399, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 14%. Revenue is forecast to grow by 70% in 2 years. Earnings are forecast to grow by 84% in the next 2 years. Major Estimate Revision • Aug 14
Consensus revenue estimates increase by 11%, EPS downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from NT$12.2b to NT$13.5b. EPS estimate fell from NT$74.31 to NT$73.43. Net income forecast to grow 50% next year vs 20% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$2,314 to NT$2,363. Share price fell 6.4% to NT$1,825 over the past week. Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: NT$15.02 (vs NT$13.18 in 2Q 2024) Second quarter 2025 results: EPS: NT$15.02 (up from NT$13.18 in 2Q 2024). Revenue: NT$3.39b (up 61% from 2Q 2024). Net income: NT$1.12b (up 20% from 2Q 2024). Profit margin: 33% (down from 44% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jul 10
Dividend of NT$30.00 announced Shareholders will receive a dividend of NT$30.00. Ex-date: 23rd July 2025 Payment date: 15th August 2025 Dividend yield will be 1.5%, which is lower than the industry average of 3.0%. Payout Ratios Payout ratio: 41%. Cash payout ratio: 73%. Announcement • Jun 03
ASMedia Technology Inc. (TWSE:5269) completed the acquisition of acquire Techpoint, Inc. (TSE:6697) from Fumihiro Kozato, Feng Kuo, Fun-Kai Liu and others. ASMedia Technology Inc. (TWSE:5269) submitted a non-binding letter of intent to acquire Techpoint, Inc. (TSE:6697) from Fumihiro Kozato, Feng Kuo, Fun-Kai Liu and others for approximately $390 million on September 18, 2024. ASMedia Technology Inc. (TWSE:5269) entered into a definitive agreement to acquire Techpoint, Inc. (TSE:6697) on January 15, 2025. ASMedia will acquire all of the outstanding shares of Techpoint, including common stock underlying its Japanese Depositary Shares, for $20.00 per share in an all-cash transaction. ASMedia intends to fund the transaction with cash on hand. As part of the transaction, Techpoint’s Japanese Depositary Shares will no longer be traded on the Tokyo Stock Exchange, and Techpoint will become a wholly owned subsidiary of ASMedia. Upon termination of the Merger Agreement under specified limited circumstances, Techpoint will be required to pay ASMedia a termination fee of $7,520,000. Upon termination of the Merger Agreement under other specified limited circumstances, ASMedia will be required to pay Techpoint a termination fee of $12,000,000.
ASMedia Technology Inc. (TWSE:5269) completed the acquisition of acquire Techpoint, Inc. (TSE:6697) from Fumihiro Kozato, Feng Kuo, Fun-Kai Liu and others on June 2, 2025. Major Estimate Revision • May 20
Consensus revenue estimates increase by 12%, EPS downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from NT$11.1b to NT$12.4b. EPS estimate fell from NT$76.01 to NT$74.03. Net income forecast to grow 46% next year vs 16% growth forecast for Semiconductor industry in Taiwan. Consensus price target broadly unchanged at NT$2,300. Share price rose 6.1% to NT$1,925 over the past week. Reported Earnings • May 15
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: NT$16.39 (up from NT$12.80 in 1Q 2024). Revenue: NT$2.51b (up 29% from 1Q 2024). Net income: NT$1.22b (up 38% from 1Q 2024). Profit margin: 49% (up from 46% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) also surpassed analyst estimates by 1.2%. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Semiconductor 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 12% per year. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$1,970, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 16x in the Semiconductor industry in Taiwan. Total returns to shareholders of 49% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$1,391 per share. Announcement • May 03
ASMedia Technology Inc. to Report Q1, 2025 Results on May 12, 2025 ASMedia Technology Inc. announced that they will report Q1, 2025 results on May 12, 2025 Price Target Changed • Apr 23
Price target decreased by 7.8% to NT$2,302 Down from NT$2,497, the current price target is an average from 9 analysts. New target price is 41% above last closing price of NT$1,635. Stock is down 17% over the past year. The company is forecast to post earnings per share of NT$76.01 for next year compared to NT$51.57 last year. Buy Or Sell Opportunity • Apr 08
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 28% to NT$1,460. The fair value is estimated to be NT$1,836, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 82% in 2 years. Earnings are forecast to grow by 108% in the next 2 years. Announcement • Mar 20
ASMedia Technology Inc., Annual General Meeting, Jun 13, 2025 ASMedia Technology Inc., Annual General Meeting, Jun 13, 2025, at 09:00 Taipei Standard Time. Location: no,11, chung shan s. rd., jhongjheng district, taipei city Taiwan Reported Earnings • Feb 28
