Buy Or Sell Opportunity • Aug 03
Now 25% overvalued Over the last 90 days, the stock has fallen 53% to NT$382. The fair value is estimated to be NT$306, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 34% in a year. Earnings are forecast to grow by 84% in the next year. Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$351, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 24x in the Semiconductor industry in Taiwan. Total returns to shareholders of 531% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$307 per share. Upcoming Dividend • Jul 20
Upcoming dividend of NT$0.85 per share Eligible shareholders must have bought the stock before 27 July 2026. Payment date: 27 October 2026. Payout ratio is a comfortable 20% but the company is not cash flow positive. Trailing yield: 0.3%. Lower than top quartile of Taiwanese dividend payers (5.1%). Lower than average of industry peers (1.1%). Major Estimate Revision • May 09
Consensus EPS estimates increase by 22%, revenue downgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from NT$1.45b to NT$1.43b. EPS estimate rose from NT$7.13 to NT$8.71. Net income forecast to grow 409% next year vs 55% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$418 to NT$854. Share price fell 13% to NT$688 over the past week. Announcement • Mar 12
IntelliEPI Inc. (Cayman), Annual General Meeting, Jun 23, 2026 IntelliEPI Inc. (Cayman), Annual General Meeting, Jun 23, 2026. Location: 3 floor ln.193, sec.3 chung hsiao e. rd., da-an district, taipei city Taiwan Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: NT$1.65 (vs NT$3.58 loss in FY 2024) Full year 2025 results: EPS: NT$1.65 (up from NT$3.58 loss in FY 2024). Revenue: NT$1.08b (up 51% from FY 2024). Net income: NT$65.3m (up NT$197.0m from FY 2024). Profit margin: 6.0% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 185 percentage points per year, which is a significant difference in performance. New Risk • Mar 05
New major risk - Revenue and earnings growth Earnings have declined by 52% 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 Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 52% per year over the past 5 years. Reported Earnings • Nov 15
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: NT$0.75 (up from NT$1.25 loss in 3Q 2024). Revenue: NT$251.8m (up 70% from 3Q 2024). Net income: NT$30.0m (up NT$75.7m from 3Q 2024). Profit margin: 12% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 5.4%. Earnings per share (EPS) also missed analyst estimates by 1.3%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 153 percentage points per year, which is a significant difference in performance. Price Target Changed • Sep 05
Price target increased by 24% to NT$185 Up from NT$149, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of NT$177. Stock is up 153% over the past year. The company is forecast to post earnings per share of NT$0.81 next year compared to a net loss per share of NT$3.58 last year. Reported Earnings • Aug 28
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: NT$0.84 (up from NT$1.24 loss in 2Q 2024). Revenue: NT$238.7m (up 54% from 2Q 2024). Net income: NT$33.5m (up NT$79.0m from 2Q 2024). Profit margin: 14% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) also surpassed analyst estimates by 42%. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 154 percentage points per year, which is a significant difference in performance. Reported Earnings • May 08
First quarter 2025 earnings released: NT$1.54 loss per share (vs NT$0.36 loss in 1Q 2024) First quarter 2025 results: NT$1.54 loss per share (further deteriorated from NT$0.36 loss in 1Q 2024). Revenue: NT$270.4m (up 43% from 1Q 2024). Net loss: NT$59.7m (loss widened 355% from 1Q 2024). Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 125 percentage points per year, which is a significant difference in performance. Announcement • Apr 30
IntelliEPI Inc. (Cayman) to Report Q1, 2025 Results on May 07, 2025 IntelliEPI Inc. (Cayman) announced that they will report Q1, 2025 results on May 07, 2025 Reported Earnings • Mar 18
Full year 2024 earnings released: NT$3.58 loss per share (vs NT$0.23 profit in FY 2023) Full year 2024 results: NT$3.58 loss per share (down from NT$0.23 profit in FY 2023). Revenue: NT$717.2m (up 8.3% from FY 2023). Net loss: NT$131.7m (down NT$140.1m from profit in FY 2023). Revenue is forecast to grow 23% 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, the company's share price growth rate has exceeded its earnings growth rate by 118 percentage points per year, which is a significant difference in performance. Announcement • Mar 13
