Reported Earnings • May 20
First quarter 2026 earnings: EPS exceeds analyst expectations First quarter 2026 results: EPS: NT$1.93 (up from NT$0.93 in 1Q 2025). Revenue: NT$4.86b (up 19% from 1Q 2025). Net income: NT$768.7m (up 114% from 1Q 2025). Profit margin: 16% (up from 8.8% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 23%. Revenue is forecast to grow 22% 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 3% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • May 18
Now 28% overvalued after recent price rise Over the last 90 days, the stock has risen 84% to NT$514. The fair value is estimated to be NT$401, 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 23%. For the next 3 years, revenue is forecast to grow by 21% per annum. Earnings are also forecast to grow by 40% per annum over the same time period. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$501, the stock trades at a forward P/E ratio of 49x. Average forward P/E is 29x in the Semiconductor industry in Taiwan. Total returns to shareholders of 32% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$310 per share. Price Target Changed • Apr 23
Price target increased by 8.2% to NT$369 Up from NT$341, the current price target is an average from 16 analysts. New target price is 11% below last closing price of NT$416. Stock is down 0.2% over the past year. The company is forecast to post earnings per share of NT$9.91 for next year compared to NT$6.40 last year. Buy Or Sell Opportunity • Apr 21
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 47% to NT$395. The fair value is estimated to be NT$325, 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 23%. For the next 3 years, revenue is forecast to grow by 18% per annum. Earnings are also forecast to grow by 33% per annum over the same time period. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$333, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 26x in the Semiconductor industry in Taiwan. Total loss to shareholders of 29% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$179 per share. Declared Dividend • Mar 14
Dividend increased to NT$2.55 Dividend of NT$2.55 is 6.2% higher than last year. Ex-date: 26th March 2026 Payment date: 24th April 2026 Dividend yield will be 0.9%, which is lower than the industry average of 3.0%. Payout Ratios Payout ratio: 36%. Cash payout ratio: Approximately 10x free cash flows. Price Target Changed • Mar 13
Price target increased by 8.1% to NT$315 Up from NT$291, the current price target is an average from 15 analysts. New target price is 12% above last closing price of NT$281. Stock is down 35% over the past year. The company is forecast to post earnings per share of NT$9.36 for next year compared to NT$6.40 last year. Reported Earnings • Mar 13
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: NT$6.40 (up from NT$5.95 in FY 2024). Revenue: NT$18.8b (up 1.9% from FY 2024). Net income: NT$2.48b (up 8.4% from FY 2024). Profit margin: 13% (in line with FY 2024). Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) missed analyst estimates by 1.2%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Mar 13
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 44% to NT$281. The fair value is estimated to be NT$233, 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 23%. Revenue is forecast to grow by 45% in 2 years. Earnings are forecast to grow by 131% in the next 2 years. Announcement • Mar 13
Silergy Corp. announces Annual dividend, payable on April 24, 2026 Silergy Corp. announced Annual dividend of TWD 2.5500 per share payable on April 24, 2026, ex-date on March 26, 2026 and record date on March 29, 2026. Announcement • Mar 12
Silergy Corp., Annual General Meeting, May 28, 2026 Silergy Corp., Annual General Meeting, May 28, 2026, at 09:00 Taipei Standard Time. Location: 3 floor no,631, chung cheng rd., jhonghe district, new taipei city Taiwan Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$231, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 22x in the Semiconductor industry in Taiwan. Total loss to shareholders of 54% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$353 per share. New Risk • Jan 27
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 8.9% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$259, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 25x in the Semiconductor industry in Taiwan. Total loss to shareholders of 50% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$347 per share. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$227, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 23x in the Semiconductor industry in Taiwan. Total loss to shareholders of 55% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$344 per share. New Risk • Dec 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 6.6% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$207, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 21x in the Semiconductor industry in Taiwan. Total loss to shareholders of 61% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$350 per share. Major Estimate Revision • Nov 20
