Ankündigung • Jun 03
ASMedia Technology Inc. (TWSE:5269) completed the acquisition of acquire Techpoint, Inc. (TSE:6697) from Fumihiro Kozato, Feng Kuo, Fun-Kai Liu and others. ASMedia Technology Inc. (TWSE:5269) submitted a non-binding letter of intent to acquire Techpoint, Inc. (TSE:6697) from Fumihiro Kozato, Feng Kuo, Fun-Kai Liu and others for approximately $390 million on September 18, 2024. ASMedia Technology Inc. (TWSE:5269) entered into a definitive agreement to acquire Techpoint, Inc. (TSE:6697) on January 15, 2025. ASMedia will acquire all of the outstanding shares of Techpoint, including common stock underlying its Japanese Depositary Shares, for $20.00 per share in an all-cash transaction. ASMedia intends to fund the transaction with cash on hand. As part of the transaction, Techpoint’s Japanese Depositary Shares will no longer be traded on the Tokyo Stock Exchange, and Techpoint will become a wholly owned subsidiary of ASMedia. Upon termination of the Merger Agreement under specified limited circumstances, Techpoint will be required to pay ASMedia a termination fee of $7,520,000. Upon termination of the Merger Agreement under other specified limited circumstances, ASMedia will be required to pay Techpoint a termination fee of $12,000,000.
ASMedia Technology Inc. (TWSE:5269) completed the acquisition of acquire Techpoint, Inc. (TSE:6697) from Fumihiro Kozato, Feng Kuo, Fun-Kai Liu and others on June 2, 2025. Ankündigung • May 07
Techpoint, Inc. to Delist from Growth Section of the Tokyo Stock Exchange, Effective May 29, 2025 Techpoint, Inc. will be delisted from Growth Section of the Tokyo Stock Exchange effective from May 29, 2025, due to Becoming a wholly owned subsidiary of ASMedia Technology Inc. Ankündigung • Apr 17
Techpoint, Inc. to Report Q1, 2025 Results on May 15, 2025 Techpoint, Inc. announced that they will report Q1, 2025 results on May 15, 2025 Reported Earnings • Feb 15
Full year 2024 earnings released: EPS: US$1.04 (vs US$0.97 in FY 2023) Full year 2024 results: EPS: US$1.04 (up from US$0.97 in FY 2023). Revenue: US$70.6m (up 7.6% from FY 2023). Net income: US$19.2m (up 7.7% from FY 2023). Profit margin: 27% (in line with FY 2023). 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 32% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jan 23
Upcoming dividend of US$0.25 per share Eligible shareholders must have bought the stock before 30 January 2025. Payment date: 31 March 2025. Trailing yield: 2.9%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.5%). Buy Or Sell Opportunity • Jan 20
Now 30% overvalued after recent price rise Over the last 90 days, the stock has risen 121% to JP¥2,837. The fair value is estimated to be JP¥2,185, 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 3.0%. Ankündigung • Jan 16
ASMedia Technology Inc. (TWSE:5269) entered into a definitive agreement to acquire Techpoint, Inc. (TSE:6697) for approximately $380 million. ASMedia Technology Inc. (TWSE:5269) submitted a non-binding letter of intent to acquire Techpoint, Inc. (TSE:6697) for approximately $380 million on September 18, 2024. ASMedia Technology Inc. (TWSE:5269) entered into a definitive agreement to acquire Techpoint, Inc. (TSE:6697) on January 15, 2025. ASMedia will acquire all of the outstanding shares of Techpoint, including common stock underlying its Japanese Depositary Shares, for $20.00 per share in an all-cash transaction. ASMedia intends to fund the transaction with cash on hand. As part of the transaction, Techpoint’s Japanese Depositary Shares will no longer be traded on the Tokyo Stock Exchange, and Techpoint will become a wholly owned subsidiary of ASMedia. Upon termination of the Merger Agreement under specified limited circumstances, Techpoint will be required to pay ASMedia a termination fee of $7,520,000. Upon termination of the Merger Agreement under other specified limited circumstances, ASMedia will be required to pay Techpoint a termination fee of $12,000,000.