IntelliEPI Inc. (Cayman), Annual General Meeting, Jun 25, 2025 IntelliEPI Inc. (Cayman), Annual General Meeting, Jun 25, 2025. Location: 3 floor ln.193, sec.3 chung hsiao e. rd., da-an district, taipei city Taiwan Announcement • Mar 05
IntelliEPI Inc. (Cayman) to Report Q4, 2024 Results on Mar 12, 2025 IntelliEPI Inc. (Cayman) announced that they will report Q4, 2024 results on Mar 12, 2025 Reported Earnings • Nov 18
Third quarter 2024 earnings released: NT$1.25 loss per share (vs NT$1.22 profit in 3Q 2023) Third quarter 2024 results: NT$1.25 loss per share (down from NT$1.22 profit in 3Q 2023). Revenue: NT$148.3m (down 27% from 3Q 2023). Net loss: NT$45.8m (down 203% from profit in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Announcement • Nov 06
IntelliEPI Inc. (Cayman) to Report Q3, 2024 Results on Nov 13, 2024 IntelliEPI Inc. (Cayman) announced that they will report Q3, 2024 results on Nov 13, 2024 New Risk • Sep 04
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 7.4% 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: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 125% Paying a dividend despite having no free cash flows. Earnings have declined by 4.0% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Market cap is less than US$100m (NT$2.47b market cap, or US$76.8m). Reported Earnings • Aug 31
Second quarter 2024 earnings released: NT$1.24 loss per share (vs NT$0.55 loss in 2Q 2023) Second quarter 2024 results: NT$1.24 loss per share (further deteriorated from NT$0.55 loss in 2Q 2023). Revenue: NT$154.8m (up 12% from 2Q 2023). Net loss: NT$45.6m (loss widened 126% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 54% 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. Announcement • Aug 21
IntelliEPI Inc. (Cayman) to Report Q2, 2024 Results on Aug 28, 2024 IntelliEPI Inc. (Cayman) announced that they will report Q2, 2024 results on Aug 28, 2024 Board Change • Jun 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Norman Cheng was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 13
First quarter 2024 earnings released: NT$0.36 loss per share (vs NT$0.009 profit in 1Q 2023) First quarter 2024 results: NT$0.36 loss per share (down from NT$0.009 profit in 1Q 2023). Revenue: NT$188.9m (up 28% from 1Q 2023). Net loss: NT$13.1m (down NT$13.5m from profit in 1Q 2023). 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 12% per year, which means it is well ahead of earnings. Reported Earnings • Mar 22
Full year 2023 earnings released: EPS: NT$0.23 (vs NT$4.34 in FY 2022) Full year 2023 results: EPS: NT$0.23 (down from NT$4.34 in FY 2022). Revenue: NT$662.4m (down 26% from FY 2022). Net income: NT$8.34m (down 95% from FY 2022). Profit margin: 1.3% (down from 18% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Mar 15
IntelliEPI Inc. (Cayman), Annual General Meeting, Jun 25, 2024 IntelliEPI Inc. (Cayman), Annual General Meeting, Jun 25, 2024. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$68.70, the stock trades at a trailing P/E ratio of 43.5x. Average trailing P/E is 29x in the Semiconductor industry in Taiwan. Total returns to shareholders of 50% over the past three years. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: NT$1.22 (vs NT$0.62 in 3Q 2022) Third quarter 2023 results: EPS: NT$1.22 (up from NT$0.62 in 3Q 2022). Revenue: NT$203.8m (down 3.4% from 3Q 2022). Net income: NT$44.6m (up 99% from 3Q 2022). Profit margin: 22% (up from 11% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 25
Second quarter 2023 earnings released: NT$0.55 loss per share (vs NT$1.65 profit in 2Q 2022) Second quarter 2023 results: NT$0.55 loss per share (down from NT$1.65 profit in 2Q 2022). Revenue: NT$137.9m (down 45% from 2Q 2022). Net loss: NT$20.2m (down 134% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 20
Upcoming dividend of NT$2.00 per share at 3.5% yield Eligible shareholders must have bought the stock before 27 July 2023. Payment date: 27 October 2023. Payout ratio is a comfortable 63% but the company is not cash flow positive. Trailing yield: 3.5%. Lower than top quartile of Taiwanese dividend payers (5.5%). In line with average of industry peers (3.2%). Announcement • Jul 12
IntelliEPI Inc. (Cayman) Declares Cash Dividend, Payable on October 27, 2023 IntelliEPI Inc. (Cayman) declared a cash dividend of TWD 1.99768932 per common share. Amount of cash dividend is TWD 73,486,486. Ex-rights (Ex-dividend) date is July 27, 2023 and Payment date of cash dividend distribution is October 27, 2023. Ex-rights (Ex-dividend) record date is on August 2, 2023. Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$61.80, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 15x in the Semiconductor industry in Taiwan. Total returns to shareholders of 63% over the past three years. Reported Earnings • Nov 11