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$18.8b to NT$18.6b. EPS estimate also fell from NT$6.94 per share to NT$6.21 per share. Net income forecast to grow 35% next year vs 33% growth forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$358 to NT$298. Share price fell 11% to NT$190 over the past week. Buy Or Sell Opportunity • Nov 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 41% to NT$187. The fair value is estimated to be NT$237, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.6% over the last 3 years. Earnings per share has declined by 41%. For the next 3 years, revenue is forecast to grow by 16% per annum. Earnings are also forecast to grow by 34% per annum over the same time period. Price Target Changed • Nov 18
Price target decreased by 9.7% to NT$323 Down from NT$358, the current price target is an average from 16 analysts. New target price is 68% above last closing price of NT$192. Stock is down 57% over the past year. The company is forecast to post earnings per share of NT$6.20 for next year compared to NT$5.95 last year. Reported Earnings • Nov 15
Third quarter 2025 earnings: EPS misses analyst expectations Third quarter 2025 results: EPS: NT$1.76 (down from NT$1.96 in 3Q 2024). Revenue: NT$4.76b (down 2.6% from 3Q 2024). Net income: NT$680.3m (down 9.6% from 3Q 2024). Profit margin: 14% (down from 15% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.8%. Revenue is forecast to grow 17% 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 41% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Sep 01
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to NT$294. The fair value is estimated to be NT$380, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Earnings per share has declined by 53%. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings are also forecast to grow by 35% per annum over the same time period. Reported Earnings • Aug 31
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: NT$1.63 (up from NT$1.46 in 2Q 2024). Revenue: NT$4.56b (down 1.1% from 2Q 2024). Net income: NT$630.0m (up 12% from 2Q 2024). Profit margin: 14% (up from 12% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 4.5%. Revenue is forecast to grow 18% 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 fallen by 53% 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. Price Target Changed • Aug 30
Price target decreased by 7.0% to NT$408 Down from NT$439, the current price target is an average from 17 analysts. New target price is 32% above last closing price of NT$309. Stock is down 35% over the past year. The company is forecast to post earnings per share of NT$7.77 for next year compared to NT$5.95 last year. Buy Or Sell Opportunity • Jun 27
Now 23% overvalued Over the last 90 days, the stock has fallen 8.1% to NT$377. The fair value is estimated to be NT$307, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Earnings per share has declined by 60%. For the next 3 years, revenue is forecast to grow by 18% per annum. Earnings are also forecast to grow by 34% per annum over the same time period. Announcement • May 30
Silergy Corp. Accepts the Proposal for the Cash Dividend of 2024 Silergy Corp. at its 2025 Annual General Shareholders' Meeting held on May 29, 2025, accepted the proposal for the distribution of 2024 earnings. The cash dividends for common shares will be distributed a total of TWD 928,215,631. Buy Or Sell Opportunity • May 26
Now 21% overvalued Over the last 90 days, the stock has fallen 19% to NT$375. The fair value is estimated to be NT$310, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Earnings per share has declined by 60%. For the next 3 years, revenue is forecast to grow by 19% per annum. Earnings are also forecast to grow by 34% per annum over the same time period. Major Estimate Revision • May 20
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$22.3b to NT$21.4b. EPS estimate also fell from NT$11.73 per share to NT$9.72 per share. Net income forecast to grow 66% next year vs 16% growth forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$487 to NT$472. Share price fell 3.6% to NT$386 over the past week. Reported Earnings • May 14
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: NT$0.93 (up from NT$0.20 in 1Q 2024). Revenue: NT$4.09b (up 6.6% from 1Q 2024). Net income: NT$358.6m (up 360% from 1Q 2024). Profit margin: 8.8% (up from 2.0% in 1Q 2024). Revenue missed analyst estimates by 3.6%. Earnings per share (EPS) also missed analyst estimates by 29%. Revenue is forecast to grow 19% 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 fallen by 60% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Announcement • May 03
Silergy Corp. to Report Q1, 2025 Results on May 12, 2025 Silergy Corp. announced that they will report Q1, 2025 results at 9:00 AM, Taipei Standard Time on May 12, 2025 Buy Or Sell Opportunity • May 02
Now 22% overvalued The stock has been flat over the last 90 days, currently trading at NT$411. The fair value is estimated to be NT$337, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Earnings per share has declined by 61%. For the next 3 years, revenue is forecast to grow by 19% per annum. Earnings are also forecast to grow by 35% per annum over the same time period. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to NT$321, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 16x in the Semiconductor industry in Taiwan. Total loss to shareholders of 53% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$337 per share. Buy Or Sell Opportunity • Apr 04