The transaction is subject to receipt of required regulatory approvals, approval by Techpoint shareholders, all required approvals obtained (or waiting periods expired or terminated) under applicable Antitrust Laws, CFIUS Approval, and Taiwan DIR Approval will have been obtained. The transaction has been unanimously approved by both ASMedia’s and Techpoint’s boards of directors. The transaction is expected to close in the second quarter or early third quarter in 2025.
Citigroup Global Markets Asia Limited is serving as the exclusive financial advisor to ASMedia, with Miranda So and Xi Shi of Davis Polk & Wardwell LLP, Mori Hamada & Matsumoto, and Chen & Lin Attorneys-at-Law as legal advisors. Greenhill & Co., LLC, an affiliate of Mizuho Americas LLC, is serving as the exclusive financial advisor and fairness opinion provider to Techpoint, with James J. Masetti and Drew Simon-Rooke of Pillsbury Winthrop Shaw Pittman LLP and Anderson Mori & Tomotsune as legal advisors. New Risk • Jan 16
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 Japanese 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (7.8% average weekly change). High level of non-cash earnings (31% accrual ratio). Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to JP¥1,460, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 13x in the Semiconductor industry in Japan. Total returns to shareholders of 8.2% over the past three years. Declared Dividend • Dec 19
Dividend of US$0.25 announced Shareholders will receive a dividend of US$0.25. Ex-date: 30th January 2025 Payment date: 31st March 2025 Dividend yield will be 3.3%, which is higher than the industry average of 1.0%. Sustainability & Growth The dividend has not increased over the past 2 years but payments have been stable during that time. Ankündigung • Dec 18
Techpoint, Inc. Announces Cash Dividend for the Fiscal Year 2025, First Installment Payable on or Around February 14, 2025 and Second Installment in the Third Fiscal Quarter of 2025 Techpoint, Inc. announced that on December 16, 2024, its board of directors declared its cash dividend of an aggregate of $0.50 per share for fiscal 2025, payable in two equal installments of $0.25 per share. The first installment of the dividend is payable to stockholders of record as of the close of business on January 31, 2025. The payment date for the first installment on its shares of common stock (including common stock underlying its Japanese Depositary Shares (JDS)) will be on or around February 14, 2025. The second installment of the dividend is currently anticipated to be paid in the third fiscal quarter of 2025, subject to the discretion of Techpoint’s board of directors and in accordance with applicable law. Techpoint’s board of directors reserves the right to cancel dividend payments prior to the applicable payment date in its discretion. Ankündigung • Dec 03
Techpoint, Inc. to Report Fiscal Year 2024 Results on Feb 14, 2025 Techpoint, Inc. announced that they will report fiscal year 2024 results on Feb 14, 2025 Reported Earnings • Nov 09
Third quarter 2024 earnings released: EPS: US$0.27 (vs US$0.28 in 3Q 2023) Third quarter 2024 results: EPS: US$0.27 (down from US$0.28 in 3Q 2023). Revenue: US$18.5m (up 5.6% from 3Q 2023). Net income: US$5.05m (down 2.8% from 3Q 2023). Profit margin: 27% (down from 30% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Ankündigung • Sep 05
Techpoint, Inc. to Report Q3, 2024 Results on Nov 08, 2024 Techpoint, Inc. announced that they will report Q3, 2024 results on Nov 08, 2024 Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: US$0.23 (vs US$0.22 in 2Q 2023) Second quarter 2024 results: EPS: US$0.23 (up from US$0.22 in 2Q 2023). Revenue: US$16.8m (up 9.7% from 2Q 2023). Net income: US$4.34m (up 7.1% from 2Q 2023). Profit margin: 26% (in line with 2Q 2023). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. New Risk • Aug 05
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 Japanese stocks, typically moving 6.3% 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 Short dividend paying track record (1 year of continuous dividend payments). Share price has been volatile over the past 3 months (6.3% average weekly change). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 26% After last week's 26% share price decline to JP¥996, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 15x in the Semiconductor industry in Japan. Total loss to shareholders of 41% over the past three years. Ankündigung • Jul 04
Techpoint, Inc. to Report Q2, 2024 Results on Aug 09, 2024 Techpoint, Inc. announced that they will report Q2, 2024 results on Aug 09, 2024 Upcoming Dividend • Jun 20
Upcoming dividend of US$0.25 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 30 August 2024. Trailing yield: 6.4%. Within top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.1%). Declared Dividend • Jun 03
