Upcoming Dividend • Jun 17
Upcoming dividend of NT$6.45 per share Eligible shareholders must have bought the stock before 24 June 2026. Payment date: 15 July 2026. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (1.0%). Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$573, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 29x in the Semiconductor industry in Taiwan. Total returns to shareholders of 344% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$395 per share. Valuation Update With 7 Day Price Move • May 25
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$486, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 30x in the Semiconductor industry in Taiwan. Total returns to shareholders of 312% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$344 per share. Buy Or Sell Opportunity • May 21
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 63% to NT$430. The fair value is estimated to be NT$343, 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 grown by 8.3%. Revenue is forecast to grow by 37% in a year. Earnings are forecast to grow by 37% in the next year. Reported Earnings • May 11
First quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2026 results: EPS: NT$5.08 (up from NT$4.41 in 1Q 2025). Revenue: NT$14.3b (up 7.9% from 1Q 2025). Net income: NT$1.11b (up 25% from 1Q 2025). Profit margin: 7.8% (up from 6.7% in 1Q 2025). Revenue missed analyst estimates by 14%. Earnings per share (EPS) exceeded analyst estimates by 41%. Revenue is forecast to grow 17% 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 8% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • May 07
Consensus EPS estimates increase by 16% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from NT$17.10 to NT$19.83. Revenue forecast steady at NT$70.5b. Net income forecast to grow 34% next year vs 55% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$350 to NT$380. Share price rose 3.8% to NT$393 over the past week. Buy Or Sell Opportunity • Apr 23
Now 20% undervalued Over the last 90 days, the stock has risen 28% to NT$375. The fair value is estimated to be NT$470, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 3.1%. Revenue is forecast to grow by 48% in 2 years. Earnings are forecast to grow by 18% in the next 2 years. Price Target Changed • Apr 17
Price target increased by 12% to NT$350 Up from NT$312, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of NT$359. Stock is up 133% over the past year. The company is forecast to post earnings per share of NT$17.10 for next year compared to NT$15.50 last year. Price Target Changed • Apr 14
Price target increased by 9.8% to NT$334 Up from NT$304, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of NT$331. Stock is up 118% over the past year. The company is forecast to post earnings per share of NT$16.78 for next year compared to NT$15.50 last year. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$325, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 23x in the Semiconductor industry in Taiwan. Total returns to shareholders of 170% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$464 per share. New Risk • Mar 23
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 78% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 06
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: NT$15.50 (up from NT$8.94 in FY 2024). Revenue: NT$51.6b (down 15% from FY 2024). Net income: NT$3.24b (up 80% from FY 2024). Profit margin: 6.3% (up from 3.0% in FY 2024). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.2%. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 05
Marketech International Corp., Annual General Meeting, May 29, 2026 Marketech International Corp., Annual General Meeting, May 29, 2026, at 09:00 Taipei Standard Time. Location: 14 floor no,3-1, yuan ou st., nangang district, taipei city Taiwan New Risk • Mar 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 7.1% 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 Share price has been volatile over the past 3 months (7.1% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$305, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 25x in the Semiconductor industry in Taiwan. Total returns to shareholders of 162% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$217 per share. Buy Or Sell Opportunity • Feb 09
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to NT$263. The fair value is estimated to be NT$216, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 37% in 2 years. Earnings are forecast to grow by 28% in the next 2 years. Buy Or Sell Opportunity • Dec 17
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 2.5% to NT$262. The fair value is estimated to be NT$213, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 37% in 2 years. Earnings are forecast to grow by 27% in the next 2 years. New Risk • Nov 26
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 55% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 12