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 3.9% to NT$409. The fair value is estimated to be NT$337, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Earnings per share has declined by 61%. For the next 3 years, revenue is forecast to grow by 19% per annum. Earnings are also forecast to grow by 35% per annum over the same time period. New Risk • Mar 31
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 7.8% 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. This is currently the only risk that has been identified for the company. Announcement • Mar 14
Silergy Corp., Annual General Meeting, May 29, 2025 Silergy Corp., Annual General Meeting, May 29, 2025, at 09:00 Taipei Standard Time. Location: 3 floor no,631, chung cheng rd., jhonghe district, new taipei city Taiwan Reported Earnings • Mar 14
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: NT$5.95 (up from NT$1.96 in FY 2023). Revenue: NT$18.5b (up 20% from FY 2023). Net income: NT$2.29b (up 207% from FY 2023). Profit margin: 12% (up from 4.8% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.6%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Mar 14
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 9.1% to NT$438. The fair value is estimated to be NT$362, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Earnings per share has declined by 61%. For the next 3 years, revenue is forecast to grow by 19% per annum. Earnings are also forecast to grow by 35% per annum over the same time period. Announcement • Mar 13
Silergy Corp. Declares Common Stock Dividend Distribution for the Year 2024, Payable on April 24, 2025 Silergy Corp. declared Type and monetary amount of common stock dividend distribution for the Year 2024: Cash dividends to common share holders: TWD 928,215,631 (TWD 2.4 per share). Ex-rights (ex-dividend) trading date: March 27, 2025; Ex-rights (ex-dividend) record date: April 4, 2025. Payment date of common stock cash dividend distribution: April 24, 2025. Announcement • Mar 05
Silergy Corp. to Report Q4, 2024 Results on Mar 12, 2025 Silergy Corp. announced that they will report Q4, 2024 results on Mar 12, 2025 Reported Earnings • Nov 16
Third quarter 2024 earnings: EPS misses analyst expectations Third quarter 2024 results: EPS: NT$1.96 (up from NT$1.29 in 3Q 2023). Revenue: NT$4.89b (up 19% from 3Q 2023). Net income: NT$752.6m (up 52% from 3Q 2023). Profit margin: 15% (up from 12% in 3Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.9%. Revenue is forecast to grow 19% 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 59% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. New Risk • Nov 16
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.9% average weekly change). Large one-off items impacting financial results. Announcement • Nov 05
Silergy Corp. to Report Q3, 2024 Results on Nov 12, 2024 Silergy Corp. announced that they will report Q3, 2024 results on Nov 12, 2024 Price Target Changed • Sep 02
Price target increased by 7.9% to NT$463 Up from NT$429, the current price target is an average from 18 analysts. New target price is 6.6% above last closing price of NT$435. Stock is up 43% over the past year. The company is forecast to post earnings per share of NT$6.30 for next year compared to NT$1.96 last year. Reported Earnings • Aug 31
Second quarter 2024 earnings released: EPS: NT$1.46 (vs NT$0.27 loss in 2Q 2023) Second quarter 2024 results: EPS: NT$1.46 (up from NT$0.27 loss in 2Q 2023). Revenue: NT$4.62b (up 28% from 2Q 2023). Net income: NT$560.6m (up NT$663.7m from 2Q 2023). Profit margin: 12% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 24% 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 48% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Announcement • Aug 22
Silergy Corp. to Report Q2, 2024 Results on Aug 29, 2024 Silergy Corp. announced that they will report Q2, 2024 results on Aug 29, 2024 Announcement • Jul 12
Silergy Corp. Common Shares to Be Deleted from OTC Equity Silergy Corp. Common Shares (Cayman Island) will be deleted from OTC Equity effective July 11, 2024, due to Inactive Security. Buy Or Sell Opportunity • Jul 01
Now 34% undervalued Over the last 90 days, the stock has risen 39% to NT$445. The fair value is estimated to be NT$678, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.1% over the last 3 years. Earnings per share has declined by 35%. Revenue is forecast to grow by 65% in 2 years. Earnings are forecast to grow by 863% in the next 2 years. Buy Or Sell Opportunity • Jun 18
Now 20% undervalued Over the last 90 days, the stock has risen 41% to NT$510. The fair value is estimated to be NT$639, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.1% over the last 3 years. Earnings per share has declined by 35%. Revenue is forecast to grow by 65% in 2 years. Earnings are forecast to grow by 864% in the next 2 years. Buy Or Sell Opportunity • May 29
Now 23% undervalued Over the last 90 days, the stock has risen 13% to NT$473. The fair value is estimated to be NT$612, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.1% over the last 3 years. Earnings per share has declined by 35%. Revenue is forecast to grow by 65% in 2 years. Earnings are forecast to grow by 866% in the next 2 years. New Risk • May 16
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.8% average weekly change). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.8% net profit margin). Reported Earnings • May 15
First quarter 2024 earnings released: EPS: NT$0.20 (vs NT$0.57 in 1Q 2023) First quarter 2024 results: EPS: NT$0.20 (down from NT$0.57 in 1Q 2023). Revenue: NT$3.84b (up 12% from 1Q 2023). Net income: NT$78.0m (down 64% from 1Q 2023). Profit margin: 2.0% (down from 6.4% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Announcement • May 08
Silergy Corp. to Report Q1, 2024 Results on May 14, 2024 Silergy Corp. announced that they will report Q1, 2024 results on May 14, 2024 Buy Or Sell Opportunity • Apr 12
Now 20% overvalued Over the last 90 days, the stock has fallen 13% to NT$387. The fair value is estimated to be NT$322, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.8% over the last 3 years. Earnings per share has declined by 18%. For the next 3 years, revenue is forecast to grow by 22% per annum. Earnings are also forecast to grow by 56% per annum over the same time period. Upcoming Dividend • Mar 21
Upcoming dividend of NT$1.96 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 25 April 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 0.6%. Lower than top quartile of Taiwanese dividend payers (4.7%). Lower than average of industry peers (2.4%). Reported Earnings • Mar 16
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: NT$1.96 (down from NT$15.95 in FY 2022). Revenue: NT$15.4b (down 34% from FY 2022). Net income: NT$746.0m (down 88% from FY 2022). Profit margin: 4.8% (down from 26% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 26%. Revenue is forecast to grow 21% 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 fallen by 18% per year whereas the company’s share price has fallen by 13% per year. Major Estimate Revision • Mar 14
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$20.8b to NT$19.3b. EPS estimate also fell from NT$7.58 per share to NT$6.74 per share. Net income forecast to grow 46% next year vs 24% growth forecast for Semiconductor industry in Taiwan. Consensus price target broadly unchanged at NT$388. Share price fell 4.9% to NT$371 over the past week. Declared Dividend • Mar 14
Dividend reduced to NT$1.96 Dividend of NT$1.96 is 56% lower than last year. Ex-date: 28th March 2024 Payment date: 25th April 2024 Dividend yield will be 0.5%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is not covered by earnings (113% earnings payout ratio). However, it is covered by cash flows (54% cash payout ratio). The dividend has increased by an average of 22% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 26% to bring the payout ratio under control. EPS is expected to grow by 245% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Mar 14
Silergy Corp. Approves Cash Dividend for the Year 2023, Payable on April 25, 2024 Silergy Corp. announced that the Board of Directors approved dividend distribution of TWD 1.96 per share for the year 2023. Total amount of cash distributed to shareholders: TWD 751,315,818. Ex-rights (ex-dividend) trading date is March 28, 2024. Ex-rights (ex-dividend) record date is April 5, 2024. Payment date of common stock cash dividend distribution is April 25, 2024. Announcement • Mar 13
Silergy Corp., Annual General Meeting, May 30, 2024 Silergy Corp., Annual General Meeting, May 30, 2024. Location: 4F., No. 101, Songjiang Rd Zhongshan Dist. Taipei City Taiwan Agenda: To report the business of 2023; to approve Audit Committee's review report; to report 2023 employees' remunerations and directors' remunerations; to report the distribution of cash dividends from 2023 earnings; to report the execution of the repurchase of the Company's common shares; and to consider other matters. Announcement • Jan 30
Silergy Corp. Announces the Change of Chief Information Security Officer Silergy Corp. announced the change of Chief Information Security Officer. The company appointed Canbo Wei; Chief Information Security Officer in place of Jiayou Zhong; IT Senior Manager. Effective date is January 29, 2024. Announcement • Jan 13
Silergy Corp. Announces Retirement of Michael Grimm as President, Effective March 31, 2024 Silergy Corp. announced retirement of Michael Grimm as President. Mr. Michael Grimm is scheduled to retire from his position as Co-CEO and President of Silergy Corp. on March 31, 2024. His role in the subsidiaries will remain unchanged. The position of CEO and President will continue to be held by Mr. Budong You, the former Co-CEO and President of Silergy Corp. Major Estimate Revision • Nov 21
Consensus EPS estimates increase by 182% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from NT$15.2b to NT$15.5b. EPS estimate increased from NT$0.90 to NT$2.53 per share. Net income forecast to grow 91% next year vs 19% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$301 to NT$372. Share price rose 19% to NT$422 over the past week. Price Target Changed • Nov 16
Price target increased by 12% to NT$336 Up from NT$301, the current price target is an average from 13 analysts. New target price is 12% below last closing price of NT$384. Stock is down 24% over the past year. The company is forecast to post earnings per share of NT$1.00 for next year compared to NT$15.95 last year. Reported Earnings • Nov 15
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: NT$1.29 (down from NT$3.87 in 3Q 2022). Revenue: NT$4.11b (down 31% from 3Q 2022). Net income: NT$494.4m (down 66% from 3Q 2022). Profit margin: 12% (down from 25% in 3Q 2022). Revenue exceeded analyst estimates by 7.2%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Nov 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$316, the stock trades at a forward P/E ratio of 66x. Average forward P/E is 19x in the Semiconductor industry in Taiwan. Total loss to shareholders of 40% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$194 per share. New Risk • Oct 30
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 7.7% 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 (7.7% average weekly change). Minor Risk Profit margins are more than 30% lower than last year (14% net profit margin). New Risk • Aug 31
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: 14% Last year net profit margin: 28% 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 Share price has been volatile over the past 3 months (7.2% average weekly change). Profit margins are more than 30% lower than last year (14% net profit margin). Price Target Changed • Aug 23
Price target decreased by 8.2% to NT$379 Down from NT$413, the current price target is an average from 14 analysts. New target price is 46% above last closing price of NT$260. Stock is down 54% over the past year. The company is forecast to post earnings per share of NT$3.78 for next year compared to NT$15.95 last year. Major Estimate Revision • Aug 23
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$16.5b to NT$16.4b. EPS estimate also fell from NT$4.50 per share to NT$3.84 per share. Net income forecast to shrink 51% next year vs 6.2% growth forecast for Semiconductor industry in Taiwan . Consensus price target down from NT$413 to NT$399. Share price fell 12% to NT$260 over the past week. Valuation Update With 7 Day Price Move • Jul 13
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$317, the stock trades at a forward P/E ratio of 47x. Average forward P/E is 20x in the Semiconductor industry in Taiwan. Total loss to shareholders of 26% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$178 per share. Announcement • May 27
Silergy Corp. Elects Bing Xie as Director Silergy Corp. at the Annual General Shareholders' Meeting held on May 26, 2023 elected Mr. BING XIE as the director of the Company. Major Estimate Revision • May 18
Consensus revenue estimates fall by 15% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$19.9b to NT$17.0b. EPS estimate fell from NT$10.25 to NT$4.92 per share. Net income forecast to shrink 40% next year vs 15% decline forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$521 to NT$435. Share price fell 8.7% to NT$402 over the past week. Price Target Changed • May 13
Price target decreased by 7.2% to NT$484 Down from NT$521, the current price target is an average from 12 analysts. New target price is 12% above last closing price of NT$434. Stock is down 30% over the past year. The company is forecast to post earnings per share of NT$5.70 for next year compared to NT$15.95 last year. Reported Earnings • May 12
First quarter 2023 earnings: Revenues miss analyst expectations First quarter 2023 results: Revenue: NT$3.43b (down 43% from 1Q 2022). Net income: NT$218.4m (down 86% from 1Q 2022). Profit margin: 6.4% (down from 26% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 5.9%. Revenue is forecast to grow 25% 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 35% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Mar 17
Consensus revenue estimates fall by 14% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$23.5b to NT$20.2b. EPS estimate fell from NT$14.64 to NT$10.20 per share. Net income forecast to shrink 35% next year vs 23% decline forecast for Semiconductor industry in Taiwan. Consensus price target broadly unchanged at NT$537. Share price fell 12% to NT$499 over the past week. Upcoming Dividend • Mar 17
Upcoming dividend of NT$4.49 per share at 0.9% yield Eligible shareholders must have bought the stock before 24 March 2023. Payment date: 21 April 2023. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of Taiwanese dividend payers (6.2%). Lower than average of industry peers (3.5%). Reported Earnings • Mar 11
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: NT$15.95 (up from NT$15.38 in FY 2021). Revenue: NT$23.5b (up 9.3% from FY 2021). Net income: NT$6.04b (up 5.3% from FY 2021). Profit margin: 26% (down from 27% in FY 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) also missed analyst estimates by 4.7%. Revenue is forecast to grow 12% 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 35% per year whereas the company’s share price has increased by 33% per year. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$445, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 13x in the Semiconductor industry in Taiwan. Total returns to shareholders of 93% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$243 per share. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improved over the past week After last week's 19% share price gain to NT$569, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 13x in the Semiconductor industry in Taiwan. Total returns to shareholders of 151% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$284 per share. Major Estimate Revision • Nov 18
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from NT$24.9b to NT$24.0b. EPS estimate also fell from NT$19.30 per share to NT$16.09 per share. Net income forecast to shrink 5.6% next year vs 13% decline forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$657 to NT$555. Share price rose 14% to NT$504 over the past week.