Dividend of US$0.25 announced Shareholders will receive a dividend of US$0.25. Ex-date: 27th June 2024 Payment date: 30th August 2024 Dividend yield will be 3.0%, which is higher than the industry average of 1.0%. Sustainability & Growth The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. Ankündigung • Jun 01
Techpoint, Inc. Announces Second Installment of Dividend for Fiscal 2024, Payable on or Around July 18, 2024 On May 31, 2024, Techpoint, Inc. announced that on May 30, 2024, its board of directors declared the second installment payment of its cash dividend of an aggregate of $0.50 per share for fiscal 2024, of which $0.25 per share was paid to stockholders in February 2024. The second installment on shares of its common stock (including common stock underlying its Japanese Depositary Shares will be paid on or around July 18, 2024 to stockholders of record as of the close of business on June 28, 2024. The timing for receipt of the dividend payments by individual holders of Techpoint’s common stock and JDS will vary due to the payment process for JDS holders. The amount paid to JDS holders will be reduced by any applicable U.S. withholding income tax, and then converted into Japanese Yen. Once the dividend is converted into Japanese Yen, a distribution payment fee and any additional local taxes will be paid from the distribution amount. As a result, the net amount of the second dividend installment that is ultimately received by JDS holders will be less than $0.25 per JDS. Techpoint anticipates that JDS holders will be paid the second installment of the fiscal 2024 dividend on or around August 30, 2024. Reported Earnings • May 17
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: US$0.24 (up from US$0.18 in 1Q 2023). Revenue: US$16.3m (up 15% from 1Q 2023). Net income: US$4.38m (up 30% from 1Q 2023). Profit margin: 27% (up from 24% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 9.4%. Earnings per share (EPS) also missed analyst estimates by 18%. Revenue is forecast to grow 9.3% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Board Change • Apr 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. Independent Director Noriko Tsujihiro Endo was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Ankündigung • Mar 31
Techpoint, Inc. to Report Q1, 2024 Results on May 15, 2024 Techpoint, Inc. announced that they will report Q1, 2024 results on May 15, 2024 Reported Earnings • Mar 20
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: US$0.97. Revenue: US$65.6m (flat on FY 2022). Net income: US$17.8m (flat on FY 2022). Profit margin: 27% (in line with FY 2022). Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 7.6%. Revenue is forecast to grow 9.8% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Semiconductor industry in Japan. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥1,243, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 19x in the Semiconductor industry in Japan. Total returns to shareholders of 8.3% over the past three years. New Risk • Feb 13
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 Japanese stocks, typically moving 7.6% 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 (7.6% average weekly change). Minor Risk Short dividend paying track record (1 year of continuous dividend payments). Reported Earnings • Feb 10
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: US$0.97. Revenue: US$65.6m (flat on FY 2022). Net income: US$17.8m (flat on FY 2022). Profit margin: 27% (in line with FY 2022). Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 7.6%. Revenue is forecast to grow 9.8% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Semiconductor industry in Japan. Ankündigung • Feb 10
Techpoint, Inc., Annual General Meeting, May 30, 2024 Techpoint, Inc., Annual General Meeting, May 30, 2024. Ankündigung • Jan 13
Techpoint, Inc. to Report Q4, 2023 Results on Feb 09, 2024 Techpoint, Inc. announced that they will report Q4, 2023 results on Feb 09, 2024 Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥1,477, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 17x in the Semiconductor industry in Japan. Total returns to shareholders of 144% over the past three years. Major Estimate Revision • Dec 28
Consensus EPS estimates increase by 19% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from US$62.8m to US$64.8m. EPS estimate increased from US$0.88 to US$1.05 per share. Net income forecast to grow 17% next year vs 1.8% growth forecast for Semiconductor industry in Japan. Consensus price target up from JP¥1,820 to JP¥1,999. Share price rose 15% to JP¥1,447 over the past week. Ankündigung • Dec 16
Techpoint, Inc. Declares Special Cash Dividend Techpoint, Inc. announced that on December 14, 2023, its board of directors declared a special cash dividend of an aggregate of $0.50 per share for fiscal 2024, payable in two equal installments of $0.25 per share. The first installment of the dividend is payable to stockholders of record on January 31, 2024. The payment date for the first installment on its shares of common stock (including common stock underlying its Japanese Depositary Shares (JDS)) will be on or around February 15, 2024. The second installment of the dividend is currently anticipated to be paid in the third fiscal quarter of 2024, subject to the discretion of Techpoint’s board of directors and in accordance with applicable law. Ankündigung • Dec 15
Techpoint, Inc. Announces CFO Changes On December 8, 2023, Arthur Nguyen, the Chief Financial Officer of Techpoint, Inc. (the “Company”), notified the Company of his decision to retire as Chief Financial Officer of the Company, to be effective on December 31, 2023. On December 12, 2023, the Board of Directors of the Company (the “Board”) appointed Michelle P. Ho, currently the Company’s Controller, to serve as the Company’s Interim Chief Financial Officer, to be effective on January 1, 2024. Ms. Ho, 51, has served as the Company’s Controller since June 2021. From April 2019 to May 2021, she served as the Company’s Accounting Manager. Prior to that, from July 2017 to April 2019, Ms. Ho served as Accounting Manager of International/Cost Accounting at Restoration Robotics, Inc. From May 2013 to July 2017, she served as Accounting Manager and Senior Accountant at Tria Beauty, Inc. Ms. Ho holds a B.S. in accounting from University of Pheonix and A.A. in business and accounting from Pasadena City College. Valuation Update With 7 Day Price Move • Nov 16
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to JP¥1,365, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 16x in the Semiconductor industry in Japan. Total returns to shareholders of 169% over the past three years. Ankündigung • Nov 12
Techpoint, Inc. Revises Earnings Guidance for the Full Year Ending December 31, 2023 Techpoint, Inc. revised earnings guidance for the full year ending December 31, 2023. For the year, the company now expects revenue of $64,801,000, income from operations of $17,658,000 and net income of $17,410,000 or Basic EPS of $0.95 and diluted EPS of $0.94 against previous guidance of revenue of $62,812,000, income from operations of $16.010,000 and net income of $16.209,000 or Basic EPS of $0.89 and diluted EPS of $0.87. Reported Earnings • Nov 10
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: US$0.28 (up from US$0.23 in 3Q 2022). Revenue: US$17.5m (up 13% from 3Q 2022). Net income: US$5.20m (up 25% from 3Q 2022). Profit margin: 30% (up from 27% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 8.1%. Earnings per share (EPS) also surpassed analyst estimates by 22%. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Semiconductor industry in Japan. 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 36% per year. Ankündigung • Oct 05
Techpoint, Inc. to Report Q3, 2023 Results on Nov 10, 2023 Techpoint, Inc. announced that they will report Q3, 2023 results on Nov 10, 2023 Reported Earnings • Aug 11
Second quarter 2023 earnings: EPS exceeds analyst expectations Second quarter 2023 results: EPS: US$0.22 (down from US$0.23 in 2Q 2022). Revenue: US$15.3m (down 10% from 2Q 2022). Net income: US$4.05m (down 1.3% from 2Q 2022). Profit margin: 27% (up from 24% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.8%. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Semiconductor industry in Japan. 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 27% per year, which means it is significantly lagging earnings growth. Ankündigung • Jun 30
Techpoint, Inc. to Report Q2, 2023 Results on Aug 10, 2023 Techpoint, Inc. announced that they will report Q2, 2023 results on Aug 10, 2023 Upcoming Dividend • Jun 22
Upcoming dividend of US$0.25 per share at 7.1% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 25 August 2023. Trailing yield: 7.1%. Within top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (1.4%). Ankündigung • Jun 03
Techpoint, Inc. Announces Second Installment of Dividend for Fiscal 2023, Payable on or Around July 18, 2023 On June 2, 2023, Techpoint, Inc. (Techpoint) announced that on June 1, 2023, its board of directors declared the second installment payment of its cash dividend of an aggregate of $0.50 per share for fiscal 2023, of which $0.25 per share was paid to stockholders in February 2023. The second installment on shares of its common stock (including common stock underlying its Japanese Depositary Shares ("JDS")) will be paid on or around July 18, 2023 to stockholders of record as of June 30, 2023. The timing for receipt of the dividend payments by individual holders of Techpoint’s common stock and JDS will vary due to the payment process for JDS holders. The amount paid to JDS holders will be reduced by any applicable U.S. withholding income tax, and then converted into Japanese Yen. Once the dividend is converted into Japanese Yen, a distribution payment fee and any additional local taxes will be paid from the distribution amount. As a result, the net amount of the second dividend installment that is ultimately received by JDS holders will be less than $0.25 per JDS. Techpoint anticipates that JDS holders will be paid the second installment of the fiscal 2023 dividend on or around August 25, 2023. Reported Earnings • May 13