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2025 results: EPS: NT$5.57 (up from NT$2.68 in 3Q 2024). Revenue: NT$11.5b (down 27% from 3Q 2024). Net income: NT$1.18b (up 120% from 3Q 2024). Profit margin: 10% (up from 3.5% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 18%. Earnings per share (EPS) exceeded analyst estimates by 52%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Major Estimate Revision • Aug 30
Consensus EPS estimates increase by 13% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from NT$11.86 to NT$13.40. Revenue forecast steady at NT$59.6b. Net income forecast to grow 31% next year vs 28% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$221 to NT$249. Share price rose 12% to NT$264 over the past week. New Risk • Aug 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 27% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 14
Second quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2025 results: EPS: NT$1.95 (up from NT$1.84 in 2Q 2024). Revenue: NT$12.2b (down 21% from 2Q 2024). Net income: NT$396.4m (up 6.9% from 2Q 2024). Profit margin: 3.2% (up from 2.4% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 17%. Earnings per share (EPS) exceeded analyst estimates by 16%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$236, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 122% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$178 per share. Buy Or Sell Opportunity • Aug 07
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 37% to NT$221. The fair value is estimated to be NT$175, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 2.9%. Revenue is forecast to grow by 4.5% in a year. Earnings are forecast to grow by 13% in the next year. Price Target Changed • Jul 14
Price target increased by 12% to NT$221 Up from NT$197, the current price target is an average from 3 analysts. New target price is 11% above last closing price of NT$200. Stock is up 18% over the past year. The company is forecast to post earnings per share of NT$11.86 for next year compared to NT$8.94 last year. Declared Dividend • Jun 09
Dividend of NT$6.00 announced Dividend of NT$6.00 is the same as last year. Ex-date: 8th July 2025 Payment date: 30th July 2025 Dividend yield will be 3.6%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (55% earnings payout ratio) and cash flows (14% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 11% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 14
First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2025 results: EPS: NT$4.41 (up from NT$2.42 in 1Q 2024). Revenue: NT$13.3b (down 9.3% from 1Q 2024). Net income: NT$888.7m (up 82% from 1Q 2024). Profit margin: 6.7% (up from 3.3% in 1Q 2024). Revenue missed analyst estimates by 14%. Earnings per share (EPS) exceeded analyst estimates by 80%. Revenue is forecast to grow 7.5% 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 3% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Announcement • Apr 30
Marketech International Corp. to Report Q1, 2025 Results on May 06, 2025 Marketech International Corp. announced that they will report Q1, 2025 results on May 06, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$138, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 18x in the Semiconductor industry in Taiwan. Total returns to shareholders of 11% over the past three years. Price Target Changed • Mar 08
Price target increased by 11% to NT$208 Up from NT$187, the current price target is an average from 3 analysts. New target price is 23% above last closing price of NT$170. Stock is up 8.7% over the past year. The company is forecast to post earnings per share of NT$9.15 for next year compared to NT$10.96 last year. Announcement • Feb 15
Marketech International Corp. to Report Fiscal Year 2024 Results on Feb 24, 2025 Marketech International Corp. announced that they will report fiscal year 2024 results on Feb 24, 2025 Major Estimate Revision • Nov 28
Consensus EPS estimates fall by 15% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from NT$10.76 to NT$9.15 per share. Revenue forecast steady at NT$61.4b. Net income forecast to grow 25% next year vs 31% growth forecast for Semiconductor industry in Taiwan. Consensus price target broadly unchanged at NT$196. Share price was steady at NT$147 over the past week. New Risk • Nov 26
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 32% 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 Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.8% net profit margin). Reported Earnings • Nov 19
Third quarter 2024 earnings: EPS misses analyst expectations Third quarter 2024 results: EPS: NT$2.68 (down from NT$2.92 in 3Q 2023). Revenue: NT$15.6b (up 15% from 3Q 2023). Net income: NT$538.7m (down 6.6% from 3Q 2023). Profit margin: 3.5% (down from 4.3% 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 24%. Revenue is forecast to grow 8.6% 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 increased by 6% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Oct 29