Third quarter 2022 earnings released: EPS: NT$0.62 (vs NT$0.95 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.62 (down from NT$0.95 in 3Q 2021). Revenue: NT$211.0m (up 13% from 3Q 2021). Net income: NT$22.4m (down 34% from 3Q 2021). Profit margin: 11% (down from 18% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 26
Second quarter 2022 earnings released: EPS: NT$1.65 (vs NT$0.71 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.65 (up from NT$0.71 in 2Q 2021). Revenue: NT$250.9m (up 33% from 2Q 2021). Net income: NT$60.0m (up 137% from 2Q 2021). Profit margin: 24% (up from 13% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 21
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 28 July 2022. Payment date: 28 October 2022. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (6.7%). Lower than average of industry peers (3.7%). Announcement • Jul 12
IntelliEPI Inc. (Cayman) Declares Cash Dividend, Payable on October 28, 2022 IntelliEPI Inc. (Cayman) declared a cash dividend of TWD 1.5 per common share. Amount of cash dividend is TWD 54,769,115. Due to 1,800 shares of restricted shares cancelled, the cash dividend per share is amended to TWD 1.50007396. Ex-rights (Ex-dividend) date is July 28, 2022 and Payment date of cash dividend distribution is October 28, 2022. Ex-rights (Ex-dividend) record date is on August 3, 2022. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$1.16 (vs NT$0.054 in 1Q 2021) First quarter 2022 results: EPS: NT$1.16 (up from NT$0.054 in 1Q 2021). Revenue: NT$219.9m (up 45% from 1Q 2021). Net income: NT$42.1m (up NT$40.2m from 1Q 2021). Profit margin: 19% (up from 1.3% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target increased to NT$75.00 Up from NT$63.00, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of NT$71.60. Stock is up 25% over the past year. The company posted earnings per share of NT$2.45 last year. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS NT$0.95 (vs NT$0.61 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$186.2m (up 6.8% from 3Q 2020). Net income: NT$34.0m (up 56% from 3Q 2020). Profit margin: 18% (up from 13% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 24% per year. Valuation Update With 7 Day Price Move • Oct 08
Investor sentiment improved over the past week After last week's 15% share price gain to NT$65.60, the stock trades at a trailing P/E ratio of 23.9x. Average trailing P/E is 19x in the Semiconductor industry in Taiwan. Total returns to shareholders of 48% over the past three years. Reported Earnings • Aug 27
Second quarter 2021 earnings released: EPS NT$0.71 (vs NT$0.22 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$189.4m (up 18% from 2Q 2020). Net income: NT$25.4m (up NT$33.3m from 2Q 2020). Profit margin: 13% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 3% per year and the company’s share price has also fallen by 3% per year. Upcoming Dividend • Jul 22
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 29 July 2021. Payment date: 29 October 2021. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (4.9%). Lower than average of industry peers (2.2%). Valuation Update With 7 Day Price Move • May 23
Investor sentiment improved over the past week After last week's 17% share price gain to NT$52.30, the stock trades at a trailing P/E ratio of 28.7x. Average trailing P/E is 20x in the Semiconductor industry in Taiwan. Total loss to shareholders of 41% over the past three years. Reported Earnings • Mar 25
Full year 2020 earnings released: EPS NT$1.84 (vs NT$1.90 in FY 2019) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: NT$667.1m (down 6.4% from FY 2019). Net income: NT$65.9m (down 4.9% from FY 2019). Profit margin: 9.9% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Mar 05
New 90-day low: NT$50.00 The company is down 6.0% from its price of NT$53.00 on 04 December 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 18% over the same period. Is New 90 Day High Low • Jan 11
New 90-day high: NT$56.20 The company is up 12% from its price of NT$50.00 on 14 October 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 27% over the same period. Is New 90 Day High Low • Dec 08
New 90-day high: NT$55.50 The company is up 4.0% from its price of NT$53.50 on 09 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 22% over the same period. Reported Earnings • Nov 16
Third quarter 2020 earnings released: EPS NT$0.61 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$174.4m (down 5.1% from 3Q 2019). Net income: NT$21.9m (up 2.9% from 3Q 2019). Profit margin: 13% (up from 12% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings.