Ankündigung • Dec 12
SFA Semicon Philippines Corporation(PSE:SSP) dropped from PSE All Share Index SFA Semicon Philippines Corporation has been dropped from the PSE All Share Index. Ankündigung • Nov 26
SFA Semicon Philippines Plans to Delist on December 12, 2024 In relation to the Petition for Voluntary Delisting (the ‘Petition’) of SFA Semicon Philippines Corporation (the ‘Company’) submitted on October 11, 2024, and in addition to the various public disclosures already made by the Company through The Philippine Stock Exchange Inc. (‘PSE’) EDGE portal, this disclosure is to formally provide, in connection with the Petition, a notice of the successful completion of the tender offer (the ‘Tender Offer’) conducted by SFA Semicon Co. Ltd. (the ‘Bidder’), in support of the Company’s application for voluntary delisting. The Tender Offer commenced at 9:30 a.m. on October 14, 2024, and ended at 3:00 p.m. on November 12, 2024 (the ‘Tender Offer Period’). During the Tender Offer Period, a total of 192,772,951 common shares, which represent approximately 9.43% of the Company’s total issued and outstanding shares, were validly tendered to and accepted by the Bidder (‘Tendered Shares’). The Tendered Shares were crossed through the PSE on November 21, 2024, upon approval by the PSE of a special block sale of the Tendered Shares, with settlement occurring on November 22, 2024. The Tendered Shares were purchased by the Bidder at the Tender Offer Price of PHP 2.22, for a total consideration of PHP 427,955,951.22. Following the Tender Offer and the execution and settlement of the special block sale in respect of the Tendered Shares, the Bidder now beneficially owns 2,033,037,060 common shares (including the five common shares registered in the names of its nominee directors, which the Bidder beneficially owns). Thus, the Bidder’s shareholding has increased from 89.98% to approximately 99.41% of the total issued and outstanding capital stock of the Company as a result of the Tender Offer. Accordingly, the Bidder’s resulting shareholding has exceeded the threshold required to complete the voluntary delisting. The proposed date of delisting is December 12, 2024. Ankündigung • Nov 22
SFA Semicon Moves Closer to Delisting, Trading of Shares Suspended The Philippine Stock Exchange (PSE) has suspended trading of shares of SFA Semicon Philippines Corporation (SSP) as it moves closer to voluntary delisting after the completion of a tender offer by its parent company, SFA Semicon Co. Ltd. (SFA Korea), which resulted in ownership of 99.41% of SSP. During the tender offer, SFA Korea acquired 192.77 million SSP shares at PHP 2.22 per share, totaling PHP 428 million. This represents 9.43% of the company's shares and was executed through the PSE on November 21, 2024. This triggered the PSE's trading suspension of SSP shares due to non-compliance with the minimum public ownership requirement of at least 10%. The PSE stated, “Pursuant to the Amended Rule on Minimum Public Ownership of the Exchange, listed companies which become non-compliant with the minimum public ownership ‘shall be suspended from trading for a period of not more than six months and shall be automatically delisted if it remains non-compliant with the MPO after the lapse of the suspension period.’” SSP had previously disclosed SFA Korea's plan for voluntary delisting, initiating the tender offer to allow public shareholders an exit opportunity. With the completion of the tender offer, SSP has fulfilled the PSE's requirement for voluntary delisting: "[t]he person proposing the delisting must show to the Exchange that following the acquisition of the tendered shares, said person(s) have obtained a total of at least 95% of the issued and outstanding shares of the Listed Company". Shareholders approved the voluntary delisting plan in a special stockholders' meeting on Oct. 11, 2024, with no votes cast against it. SSP's Board of Directors, including its two independent directors, had also approved the application for voluntary delisting in a special meeting on August 21, 2024. Following the stockholders' meeting, SFA Korea notified SSP of its filing of a Tender Offer report with the Securities and Exchange Commission. Subsequently, SSP filed a petition for voluntary delisting with the PSE. Ankündigung • Nov 08
SFA Semicon Philippines Corporation Announces Board Changes The Board of Directors of SFA Semicon Philippines Corporation approved the nomination and election of Mr. Namyul Cho as director and Audit Committee Member, effective on November 8, 2024, in replacement of Mr. Jongmyoung Son who resigned from these posts effective on November 8, 2024. Mr. Cho will occupy these posts for the remainder of the unexpired term of Mr. Son and until Mr. Cho's successor shall have been duly elected and qualified. Mr. Namyul Cho is currently the Process Engineering Team Head of the Corporation, appointed on October 24, 2024. Before that, he was the Process Engineering Deputy Team Head of the Corporation for one (1) year. Previous to this, he was the Part Head of Process Engineering Team of the Corporation's parent company, SFA Semicon Co. Ltd., for three (3) years. In 2006, he graduated in Hanbat National University in South Korea, with a degree in Electronics Engineering. Ankündigung • Aug 23
SFA Semicon Co., Ltd. (KOSDAQ:A036540) signed a letter of intent to acquire remaining 10.02% stake in SFA Semicon Philippines Corporation (PSE:SSP) for Approximately PHP 450 million. SFA Semicon Co., Ltd. (KOSDAQ:A036540) signed a letter of intent to acquire remaining 10.02% stake in SFA Semicon Philippines Corporation (PSE:SSP) for Approximately PHP 450 million in a tender offer transaction on August 21, 2024. A cash consideration valued at PHP 2.22 per share will be paid by SFA Semicon Co., Ltd. Upon completion, SFA Semicon Co., Ltd. will own 100% stake in SFA Semicon Philippines Corporation.
The transaction is already approved by SFA Semicon Philippines Corporation's board of director's and approval of offer by target shareholders. Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: US$0 (vs US$0.001 in 2Q 2023) Second quarter 2024 results: EPS: US$0 (down from US$0.001 in 2Q 2023). Revenue: US$47.8m (down 26% from 2Q 2023). Net loss: US$588.1k (down 125% from profit in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Aug 06
Now 37% overvalued Over the last 90 days, the stock has fallen 3.5% to ₱1.65. The fair value is estimated to be ₱1.21, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Meanwhile, the company became loss making. New Risk • May 16
New major risk - Revenue and earnings growth Earnings have declined by 11% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 11% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₱3.48b market cap, or US$60.5m). Reported Earnings • Mar 13
Full year 2023 earnings released: US$0.003 loss per share (vs US$0.006 profit in FY 2022) Full year 2023 results: US$0.003 loss per share (down from US$0.006 profit in FY 2022). Revenue: US$217.2m (down 38% from FY 2022). Net loss: US$5.26m (down 141% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₱2.09, the stock trades at a trailing P/E ratio of 18x. Average trailing P/E is 32x in the Semiconductor industry in Asia. Total returns to shareholders of 80% over the past three years. Buy Or Sell Opportunity • Mar 06
Now 20% undervalued Over the last 90 days, the stock has risen 13% to ₱2.30. The fair value is estimated to be ₱2.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.6% over the last 3 years. Earnings per share has grown by 2.8%. Ankündigung • Feb 12
SFA Semicon Philippines Corporation, Annual General Meeting, Apr 26, 2024 SFA Semicon Philippines Corporation, Annual General Meeting, Apr 26, 2024, at 10:00 Singapore Standard Time. Agenda: To approve presentation of Management's 2023 Annual Report and of the Audited Financial Statements as of the Year Ended December 31, 2023; to approve presentation of the Minutes of the Previous Annual Meeting of the Stockholders (held on April 28, 2023); to ratify the Corporate Acts of the Board of Directors and Management since the 2023 Annual Stockholders' Meeting; to approve election of Directors; to approve appointment of External Auditors; and to consider other matters. Reported Earnings • Nov 15
Third quarter 2023 earnings released: US$0.002 loss per share (vs US$0.001 profit in 3Q 2022) Third quarter 2023 results: US$0.002 loss per share (down from US$0.001 profit in 3Q 2022). Revenue: US$50.3m (down 42% from 3Q 2022). Net loss: US$3.48m (down 220% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 10% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 15
Second quarter 2023 earnings released: EPS: US$0.001 (vs US$0.001 in 2Q 2022) Second quarter 2023 results: EPS: US$0.001 (in line with 2Q 2022). Revenue: US$64.8m (down 29% from 2Q 2022). Net income: US$2.34m (up 10% from 2Q 2022). Profit margin: 3.6% (up from 2.3% in 2Q 2022). 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 9% per year. Recent Insider Transactions • Jun 10
IR Officer recently sold ₱254k worth of stock On the 7th of June, Caroline Sicat sold around 145k shares on-market at roughly ₱1.75 per share. This transaction amounted to 97% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Mar 14
Full year 2022 earnings released Full year 2022 results: Revenue: US$350.5m (up 1.0% from FY 2021). Net income: US$12.8m (flat on FY 2021). Profit margin: 3.7% (in line with FY 2021). Reported Earnings • Nov 18
Third quarter 2022 earnings released: EPS: US$0.001 (vs US$0.002 in 3Q 2021) Third quarter 2022 results: EPS: US$0.001 (down from US$0.002 in 3Q 2021). Revenue: US$86.9m (flat on 3Q 2021). Net income: US$2.90m (down 26% from 3Q 2021). Profit margin: 3.3% (down from 4.5% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 13% per year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Efren Vincent Dizon was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₱1.30, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 16x in the Semiconductor industry in Asia. Total returns to shareholders of 35% over the past three years. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: US$0.001 (vs US$0.002 in 2Q 2021) Second quarter 2022 results: EPS: US$0.001 (down from US$0.002 in 2Q 2021). Revenue: US$90.8m (up 5.4% from 2Q 2021). Net income: US$2.13m (down 41% from 2Q 2021). Profit margin: 2.3% (down from 4.2% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 19
Investor sentiment improved over the past week After last week's 16% share price gain to ₱1.32, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 16x in the Semiconductor industry in Asia. Total returns to shareholders of 23% over the past three years. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improved over the past week After last week's 30% share price gain to ₱1.20, the stock trades at a trailing P/E ratio of 4x. Average trailing P/E is 17x in the Semiconductor industry in Asia. Total returns to shareholders of 9.7% over the past three years. Ankündigung • Jun 30
SFA Semicon Philippines Corporation (PSE:SSP) announces an Equity Buyback for PHP 130 million worth of its shares. SFA Semicon Philippines Corporation (PSE:SSP) announces a share repurchase program. Under the program, the company will repurchase up to PHP 130 million worth of its shares. The purpose of the plan is to enhance shareholder's value. The repurchases will be funded out of unrestricted retained earnings using cash generated from revenues. Purchased shares will be held as treasury shares. As of June 29, 2022, the company had 2,165,024,111 in issue and 0 shares in treasury. Ankündigung • May 18
SFA Semicon Philippines Corporation Announces Board Changes SFA Semicon Philippines Corporation Board of Directors elected Mr. Dong Hwan Im as Director, President, Chairman of the Board, and Chairman and member of the Nomination Committee, in replacement of Mr. Joon Sang Kang, as recommended by the Nomination Committee, to serve as such effective immediately and for the remainder of the unexpired term of Mr. Kang and until Mr. Im's successor shall have been duly elected and qualified. Reported Earnings • May 17
First quarter 2022 earnings released: EPS: US$0.002 (vs US$0.002 in 1Q 2021) First quarter 2022 results: EPS: US$0.002 (vs US$0.002 in 1Q 2021). Revenue: US$89.9m (up 14% from 1Q 2021). Net income: US$3.19m (down 20% from 1Q 2021). Profit margin: 3.5% (down from 5.1% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Efren Vincent Dizon was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 17
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$0.006 (up from US$0.003 in FY 2020). Revenue: US$347.0m (up 7.5% from FY 2020). Net income: US$12.7m (up 130% from FY 2020). Profit margin: 3.7% (up from 1.7% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Ankündigung • Feb 22
SFA Semicon Philippines Corporation, Annual General Meeting, Apr 22, 2022 SFA Semicon Philippines Corporation, Annual General Meeting, Apr 22, 2022, at 10:00 Singapore Standard Time. Agenda: To consider presentation of Management's 2021 Annual Report and of the Audited Financial Statements of the year ended December 31, 2021; to consider presentation of the Minutes of the previous Annual Meeting of the Stockholders; to consider election of Directors; to consider appointment of External Auditors; and to consider any other matter thereof. Reported Earnings • Nov 21
Third quarter 2021 earnings released: EPS US$0.002 (vs US$0.001 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$87.1m (up 10.0% from 3Q 2020). Net income: US$3.92m (up 139% from 3Q 2020). Profit margin: 4.5% (up from 2.1% 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 28% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS US$0.002 (vs US$0.002 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$86.1m (down 8.3% from 2Q 2020). Net income: US$3.62m (down 28% from 2Q 2020). Profit margin: 4.2% (down from 5.3% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • May 18
First quarter 2021 earnings released: EPS US$0.002 (vs US$0.001 in 1Q 2020) The company reported a solid first quarter result with improved earnings and profit margins, although revenues were flat. First quarter 2021 results: Revenue: US$79.1m (flat on 1Q 2020). Net income: US$4.00m (up 121% from 1Q 2020). Profit margin: 5.1% (up from 2.3% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Mar 10
New 90-day low: ₱1.38 The company is down 15% from its price of ₱1.62 on 10 December 2020. The Filipino market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 6.0% over the same period. Reported Earnings • Feb 24
Full year 2020 earnings released: EPS US$0.003 (vs US$0.003 in FY 2019) The company reported a poor full year result with weaker earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: US$322.7m (flat on FY 2019). Net income: US$5.54m (down 17% from FY 2019). Profit margin: 1.7% (down from 2.1% in FY 2019). Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Ankündigung • Feb 08
SFA Semicon Philippines Corporation, Annual General Meeting, Apr 16, 2021 SFA Semicon Philippines Corporation, Annual General Meeting, Apr 16, 2021, at 10:00 Singapore Standard Time. Agenda: To consider the presentation of Management's Annual Report and of the Audited Financial Statements as of the Year Ended December 31, 2020; to consider the presentation of the Minutes of the Previous Annual Meeting of the Stockholders; to consider the ratification of the Corporate Acts of the Board of Directors and Management since the 2020 Annual Stockholders' Meeting; to consider the election of Directors; to consider the amendments to the Corporation's By-Laws; to consider the appointment of External Auditors; and to consider the other Matters as may properly come before the Meeting. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improved over the past week After last week's 21% share price gain to US$1.68, the stock is trading at a trailing P/E ratio of 6.2x, up from the previous P/E ratio of 5.1x. This compares to an average P/E of 32x in the Semiconductor industry in Asia. Total returns to shareholders over the past three years are 3.7%. Is New 90 Day High Low • Jan 21
New 90-day low: ₱1.39 The company is down 2.0% from its price of ₱1.42 on 23 October 2020. The Filipino market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 37% over the same period. Is New 90 Day High Low • Dec 19
New 90-day high: ₱1.70 The company is up 17% from its price of ₱1.45 on 18 September 2020. The Filipino market is up 23% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Semiconductor industry, which is also up 17% over the same period. Reported Earnings • Dec 11
Third quarter 2020 earnings released: EPS US$0.001 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: US$79.2m (down 10% from 3Q 2019). Net income: US$1.64m (down 36% from 3Q 2019). Profit margin: 2.1% (down from 2.9% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 29
New 90-day high: ₱1.55 The company is up 17% from its price of ₱1.33 on 30 July 2020. The Filipino market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is down 2.0% over the same period.