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: NT$51.57 (up from NT$32.19 in FY 2023). Revenue: NT$8.08b (up 26% from FY 2023). Net income: NT$3.73b (up 68% from FY 2023). Profit margin: 46% (up from 35% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) exceeded analyst estimates by 1.9%. Revenue is forecast to grow 29% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 5% per year. Announcement • Feb 19
ASMedia Technology Inc. to Report Fiscal Year 2024 Results on Feb 26, 2025 ASMedia Technology Inc. announced that they will report fiscal year 2024 results on Feb 26, 2025 Announcement • Jan 16
ASMedia Technology Inc. (TWSE:5269) entered into a definitive agreement to acquire Techpoint, Inc. (TSE:6697) for approximately $380 million. ASMedia Technology Inc. (TWSE:5269) submitted a non-binding letter of intent to acquire Techpoint, Inc. (TSE:6697) for approximately $380 million on September 18, 2024. ASMedia Technology Inc. (TWSE:5269) entered into a definitive agreement to acquire Techpoint, Inc. (TSE:6697) on January 15, 2025. ASMedia will acquire all of the outstanding shares of Techpoint, including common stock underlying its Japanese Depositary Shares, for $20.00 per share in an all-cash transaction. ASMedia intends to fund the transaction with cash on hand. As part of the transaction, Techpoint’s Japanese Depositary Shares will no longer be traded on the Tokyo Stock Exchange, and Techpoint will become a wholly owned subsidiary of ASMedia. Upon termination of the Merger Agreement under specified limited circumstances, Techpoint will be required to pay ASMedia a termination fee of $7,520,000. Upon termination of the Merger Agreement under other specified limited circumstances, ASMedia will be required to pay Techpoint a termination fee of $12,000,000.
The transaction is subject to receipt of required regulatory approvals, approval by Techpoint shareholders, all required approvals obtained (or waiting periods expired or terminated) under applicable Antitrust Laws, CFIUS Approval, and Taiwan DIR Approval will have been obtained. The transaction has been unanimously approved by both ASMedia’s and Techpoint’s boards of directors. The transaction is expected to close in the second quarter or early third quarter in 2025.
Citigroup Global Markets Asia Limited is serving as the exclusive financial advisor to ASMedia, with Miranda So and Xi Shi of Davis Polk & Wardwell LLP, Mori Hamada & Matsumoto, and Chen & Lin Attorneys-at-Law as legal advisors. Greenhill & Co., LLC, an affiliate of Mizuho Americas LLC, is serving as the exclusive financial advisor and fairness opinion provider to Techpoint, with James J. Masetti and Drew Simon-Rooke of Pillsbury Winthrop Shaw Pittman LLP and Anderson Mori & Tomotsune as legal advisors. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$1,880, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 7.0% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$2,079 per share. Buy Or Sell Opportunity • Nov 20
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at NT$1,630. The fair value is estimated to be NT$1,358, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Earnings per share has declined by 6.2%. Revenue is forecast to grow by 61% in 2 years. Earnings are forecast to grow by 90% in the next 2 years. Reported Earnings • Nov 10
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: NT$13.06 (up from NT$9.74 in 3Q 2023). Revenue: NT$2.13b (up 23% from 3Q 2023). Net income: NT$974.2m (up 45% from 3Q 2023). Profit margin: 46% (up from 39% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) also missed analyst estimates by 15%. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Oct 30
ASMedia Technology Inc. to Report Q3, 2024 Results on Nov 06, 2024 ASMedia Technology Inc. announced that they will report Q3, 2024 results on Nov 06, 2024 Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$1,710, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 23x in the Semiconductor industry in Taiwan. Total returns to shareholders of 6.4% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$1,739 per share. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$1,470, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 22x in the Semiconductor industry in Taiwan. Total loss to shareholders of 34% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$1,437 per share. Major Estimate Revision • Aug 22
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from NT$61.64 to NT$55.44 per share. Revenue forecast steady at NT$8.79b. Net income forecast to grow 57% next year vs 33% growth forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$2,441 to NT$2,384. Share price rose 11% to NT$1,645 over the past week. Buy Or Sell Opportunity • Aug 20
