New Risk • May 28
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 106% Cash payout ratio: 308% Dividend yield: 2.7% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain 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: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 106% Cash payout ratio: 308% Earnings have declined by 1.5% per year over the past 5 years. Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$60.30, the stock trades at a trailing P/E ratio of 35.8x. Average forward P/E is 30x in the Semiconductor industry in Taiwan. Total returns to shareholders of 64% over the past three years. Reported Earnings • May 06
First quarter 2026 earnings released: EPS: NT$0.51 (vs NT$0.45 in 1Q 2025) First quarter 2026 results: EPS: NT$0.51 (up from NT$0.45 in 1Q 2025). Revenue: NT$3.67b (up 16% from 1Q 2025). Net income: NT$469.0m (up 12% from 1Q 2025). Profit margin: 13% (in line with 1Q 2025). 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 9% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$61.10, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 27x in the Semiconductor industry in Taiwan. Total returns to shareholders of 69% over the past three years. Upcoming Dividend • Mar 13
Upcoming dividend of NT$0.45 per share Eligible shareholders must have bought the stock before 20 March 2026. Payment date: 15 April 2026. Payout ratio is on the higher end at 80%, and the cash payout ratio is above 100%. Trailing yield: 3.7%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (1.4%). Reported Earnings • Mar 11
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: NT$1.63 (down from NT$2.03 in FY 2024). Revenue: NT$13.4b (up 12% from FY 2024). Net income: NT$1.50b (down 21% from FY 2024). Profit margin: 11% (down from 16% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.2%. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • Feb 13
Chang Wah Technology Co., Ltd., Annual General Meeting, Jun 09, 2026 Chang Wah Technology Co., Ltd., Annual General Meeting, Jun 09, 2026. Location: no,2, jen fa 6th rd., renwu district, kaohsiung city Taiwan Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$58.60, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 25x in the Semiconductor industry in Taiwan. Total returns to shareholders of 119% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$33.40 per share. Upcoming Dividend • Dec 11
Upcoming dividend of NT$0.45 per share Eligible shareholders must have bought the stock before 18 December 2025. Payment date: 14 January 2026. Payout ratio is on the higher end at 80%, and the cash payout ratio is above 100%. Trailing yield: 4.2%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (1.5%). 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 6.4% 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: Minor Risks Dividend is not well covered by cash flows (167% cash payout ratio). Share price has been volatile over the past 3 months (6.4% average weekly change). Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$47.70, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 23x in the Semiconductor industry in Taiwan. Total returns to shareholders of 72% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$30.86 per share. Reported Earnings • Nov 06
Third quarter 2025 earnings: EPS exceeds analyst expectations Third quarter 2025 results: EPS: NT$0.56 (up from NT$0.45 in 3Q 2024). Revenue: NT$3.50b (up 12% from 3Q 2024). Net income: NT$514.4m (up 21% from 3Q 2024). Profit margin: 15% (up from 14% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.7%. Revenue is forecast to grow 8.9% 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, earnings per share has fallen by 21% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Major Estimate Revision • Oct 31
Consensus EPS estimates increase by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from NT$13.2b to NT$13.4b. EPS estimate increased from NT$1.37 to NT$1.59 per share. Net income forecast to grow 18% next year vs 27% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$38.07 to NT$44.00. Share price rose 9.1% to NT$40.35 over the past week. Price Target Changed • Oct 30
Price target increased by 10% to NT$44.00 Up from NT$40.00, the current price target is an average from 3 analysts. New target price is 14% above last closing price of NT$38.70. Stock is up 5.9% over the past year. The company is forecast to post earnings per share of NT$1.59 for next year compared to NT$2.02 last year. Valuation Update With 7 Day Price Move • Oct 08
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$39.25, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 26x in the Semiconductor industry in Taiwan. Total returns to shareholders of 46% over the past three years. Reported Earnings • Aug 10