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: US$0.18 (down from US$0.24 in 1Q 2022). Revenue: US$14.1m (down 12% from 1Q 2022). Net income: US$3.38m (down 23% from 1Q 2022). Profit margin: 24% (down from 27% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) also missed analyst estimates by 14%. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Ankündigung • May 13
Techpoint, Inc. Provides Earnings Guidance for the Second Quarter and Full Year Ending December 31, 2023 Techpoint, Inc. provided earnings guidance for the second quarter and full year ending December 31, 2023. For the quarter, the company expected revenue of approximately $15.2 million, Operating Profit of approximately $3.8 million, GAAP Net Income approximately $3.8 million.For the year ending December 31, 2023, the company expected revenue of $62.812 million, income from operations of $16.010 million and net income of $16.209 million or Basic EPS of $0.89. Reported Earnings • Apr 14
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: US$0.97 (up from US$0.97 in FY 2021). Revenue: US$65.1m (flat on FY 2021). Net income: US$17.7m (up 2.2% from FY 2021). Profit margin: 27% (in line with FY 2021). Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 9.2%. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 12
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: US$0.97 (up from US$0.97 in FY 2021). Revenue: US$65.1m (flat on FY 2021). Net income: US$17.7m (up 2.2% from FY 2021). Profit margin: 27% (in line with FY 2021). Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 9.2%. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥1,057, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 9x in the Semiconductor industry in Japan. Total returns to shareholders of 44% over the past three years. Upcoming Dividend • Jan 23
Inaugural dividend of US$0.25 per share Eligible shareholders must have bought the stock before 30 January 2023. Payment date: 28 March 2023. This is the first dividend for Techpoint since going public. The average dividend yield among industry peers is 2.3%. Ankündigung • Dec 07
Techpoint, Inc. to Report Fiscal Year 2022 Results on Feb 10, 2023 Techpoint, Inc. announced that they will report fiscal year 2022 results at 9:00 AM, Tokyo Standard Time on Feb 10, 2023 Major Estimate Revision • Nov 30
Consensus revenue estimates fall by 12% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from US$72.0m to US$63.5m. EPS estimate fell from US$0.95 to US$0.87 per share. Net income forecast to shrink 12% next year vs 0.5% decline forecast for Semiconductor industry in Japan. Consensus price target down from JP¥2,506 to JP¥2,180. Share price was steady at JP¥954 over the past week. Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: US$0.23 (down from US$0.24 in 3Q 2021). Revenue: US$15.5m (down 9.1% from 3Q 2021). Net income: US$4.16m (down 2.4% from 3Q 2021). Profit margin: 27% (up from 25% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 18%. Earnings per share (EPS) also missed analyst estimates by 12%. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: US$0.23 (down from US$0.24 in 3Q 2021). Revenue: US$15.5m (down 9.1% from 3Q 2021). Net income: US$4.16m (down 2.4% from 3Q 2021). Profit margin: 27% (up from 25% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 18%. Earnings per share (EPS) also missed analyst estimates by 12%. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improved over the past week After last week's 16% share price gain to JP¥1,156, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Semiconductor industry in Japan. Total returns to shareholders of 63% over the past three years. Reported Earnings • Aug 12
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: US$0.23 (down from US$0.26 in 2Q 2021). Revenue: US$17.1m (up 9.2% from 2Q 2021). Net income: US$4.10m (down 11% from 2Q 2021). Profit margin: 24% (down from 30% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 100%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 11%, compared to a 20% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improved over the past week After last week's 15% share price gain to JP¥1,187, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 8x in the Semiconductor industry in Japan. Total returns to shareholders of 72% over the past three years. Upcoming Dividend • Jun 22
Inaugural dividend of US$0.25 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 23 August 2022. This is the first dividend for Techpoint since going public. The average dividend yield among industry peers is 2.5%. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improved over the past week After last week's 20% share price gain to JP¥1,126, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Semiconductor industry in Japan. Total returns to shareholders of 78% over the past three years. Reported Earnings • May 14
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: US$0.24 (up from US$0.22 in 1Q 2021). Revenue: US$16.0m (up 10% from 1Q 2021). Net income: US$4.38m (up 14% from 1Q 2021). Profit margin: 27% (in line with 1Q 2021). Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) exceeded analyst estimates by 4.3%. Over the next year, revenue is forecast to grow 11%, compared to a 23% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment deteriorated over the past week After last week's 17% share price decline to JP¥1,051, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Semiconductor industry in Japan. Total returns to shareholders of 34% over the past three years. Reported Earnings • Mar 14
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: US$0.97 (up from US$0.19 in FY 2020). Revenue: US$64.7m (up 88% from FY 2020). Net income: US$17.3m (up 417% from FY 2020). Profit margin: 27% (up from 9.7% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.4%. Earnings per share (EPS) also surpassed analyst estimates by 5.7%. Over the next year, revenue is forecast to grow 11%, compared to a 20% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment deteriorated over the past week After last week's 21% share price decline to JP¥1,164, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Semiconductor industry in Japan. Total returns to shareholders of 31% over the past three years. Reported Earnings • Feb 12
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: US$0.97 (up from US$0.19 in FY 2020). Revenue: US$64.7m (up 88% from FY 2020). Net income: US$17.3m (up 417% from FY 2020). Profit margin: 27% (up from 9.7% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.4%. Earnings per share (EPS) also surpassed analyst estimates by 5.7%. Over the next year, revenue is forecast to grow 2.0%, compared to a 24% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Ankündigung • Feb 11
Techpoint, Inc. Provides Earnings Guidance for the Year Ending December 31, 2022 Techpoint, Inc. provided earnings guidance for the year ending December 31, 2022. For the year 2022, the company expected revenue of $71,469,000, income from operations of $19,882,000, Net income of $17,133,000 or Basic EPS $0.94 and diluted EPS of 0.89. Recent Insider Transactions Derivative • Jan 28
Independent Director exercised options to buy JP¥14m worth of stock. On the 26th of January, Robert Cochran exercised options to buy 10k shares at a strike price of around JP¥111, costing a total of JP¥1.1m. This transaction amounted to 55% of their direct individual holding at the time of the trade. Since September 2021, Robert has owned 18.13k shares directly. This was the only transaction from an insider over the last 12 months. Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment improved over the past week After last week's 16% share price gain to JP¥1,667, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 16x in the Semiconductor industry in Japan. Total returns to shareholders of 201% over the past three years. Ankündigung • Dec 23
Techpoint, Inc. Announces Special Cash Dividend for Fiscal 2022 Techpoint, Inc. announced that its board of directors declared a special cash dividend of an aggregate of $0.50 per share for fiscal 2022, payable in two equal installments of $0.25 per share. The first installment of the dividend is payable to stockholders of record on January 31, 2022. The payment date for the first installment on its shares of common stock (including common stock underlying its Japanese Depositary Shares (JDS)) will be February 15, 2021. The second installment of the dividend is currently anticipated to be paid in the third fiscal quarter of 2022, subject to the Board’s discretion and in accordance with applicable law. The Company intends to provide additional information about the second installment of the dividend in the second fiscal quarter of 2022. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improved over the past week After last week's 20% share price gain to JP¥1,890, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 16x in the Semiconductor industry in Japan. Total returns to shareholders of 156% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥2,591 per share. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS US$0.24 (vs US$0.001 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$17.1m (up 175% from 3Q 2020). Net income: US$4.26m (up US$4.28m from 3Q 2020). Profit margin: 25% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment deteriorated over the past week After last week's 28% share price decline to US$1,513, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 16x in the Semiconductor industry in Japan. Total returns to shareholders of 33% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥2,351 per share. Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS US$0.26 (vs US$0.022 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$15.6m (up 120% from 2Q 2020). Net income: US$4.63m (up US$4.24m from 2Q 2020). Profit margin: 30% (up from 5.5% 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 63% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improved over the past week After last week's 18% share price gain to US$2,363, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 20x in the Semiconductor industry in Japan. Total returns to shareholders of 80% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥2,862 per share. Valuation Update With 7 Day Price Move • May 19
Investor sentiment improved over the past week After last week's 50% share price gain to US$1,981, the stock trades at a forward P/E ratio of 42x. Average forward P/E is 18x in the Semiconductor industry in Japan. Total returns to shareholders of 21% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥2,859 per share. Reported Earnings • May 14
First quarter 2021 earnings released: EPS US$0.22 (vs US$0.005 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$14.6m (up 94% from 1Q 2020). Net income: US$3.85m (up US$3.76m from 1Q 2020). Profit margin: 27% (up from 1.2% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Ankündigung • May 13
Techpoint , Inc. Revises Earnings Guidance for the Year Ending December 31, 2021 Techpoint, Inc. revised earnings guidance for the year ending December 31, 2021. For the year, the company revised revenue guidance to be JPY 6,205,960 against previous guidance of JPY 5,087,567. Revised income from operations guidance to be JPY 1,329,074 against previous guidance of JPY 794,234. Revised net Income guidance to be JPY 1,113,300 against previous guidance of JPY 656,953. Revised basic EPS to be JPY 61 against previous guidance of JPY 37. Revised diluted EPS to be JPY 60 against previous guidance of JPY 35. Executive Departure • Apr 01
Independent Director has left the company On the 24th of March, Koji Mori's tenure as Independent Director ended after 8.4 years in the role. As of December 2020, Koji personally held 280.00k shares (JP¥191m worth at the time). A total of 2 executives have left over the last 12 months. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improved over the past week After last week's 15% share price gain to US$1,411, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 21x in the Semiconductor industry in Japan. Total loss to shareholders of 30% over the past three years. Reported Earnings • Mar 17
Full year 2020 earnings released: EPS US$0.19 (vs US$0.13 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: US$34.3m (up 7.2% from FY 2019). Net income: US$3.34m (up 52% from FY 2019). Profit margin: 9.7% (up from 6.9% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improved over the past week After last week's 26% share price gain to US$1,143, the stock is trading at a trailing P/E ratio of 56.8x, up from the previous P/E ratio of 45x. This compares to an average P/E of 25x in the Semiconductor industry in Japan. Total return to shareholders over the past three years is a loss of 37%. Is New 90 Day High Low • Feb 15
New 90-day high: JP¥1,075 The company is up 123% from its price of JP¥481 on 17 November 2020. The Japanese market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 31% over the same period. Reported Earnings • Feb 14
Full year 2020 earnings released: EPS US$0.19 (vs US$0.13 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: US$34.3m (up 7.2% from FY 2019). Net income: US$3.34m (up 52% from FY 2019). Profit margin: 9.7% (up from 6.9% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Ankündigung • Feb 13
Techpoint, Inc., Annual General Meeting, Jun 03, 2021 Techpoint, Inc., Annual General Meeting, Jun 03, 2021. Is New 90 Day High Low • Jan 25
New 90-day high: JP¥813 The company is up 75% from its price of JP¥465 on 27 October 2020. The Japanese market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 50% over the same period. Valuation Update With 7 Day Price Move • Dec 17
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$631, the stock is trading at a trailing P/E ratio of 72.3x, down from the previous P/E ratio of 86.5x. This compares to an average P/E of 27x in the Semiconductor industry in Japan. Total return to shareholders over the past three years is a loss of 65%. Is New 90 Day High Low • Dec 07
New 90-day high: JP¥788 The company is up 67% from its price of JP¥471 on 08 September 2020. The Japanese market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 40% over the same period.