Now 21% overvalued Over the last 90 days, the stock has fallen 7.8% to NT$1,725. The fair value is estimated to be NT$1,421, 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 declined by 11%. Revenue is forecast to grow by 76% in 2 years. Earnings are forecast to grow by 107% in the next 2 years. Reported Earnings • Aug 13
Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2024 results: EPS: NT$13.18 (up from NT$7.08 in 2Q 2023). Revenue: NT$2.11b (up 35% from 2Q 2023). Net income: NT$935.8m (up 91% from 2Q 2023). Profit margin: 44% (up from 32% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) missed analyst estimates by 1.6%. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 11% 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. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$1,385, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 19x in the Semiconductor industry in Taiwan. Total loss to shareholders of 21% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$1,428 per share. Announcement • Jul 31
ASMedia Technology Inc. to Report Q2, 2024 Results on Aug 07, 2024 ASMedia Technology Inc. announced that they will report Q2, 2024 results on Aug 07, 2024 Declared Dividend • Jul 18
Dividend reduced to NT$18.58 Dividend of NT$18.58 is 7.1% lower than last year. Ex-date: 1st August 2024 Payment date: 21st August 2024 Dividend yield will be 1.0%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (45% cash payout ratio). The dividend has increased by an average of 33% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 147% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jul 17
Asmedia Technology Inc. Approves Cash Dividend, Payable on August 21, 2024 ASMedia Technology Inc. approved cash dividend of TWD TWD 1,387,270,360, each common share is entitled to receive TWD 18.58061407. Ex-rights (ex-dividend) trading date: August 1, 2024. Ex-rights (ex-dividend) record date: August 9, 2024. Payment date of cash dividend distribution: August 21, 2024. New Risk • Jul 16
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.6% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.6% average weekly change). Minor Risk Shareholders have been diluted in the past year (7.6% increase in shares outstanding). Announcement • May 03
ASMedia Technology Inc. to Report Q1, 2024 Results on May 08, 2024 ASMedia Technology Inc. announced that they will report Q1, 2024 results on May 08, 2024 Buy Or Sell Opportunity • May 02
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 2.6% to NT$1,990. The fair value is estimated to be NT$1,656, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 8.8% over the last 3 years. Earnings per share has declined by 16%. Revenue is forecast to grow by 79% in 2 years. Earnings are forecast to grow by 185% in the next 2 years. Announcement • Apr 26
ASMedia Technology Inc. announced a financing transaction ASMedia Technology Inc. announced a private placement to issue 1,000,000 common shares on April 24, 2024. The transaction has been approved by shareholders of the company. The company has increased shares from 4,300,000 shares to 5,300,000 shares. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$1,805, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 67% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$1,291 per share. Buy Or Sell Opportunity • Mar 25
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 30% to NT$2,320. The fair value is estimated to be NT$1,932, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 8.8% over the last 3 years. Earnings per share has declined by 16%. Revenue is forecast to grow by 70% in 2 years. Earnings are forecast to grow by 174% in the next 2 years. Announcement • Mar 21
ASMedia Technology Inc., Annual General Meeting, Jun 18, 2024 ASMedia Technology Inc., Annual General Meeting, Jun 18, 2024. Location: CHANG YUNG-FA FOUNDATION International Convention Center (No11.Zhongshan S.Rd.Taipei City 10048,Taiwan) Taipei City Taiwan Agenda: To consider 2023 Business Report; Audit Committee's Review Report on 2023 Annual Financial Statements; Remuneration Report on Company Employees and Directors 2023; Distribution of 2023 Earnings Report; and to discuss other matters. Major Estimate Revision • Mar 02
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from NT$8.22b to NT$8.35b. EPS estimate increased from NT$51.39 to NT$57.38 per share. Net income forecast to grow 83% next year vs 21% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$2,014 to NT$2,409. Share price rose 4.2% to NT$2,375 over the past week. Valuation Update With 7 Day Price Move • Jan 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$1,910, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 19x in the Semiconductor industry in Taiwan. Total returns to shareholders of 5.9% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$1,148 per share. Price Target Changed • Dec 01
Price target increased by 9.4% to NT$1,464 Up from NT$1,338, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of NT$1,515. Stock is up 93% over the past year. The company is forecast to post earnings per share of NT$31.51 for next year compared to NT$37.86 last year. Price Target Changed • Nov 09
Price target increased by 12% to NT$1,338 Up from NT$1,197, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of NT$1,360. Stock is up 126% over the past year. The company is forecast to post earnings per share of NT$31.15 for next year compared to NT$37.86 last year. New Risk • Oct 07
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 7.9% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (7.9% average weekly change). Minor Risk Profit margins are more than 30% lower than last year (37% net profit margin). Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$1,200, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 20x in the Semiconductor industry in Taiwan. Total loss to shareholders of 14% over the past three years. New Risk • Aug 14
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 37% Last year net profit margin: 56% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. 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 (7.0% average weekly change). Profit margins are more than 30% lower than last year (37% net profit margin). Reported Earnings • Aug 14
Second quarter 2023 earnings: EPS misses analyst expectations Second quarter 2023 results: EPS: NT$7.08 (down from NT$10.26 in 2Q 2022). Revenue: NT$1.56b (up 8.2% from 2Q 2022). Net income: NT$490.0m (down 31% from 2Q 2022). Profit margin: 32% (down from 49% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.9%. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 22% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Jul 25
Upcoming dividend of NT$20.00 per share at 2.0% yield Eligible shareholders must have bought the stock before 01 August 2023. Payment date: 25 August 2023. Payout ratio is a comfortable 64% but the company is paying out more than the cash it is generating. Trailing yield: 2.0%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (3.3%). Announcement • Jul 15
ASMedia Technology Inc. Announces Cash Dividend, Payable on August 25, 2023 ASMedia Technology Inc. announced cash dividend of TWD TWD 1,387,295,480, each common share is entitled to receive TWD 20.00036215. Ex-rights (ex-dividend) trading date: August 1, 2023. Ex-rights (ex-dividend) record date: August 7, 2023. Payment date of cash dividend distribution: August 25, 2023. New Risk • Jul 13
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.1% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. 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 (6.8% average weekly change). Announcement • Jun 21
ASMedia Technology Inc. Chairperson Changes ASMedia Technology Inc. announced the appointment of Ted Hsu, Vice chairperson/CSO of ASUSTeK Computer Inc. as chairperson of the company in place of Jerry Shen. Effective date of the new appointment is June 19, 2023. Price Target Changed • May 13
Price target increased by 7.8% to NT$1,255 Up from NT$1,164, the current price target is an average from 10 analysts. New target price is 7.3% above last closing price of NT$1,170. Stock is down 6.0% over the past year. The company is forecast to post earnings per share of NT$33.20 for next year compared to NT$37.86 last year. Announcement • May 11
ASMedia Technology Inc. Appoints Martin Pan as Corporate Governance Officer ASMedia Technology Inc. announced the appointment of Corporate Governance Officer. Name, title, and resume of the new position holder: Martin Pan/Financial officer. Effective date: May 10, 2023. Price Target Changed • Apr 28
Price target increased by 9.7% to NT$1,164 Up from NT$1,061, the current price target is an average from 9 analysts. New target price is approximately in line with last closing price of NT$1,135. Stock is down 20% over the past year. The company is forecast to post earnings per share of NT$34.57 for next year compared to NT$37.86 last year. Price Target Changed • Apr 21
Price target increased by 9.7% to NT$1,164 Up from NT$1,061, the current price target is an average from 9 analysts. New target price is approximately in line with last closing price of NT$1,170. Stock is down 25% over the past year. The company is forecast to post earnings per share of NT$34.57 for next year compared to NT$37.86 last year. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$1,330, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 18x in the Semiconductor industry in Taiwan. Total returns to shareholders of 80% over the past three years. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$1,265, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 16x in the Semiconductor industry in Taiwan. Total returns to shareholders of 112% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$678 per share. Reported Earnings • Mar 11