Second quarter 2025 earnings: EPS misses analyst expectations Second quarter 2025 results: EPS: NT$0.11 (down from NT$0.54 in 2Q 2024). Revenue: NT$3.25b (up 10.0% from 2Q 2024). Net income: NT$101.7m (down 80% from 2Q 2024). Profit margin: 3.1% (down from 17% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 69%. Revenue is forecast to grow 7.0% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 22% 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. Major Estimate Revision • Aug 01
Consensus EPS estimates fall by 25% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$13.2b to NT$12.9b. EPS estimate also fell from NT$1.83 per share to NT$1.37 per share. Net income forecast to shrink 26% next year vs 13% growth forecast for Semiconductor industry in Taiwan . Consensus price target down from NT$40.00 to NT$38.07. Share price fell 3.1% to NT$30.90 over the past week. Upcoming Dividend • Jun 12
Upcoming dividend of NT$0.46 per share Eligible shareholders must have bought the stock before 19 June 2025. Payment date: 16 July 2025. The company last paid an ordinary dividend in April 2016. The average dividend yield among industry peers is 2.3%. Reported Earnings • May 08
First quarter 2025 earnings: Revenues and EPS in line with analyst expectations First quarter 2025 results: EPS: NT$0.45 (down from NT$0.47 in 1Q 2024). Revenue: NT$3.18b (up 16% from 1Q 2024). Net income: NT$417.1m (down 4.5% from 1Q 2024). Profit margin: 13% (down from 16% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.6% 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, earnings per share has fallen by 19% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. New Risk • May 04
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 8.1% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Risk Earnings are forecast to decline by an average of 8.1% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (116% cash payout ratio). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$30.00, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 18x in the Semiconductor industry in Taiwan. Total loss to shareholders of 11% over the past three years. Upcoming Dividend • Mar 06
Upcoming dividend of NT$0.45 per share Eligible shareholders must have bought the stock before 13 March 2025. Payment date: 16 April 2025. Payout ratio is on the higher end at 95%, and the cash payout ratio is above 100%. Trailing yield: 5.3%. Within top quartile of Taiwanese dividend payers (4.3%). Higher than average of industry peers (2.1%). Announcement • Feb 21
Chang Wah Technology Co., Ltd., Annual General Meeting, May 28, 2025 Chang Wah Technology Co., Ltd., Annual General Meeting, May 28, 2025, at 10:00 Taipei Standard Time. Location: no,2, jen fa 6th rd., renwu district, kaohsiung city Taiwan Price Target Changed • Dec 25
Price target increased by 8.8% to NT$46.00 Up from NT$42.27, the current price target is an average from 2 analysts. New target price is 39% above last closing price of NT$33.20. Stock is down 2.4% over the past year. The company is forecast to post earnings per share of NT$1.92 for next year compared to NT$1.67 last year. Upcoming Dividend • Dec 12
Upcoming dividend of NT$0.41 per share Eligible shareholders must have bought the stock before 19 December 2024. Payment date: 15 January 2025. Payout ratio is on the higher end at 95%, and the cash payout ratio is above 100%. Trailing yield: 5.2%. Within top quartile of Taiwanese dividend payers (4.5%). Higher than average of industry peers (2.1%). Reported Earnings • Nov 06
Third quarter 2024 earnings: EPS misses analyst expectations Third quarter 2024 results: EPS: NT$0.45 (up from NT$0.45 in 3Q 2023). Revenue: NT$3.13b (up 10% from 3Q 2023). Net income: NT$424.6m (up 1.0% from 3Q 2023). Profit margin: 14% (down from 15% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 12%. Revenue is forecast to grow 9.6% p.a. on average during the next 2 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 9% 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. Upcoming Dividend • Sep 12
Upcoming dividend of NT$0.41 per share Eligible shareholders must have bought the stock before 19 September 2024. Payment date: 16 October 2024. Payout ratio is on the higher end at 93%, and the cash payout ratio is above 100%. Trailing yield: 4.4%. Lower than top quartile of Taiwanese dividend payers (4.5%). Higher than average of industry peers (2.2%). Reported Earnings • Aug 16
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: NT$0.54 (up from NT$0.52 in 2Q 2023). Revenue: NT$2.95b (down 1.3% from 2Q 2023). Net income: NT$508.2m (up 5.0% from 2Q 2023). Profit margin: 17% (in line with 2Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.1%. Revenue is forecast to grow 9.6% 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, earnings per share has increased by 1% per year whereas the company’s share price has remained flat. Upcoming Dividend • Jun 17
Upcoming dividend of NT$0.41 per share Eligible shareholders must have bought the stock before 24 June 2024. Payment date: 17 July 2024. Payout ratio and cash payout ratio are on the higher end at 93% and 84% respectively. Trailing yield: 4.0%. Lower than top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.1%). Reported Earnings • May 18
First quarter 2024 earnings released: EPS: NT$0.47 (vs NT$0.41 in 1Q 2023) First quarter 2024 results: EPS: NT$0.47 (up from NT$0.41 in 1Q 2023). Revenue: NT$2.74b (down 3.3% from 1Q 2023). Net income: NT$436.9m (up 15% from 1Q 2023). Profit margin: 16% (up from 13% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 7.0% 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, earnings per share has increased by 11% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Apr 25
Consensus EPS estimates increase by 30% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from NT$1.59 to NT$2.06. Revenue forecast steady at NT$12.6b. Net income forecast to grow 16% next year vs 27% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$38.92 to NT$42.27. Share price rose 9.5% to NT$40.50 over the past week. Reported Earnings • Mar 19
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: NT$1.67 (down from NT$3.01 in FY 2022). Revenue: NT$11.6b (down 20% from FY 2022). Net income: NT$1.56b (down 44% from FY 2022). Profit margin: 14% (down from 20% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.2%. Revenue is forecast to grow 5.6% 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, earnings per share has increased by 22% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 07
Upcoming dividend of NT$0.40 per share Eligible shareholders must have bought the stock before 14 March 2024. Payment date: 10 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: 4.7%. Lower than top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (2.5%). Announcement • Feb 22
Chang Wah Technology Co., Ltd., Annual General Meeting, May 30, 2024 Chang Wah Technology Co., Ltd., Annual General Meeting, May 30, 2024. New Risk • Feb 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 8.7% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Risk Earnings are forecast to decline by an average of 8.7% per year for the foreseeable future. Minor Risks Dividend is not well covered by earnings (112% payout ratio). Profit margins are more than 30% lower than last year (14% net profit margin). Upcoming Dividend • Dec 14
Upcoming dividend of NT$0.40 per share at 4.7% yield Eligible shareholders must have bought the stock before 21 December 2023. Payment date: 17 January 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.7%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (3.2%). New Risk • Nov 22
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: 20% 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. Profit margins are more than 30% lower than last year (14% net profit margin). Major Estimate Revision • Nov 02
Consensus EPS estimates fall by 21% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$11.6b to NT$11.3b. EPS estimate also fell from NT$1.97 per share to NT$1.55 per share. Net income forecast to shrink 27% next year vs 8.5% growth forecast for Semiconductor industry in Taiwan . Consensus price target down from NT$45.00 to NT$40.00. Share price was steady at NT$31.80 over the past week. Upcoming Dividend • Sep 14
Upcoming dividend of NT$0.40 per share at 4.5% yield Eligible shareholders must have bought the stock before 21 September 2023. Payment date: 18 October 2023. Payout ratio is on the higher end at 86%, however this is supported by cash flows. Trailing yield: 4.5%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.3%). Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: NT$0.52 (vs NT$0.84 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.52 (down from NT$0.84 in 2Q 2022). Revenue: NT$2.99b (down 21% from 2Q 2022). Net income: NT$484.1m (down 38% from 2Q 2022). Profit margin: 16% (down from 21% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.2% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. New Risk • Jul 28
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 11% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Risk Earnings are forecast to decline by an average of 11% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • Jul 13
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$35.80, the stock trades at a trailing P/E ratio of 13.5x. Average forward P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 217% over the past three years. Upcoming Dividend • Jun 01
Upcoming dividend of NT$0.81 per share at 3.8% yield Eligible shareholders must have bought the stock before 08 June 2023. Payment date: 12 July 2023. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Taiwanese dividend payers (5.6%). Higher than average of industry peers (3.3%). Major Estimate Revision • May 09
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$13.2b to NT$13.0b. EPS estimate also fell from NT$2.12 per share to NT$1.87 per share. Net income forecast to shrink 36% next year vs 18% decline forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$38.00 to NT$45.00. Share price fell 2.5% to NT$41.35 over the past week. Price Target Changed • May 08
Price target increased by 20% to NT$45.00 Up from NT$37.60, the current price target is provided by 1 analyst. New target price is 8.8% above last closing price of NT$41.35. Stock is up 19% over the past year. The company is forecast to post earnings per share of NT$1.87 for next year compared to NT$3.01 last year. Reported Earnings • Mar 18
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: NT$3.01 (up from NT$1.92 in FY 2021). Revenue: NT$14.4b (up 13% from FY 2021). Net income: NT$2.82b (up 64% from FY 2021). Profit margin: 20% (up from 13% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) missed analyst estimates by 1.6%. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has increased by 74% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$40.45, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 17x in the Semiconductor industry in Taiwan. Total returns to shareholders of 317% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$24.90 per share. Upcoming Dividend • Dec 08
Upcoming dividend of NT$0.70 per share Eligible shareholders must have bought the stock before 15 December 2022. Payment date: 11 January 2023. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 4.4%. Lower than top quartile of Taiwanese dividend payers (6.8%). Higher than average of industry peers (3.7%). Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Jia-Ruey Ou was the last independent director to join the board, commencing their role in 2021. 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 06
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: NT$1.01 (up from NT$0.64 in 3Q 2021). Revenue: NT$3.68b (up 11% from 3Q 2021). Net income: NT$939.3m (up 64% from 3Q 2021). Profit margin: 26% (up from 17% in 3Q 2021). Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) exceeded analyst estimates by 41%. Revenue is expected to decline by 2.4% p.a. on average during the next 2 years, while revenues in the Semiconductor industry in Taiwan are expected to grow by 9.9%. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Price Target Changed • Oct 23
Price target decreased to NT$34.00 Down from NT$37.60, the current price target is provided by 1 analyst. New target price is 13% above last closing price of NT$30.10. Stock is down 26% over the past year. The company is forecast to post earnings per share of NT$3.07 for next year compared to NT$1.92 last year. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment improved over the past week After last week's 22% share price gain to NT$34.35, 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 168% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$32.77 per share. Reported Earnings • Aug 07
Second quarter 2022 earnings: EPS exceeds analyst expectations Second quarter 2022 results: EPS: NT$2.09 (up from NT$0.88 in 2Q 2021). Revenue: NT$3.78b (up 23% from 2Q 2021). Net income: NT$784.8m (up 152% from 2Q 2021). Profit margin: 21% (up from 10% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.5%. Over the next year, revenue is forecast to grow 4.9%, compared to a 21% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 10
Upcoming dividend of NT$1.72 per share Eligible shareholders must have bought the stock before 17 June 2022. Payment date: 13 July 2022. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Taiwanese dividend payers (5.9%). Lower than average of industry peers (3.0%). Reported Earnings • May 09
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: NT$1.87 (up from NT$0.67 in 1Q 2021). Revenue: NT$3.63b (up 34% from 1Q 2021). Net income: NT$701.7m (up 196% from 1Q 2021). Profit margin: 19% (up from 8.7% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Apr 27
Price target decreased to NT$108 Down from NT$120, the current price target is provided by 1 analyst. New target price is 17% above last closing price of NT$92.60. Stock is up 28% over the past year. The company is forecast to post earnings per share of NT$7.15 for next year compared to NT$4.81 last year. Board Change • Apr 27
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. 4 experienced directors. 5 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Ren-Lin Lin was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Price Target Changed • Apr 20
Price target decreased to NT$108 Down from NT$120, the current price target is provided by 1 analyst. New target price is 9.1% above last closing price of NT$99.00. Stock is up 36% over the past year. The company is forecast to post earnings per share of NT$7.15 for next year compared to NT$4.81 last year. Reported Earnings • Mar 19
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: NT$4.81 (up from NT$2.19 in FY 2020). Revenue: NT$12.8b (up 32% from FY 2020). Net income: NT$1.71b (up 122% from FY 2020). Profit margin: 13% (up from 8.0% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.8%. Over the next year, revenue is forecast to grow 20%, compared to a 24% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 51% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Dec 02
Upcoming dividend of NT$0.68 per share Eligible shareholders must have bought the stock before 09 December 2021. Payment date: 12 January 2022. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (5.1%). Lower than average of industry peers (2.1%). Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS NT$1.61 (vs NT$0.78 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$3.33b (up 39% from 3Q 2020). Net income: NT$571.6m (up 107% from 3Q 2020). Profit margin: 17% (up from 12% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$0.88 (vs NT$0.57 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$3.07b (up 26% from 2Q 2020). Net income: NT$311.3m (up 55% from 2Q 2020). Profit margin: 10% (up from 8.2% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improved over the past week After last week's 23% share price gain to NT$91.40, the stock trades at a trailing P/E ratio of 36.6x. Average forward P/E is 17x in the Semiconductor industry in Taiwan. Total returns to shareholders of 165% over the past three years. Upcoming Dividend • Jun 08
Upcoming dividend of NT$0.92 per share Eligible shareholders must have bought the stock before 15 June 2021. Payment date: 14 July 2021. Trailing yield: 2.0%. Lower than top quartile of Taiwanese dividend payers (5.0%). In line with average of industry peers (2.1%). Reported Earnings • May 08
First quarter 2021 earnings released: EPS NT$0.67 (vs NT$0.36 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$2.72b (up 26% from 1Q 2020). Net income: NT$237.3m (up 86% from 1Q 2020). Profit margin: 8.7% (up from 5.9% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Announcement • Mar 19
Chang Wah Technology Co., Ltd., Annual General Meeting, Jun 07, 2021 Chang Wah Technology Co., Ltd., Annual General Meeting, Jun 07, 2021. Reported Earnings • Mar 18
Full year 2020 earnings released: EPS NT$2.19 (vs NT$1.72 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$9.68b (up 3.8% from FY 2019). Net income: NT$773.8m (up 27% from FY 2019). Profit margin: 8.0% (up from 6.5% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 18
New 90-day high: NT$68.70 The company is up 44% from its price of NT$47.55 on 20 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 35% over the same period. Is New 90 Day High Low • Jan 25
New 90-day high: NT$66.00 The company is up 37% from its price of NT$48.15 on 28 October 2020. The Taiwanese market is up 23% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 43% over the same period. Is New 90 Day High Low • Jan 07
New 90-day high: NT$64.00 The company is up 61% from its price of NT$39.70 on 08 October 2020. The Taiwanese market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 23% over the same period. Upcoming Dividend • Dec 10
Upcoming Dividend of NT$0.40 Per Share Will be paid on the 13th of January to those who are registered shareholders by the 17th of December. The trailing yield of 3.0% is below the top quartile of Taiwanese dividend payers (5.1%), but it is higher than industry peers (2.0%). Valuation Update With 7 Day Price Move • Dec 01
Market bids up stock over the past week After last week's 24% share price gain to NT$59.50, the stock is trading at a trailing P/E ratio of 27.7x, up from the previous P/E ratio of 22.3x. This compares to an average P/E of 24x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past three years are 62%. Is New 90 Day High Low • Nov 27
New 90-day high: NT$49.25 The company is up 28% from its price of NT$38.50 on 28 August 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 15% over the same period. Reported Earnings • Nov 10
Third quarter 2020 earnings released: EPS NT$0.78 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$2.40b (down 2.8% from 3Q 2019). Net income: NT$275.8m (up 50% from 3Q 2019). Profit margin: 12% (up from 7.4% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 3% per year. Valuation Update With 7 Day Price Move • Oct 26
Market bids up stock over the past week After last week's 18% share price gain to NT$48.20, the stock is trading at a trailing P/E ratio of 25.5x, up from the previous P/E ratio of 21.7x. This compares to an average P/E of 23x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past three years are 35%. Is New 90 Day High Low • Oct 15
New 90-day high: NT$42.60 The company is up 40% from its price of NT$30.40 on 17 July 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 21% over the same period.