Marketech International Corp. to Report Q3, 2024 Results on Nov 06, 2024 Marketech International Corp. announced that they will report Q3, 2024 results on Nov 06, 2024 Buy Or Sell Opportunity • Oct 16
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at NT$158. The fair value is estimated to be NT$131, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to grow by 8.9% in a year. Earnings are forecast to grow by 29% in the next year. Buy Or Sell Opportunity • Aug 30
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 1.9% to NT$157. The fair value is estimated to be NT$131, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to grow by 7.7% in a year. Earnings are forecast to grow by 38% in the next year. Price Target Changed • Aug 27
Price target increased by 7.7% to NT$190 Up from NT$176, the current price target is an average from 4 analysts. New target price is 23% above last closing price of NT$154. Stock is up 12% over the past year. The company is forecast to post earnings per share of NT$10.78 for next year compared to NT$10.96 last year. Reported Earnings • Aug 16
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: NT$1.84 (down from NT$4.18 in 2Q 2023). Revenue: NT$15.4b (up 13% from 2Q 2023). Net income: NT$370.7m (down 55% from 2Q 2023). Profit margin: 2.4% (down from 6.0% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.8%. Earnings per share (EPS) also surpassed analyst estimates by 2.1%. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 10% per year. Announcement • Jul 24
Marketech International Corp. to Report Q2, 2024 Results on Aug 01, 2024 Marketech International Corp. announced that they will report Q2, 2024 results on Aug 01, 2024 Upcoming Dividend • Jul 10
Upcoming dividend of NT$6.00 per share Eligible shareholders must have bought the stock before 17 July 2024. Payment date: 02 August 2024. Payout ratio is a comfortable 54% but the company is not cash flow positive. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (1.9%). Declared Dividend • Jun 22
Dividend increased to NT$6.00 Dividend of NT$6.00 is 6.4% higher than last year. Ex-date: 17th July 2024 Payment date: 2nd August 2024 Dividend yield will be 3.6%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (54% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 20% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 8.0% over the next year, which should provide support to the dividend and adequate earnings cover. Major Estimate Revision • May 24
Consensus EPS estimates fall by 16% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from NT$12.02 to NT$10.15 per share. Revenue forecast steady at NT$59.0b. Net income forecast to shrink 1.5% next year vs 29% growth forecast for Semiconductor industry in Taiwan . Consensus price target of NT$176 unchanged from last update. Share price was steady at NT$157 over the past week. Reported Earnings • May 15
First quarter 2024 earnings: EPS misses analyst expectations First quarter 2024 results: EPS: NT$2.42 (up from NT$2.33 in 1Q 2023). Revenue: NT$14.6b (up 5.3% from 1Q 2023). Net income: NT$487.6m (up 7.1% from 1Q 2023). Profit margin: 3.3% (in line with 1Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to grow 5.3% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Announcement • Apr 28
Marketech International Corp. to Report Q1, 2024 Results on May 07, 2024 Marketech International Corp. announced that they will report Q1, 2024 results on May 07, 2024 Reported Earnings • Mar 08
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: NT$10.96 (down from NT$11.34 in FY 2022). Revenue: NT$56.3b (up 12% from FY 2022). Net income: NT$2.16b (down 2.2% from FY 2022). Profit margin: 3.8% (down from 4.4% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to grow 3.1% 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 31% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. New Risk • Nov 19
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (2.0% increase in shares outstanding). New Risk • Nov 06
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 1.9% per year for the foreseeable future. High level of non-cash earnings (46% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (2.0% increase in shares outstanding). New Risk • Aug 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.8% 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 Risks Earnings are forecast to decline by an average of 4.8% per year for the foreseeable future. High level of non-cash earnings (46% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Aug 12
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: NT$4.18 (up from NT$2.51 in 2Q 2022). Revenue: NT$13.6b (up 15% from 2Q 2022). Net income: NT$818.2m (up 67% from 2Q 2022). Profit margin: 6.0% (up from 4.1% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.2%. Earnings per share (EPS) also surpassed analyst estimates by 79%. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 08
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from NT$54.5b to NT$56.6b. EPS estimate increased from NT$10.91 to NT$12.33 per share. Net income forecast to grow 5.2% next year vs 7.3% decline forecast for Semiconductor industry in Taiwan. Consensus price target of NT$179 unchanged from last update. Share price was steady at NT$144 over the past week. Upcoming Dividend • Jul 03
Upcoming dividend of NT$5.64 per share at 3.9% yield Eligible shareholders must have bought the stock before 10 July 2023. Payment date: 02 August 2023. Payout ratio is a comfortable 48% and the cash payout ratio is 85%. Trailing yield: 3.9%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.2%). Announcement • May 31
Marketech International Corp. Appointw Chao, Rong-Shiang to Audit Committee Marketech International Corp. appointed Chao, Rong-Shiang to Audit Committee. Date of occurrence of the change is May 30, 2023. Resume of the new position holder is Advisor of Formosa Sumco Technology Corporation. The term of the new appointment is from May 30, 2023 to May 26, 2025 (same as the term of the 3rd Audit Committee of the Company). Reported Earnings • Mar 29
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: NT$11.34 (up from NT$8.24 in FY 2021). Revenue: NT$50.4b (up 46% from FY 2021). Net income: NT$2.21b (up 43% from FY 2021). Profit margin: 4.4% (down from 4.5% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to grow 5.7% p.a. on average during the next 2 years, compared to a 8.6% growth forecast for the Semiconductor industry in Taiwan. 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 33% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 29
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: NT$11.34 (up from NT$8.24 in FY 2021). Revenue: NT$50.4b (up 46% from FY 2021). Net income: NT$2.21b (up 43% from FY 2021). Profit margin: 4.4% (down from 4.5% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to grow 5.7% p.a. on average during the next 2 years, compared to a 8.6% growth forecast for the Semiconductor industry in Taiwan. 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 33% per year, which means it is significantly lagging earnings growth. 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 not an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 3 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Yi-Chun Wang was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: NT$4.24 (up from NT$2.38 in 3Q 2021). Revenue: NT$14.2b (up 70% from 3Q 2021). Net income: NT$826.3m (up 85% from 3Q 2021). Profit margin: 5.8% (up from 5.3% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.9%. Earnings per share (EPS) also surpassed analyst estimates by 23%. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$96.90, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Semiconductor industry in Taiwan. Total returns to shareholders of 106% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$84.98 per share. Major Estimate Revision • Aug 19
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from NT$44.5b to NT$47.4b. EPS estimate increased from NT$10.26 to NT$11.38 per share. Net income forecast to grow 25% next year vs 3.2% decline forecast for Semiconductor industry in Taiwan. Consensus price target of NT$173 unchanged from last update. Share price rose 6.5% to NT$124 over the past week. Reported Earnings • Aug 13
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: NT$2.52 (up from NT$2.15 in 2Q 2021). Revenue: NT$11.8b (up 48% from 2Q 2021). Net income: NT$490.3m (up 22% from 2Q 2021). Profit margin: 4.1% (down from 5.0% in 2Q 2021). Revenue exceeded analyst estimates by 8.0%. Earnings per share (EPS) missed analyst estimates by 4.3%. Over the next year, revenue is forecast to grow 13%, compared to a 20% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 35% per year whereas the company’s share price has increased by 33% per year. Upcoming Dividend • Jul 05
Upcoming dividend of NT$4.45 per share Eligible shareholders must have bought the stock before 12 July 2022. Payment date: 03 August 2022. Payout ratio is a comfortable 50% but the company is not cash flow positive. Trailing yield: 4.3%. Lower than top quartile of Taiwanese dividend payers (6.7%). In line with average of industry peers (4.0%). Price Target Changed • May 14
Price target decreased to NT$180 Down from NT$196, the current price target is an average from 3 analysts. New target price is 46% above last closing price of NT$124. Stock is up 28% over the past year. The company is forecast to post earnings per share of NT$10.16 for next year compared to NT$8.24 last year. Reported Earnings • May 09
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: NT$1.89 (up from NT$1.11 in 1Q 2021). Revenue: NT$9.67b (up 47% from 1Q 2021). Net income: NT$368.2m (up 77% from 1Q 2021). Profit margin: 3.8% (up from 3.2% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) exceeded analyst estimates by 13%. Over the next year, revenue is forecast to grow 19%, compared to a 24% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 31% per year whereas the company’s share price has increased by 35% per year. Price Target Changed • Apr 27
Price target increased to NT$196 Up from NT$178, the current price target is an average from 3 analysts. New target price is 59% above last closing price of NT$124. Stock is up 6.5% over the past year. The company is forecast to post earnings per share of NT$9.51 for next year compared to NT$8.24 last year. Board Change • Apr 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Director Yi-Chun Wang was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Major Estimate Revision • Mar 16
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from NT$11.32 to NT$9.51 per share. Revenue forecast steady at NT$43.7b. Net income forecast to grow 17% next year vs 29% growth forecast for Semiconductor industry in Taiwan. Consensus price target of NT$191 unchanged from last update. Share price rose 2.0% to NT$152 over the past week. Reported Earnings • Mar 01
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: NT$8.24 (up from NT$4.88 in FY 2020). Revenue: NT$34.5b (up 37% from FY 2020). Net income: NT$1.55b (up 69% from FY 2020). Profit margin: 4.5% (up from 3.6% in FY 2020). Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) missed analyst estimates by 3.3%. Over the next year, revenue is forecast to grow 27%, compared to a 24% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 22
Marketech International Corp., Annual General Meeting, May 27, 2022 Marketech International Corp., Annual General Meeting, May 27, 2022. Price Target Changed • Dec 18
Price target increased to NT$193 Up from NT$178, the current price target is an average from 4 analysts. New target price is 25% above last closing price of NT$155. Stock is up 44% over the past year. The company is forecast to post earnings per share of NT$8.06 for next year compared to NT$4.88 last year. Price Target Changed • Dec 10
Price target increased to NT$178 Up from NT$165, the current price target is an average from 4 analysts. New target price is 11% above last closing price of NT$161. Stock is up 45% over the past year. The company is forecast to post earnings per share of NT$8.08 for next year compared to NT$4.88 last year. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$2.38 (vs NT$1.25 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$8.37b (up 26% from 3Q 2020). Net income: NT$446.0m (up 91% from 3Q 2020). Profit margin: 5.3% (up from 3.5% 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 11% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Nov 11
Price target increased to NT$152 Up from NT$138, the current price target is an average from 4 analysts. New target price is 10% above last closing price of NT$138. Stock is up 28% over the past year. The company is forecast to post earnings per share of NT$7.10 for next year compared to NT$4.88 last year. Upcoming Dividend • Aug 25
Upcoming dividend of NT$3.50 per share Eligible shareholders must have bought the stock before 01 September 2021. Payment date: 24 September 2021. Trailing yield: 3.0%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (2.2%). Major Estimate Revision • Aug 19
Consensus EPS estimates increase to NT$7.14 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from NT$29.8b to NT$31.0b. EPS estimate increased from NT$6.12 to NT$7.14 per share. Net income forecast to grow 39% next year vs 42% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$134 to NT$138. Share price was steady at NT$111 over the past week. Major Estimate Revision • Jun 11
Consensus EPS estimates increase to NT$6.12 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from NT$29.1b to NT$29.8b. EPS estimate increased from NT$5.51 to NT$6.12 per share. Net income forecast to grow 28% next year vs 31% growth forecast for Semiconductor industry in Taiwan. Consensus price target broadly unchanged at NT$134. Share price rose 2.5% to NT$105 over the past week. Major Estimate Revision • May 30
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from NT$6.48 to NT$5.51 per share. Revenue forecast steady at NT$29.1b. Net income forecast to grow 19% next year vs 31% growth forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$143 to NT$136. Share price rose 7.4% to NT$103 over the past week. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$1.11 (vs NT$1.24 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: NT$6.57b (up 20% from 1Q 2020). Net income: NT$207.7m (down 10% from 1Q 2020). Profit margin: 3.2% (down from 4.2% in 1Q 2020). The decrease in margin was driven by higher expenses. 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 8% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 12
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$94.60, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 15x in the Semiconductor industry in Taiwan. Total returns to shareholders of 33% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$68.61 per share. Is New 90 Day High Low • Mar 09
New 90-day low: NT$104 The company is down 11% from its price of NT$117 on 09 December 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 13% over the same period.