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: NT$37.86 (down from NT$46.23 in FY 2021). Revenue: NT$5.25b (down 13% from FY 2021). Net income: NT$2.62b (down 18% from FY 2021). Profit margin: 50% (down from 53% in FY 2021). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.5%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Semiconductor 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 14% per year, which means it is significantly lagging earnings growth. Price Target Changed • Mar 10
Price target increased by 12% to NT$893 Up from NT$799, the current price target is an average from 9 analysts. New target price is 18% below last closing price of NT$1,095. Stock is down 38% over the past year. The company is forecast to post earnings per share of NT$38.84 for next year compared to NT$46.23 last year. Price Target Changed • Feb 23
Price target increased by 9.2% to NT$799 Up from NT$731, the current price target is an average from 9 analysts. New target price is 21% below last closing price of NT$1,015. Stock is down 41% over the past year. The company is forecast to post earnings per share of NT$38.84 for next year compared to NT$46.23 last year. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$946, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 14x in the Semiconductor industry in Taiwan. Total returns to shareholders of 3.5% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$744 per share. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improved over the past week After last week's 15% share price gain to NT$771, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 13x in the Semiconductor industry in Taiwan. Total returns to shareholders of 23% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$780 per share. Buying Opportunity • Dec 20
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 9.2%. The fair value is estimated to be NT$860, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 29%. Revenue is forecast to grow by 38% in 2 years. Earnings is forecast to grow by 1.6% in the next 2 years. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 7 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Hung-Chih Chan was the last independent director to join the board, commencing their role in 2012. 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 13
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: EPS: NT$10.76 (down from NT$14.55 in 3Q 2021). Revenue: NT$1.34b (down 25% from 3Q 2021). Net income: NT$744.3m (down 26% from 3Q 2021). Profit margin: 56% (in line with 3Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.8%. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Semiconductor industry in Taiwan. 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 6% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 10
Price target decreased to NT$782 Down from NT$904, the current price target is an average from 8 analysts. New target price is 30% above last closing price of NT$601. Stock is down 63% over the past year. The company is forecast to post earnings per share of NT$40.97 for next year compared to NT$46.23 last year. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$626, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 10x in the Semiconductor industry in Taiwan. Total returns to shareholders of 22% over the past three years. Price Target Changed • Oct 07
Price target decreased to NT$1,041 Down from NT$1,121, the current price target is an average from 8 analysts. New target price is 46% above last closing price of NT$713. Stock is down 54% over the past year. The company is forecast to post earnings per share of NT$43.62 for next year compared to NT$46.23 last year. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$670, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 10x in the Semiconductor industry in Taiwan. Total returns to shareholders of 45% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$1,251 per share. Upcoming Dividend • Aug 18
Upcoming dividend of NT$26.00 per share Eligible shareholders must have bought the stock before 25 August 2022. Payment date: 08 September 2022. Payout ratio is a comfortable 55% but the company is paying out more than the cash it is generating. Trailing yield: 2.7%. Lower than top quartile of Taiwanese dividend payers (6.4%). Lower than average of industry peers (3.5%). Reported Earnings • Aug 11
Second quarter 2022 earnings: EPS misses analyst expectations Second quarter 2022 results: EPS: NT$10.26 (down from NT$11.04 in 2Q 2021). Revenue: NT$1.44b (down 2.2% from 2Q 2021). Net income: NT$709.1m (down 7.0% from 2Q 2021). Profit margin: 49% (down from 52% in 2Q 2021). The decrease in margin was primarily driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.2%. Over the next year, revenue is forecast to grow 27%, compared to a 20% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth.