Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$198, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 34x in the Semiconductor industry in Taiwan. Total returns to shareholders of 165% over the past three years. Declared Dividend • Jun 10
Dividend increased to NT$4.50 Dividend of NT$4.50 is 0.04% higher than last year. Ex-date: 6th July 2026 Payment date: 30th July 2026 Dividend yield will be 2.9%, which is about the same as the industry average. Sustainability & Growth Dividend is not covered by earnings (107% earnings payout ratio) and 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 5.6% 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. The company's earnings per share (EPS) would need to grow by 19% to bring the payout ratio under control. EPS is expected to grow by 65% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • May 08
First quarter 2026 earnings released: EPS: NT$1.22 (vs NT$1.31 in 1Q 2025) First quarter 2026 results: EPS: NT$1.22 (down from NT$1.31 in 1Q 2025). Revenue: NT$12.5b (up 4.9% from 1Q 2025). Net income: NT$2.25b (down 6.9% from 1Q 2025). Profit margin: 18% (down from 20% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 21% 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 fallen by 13% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Major Estimate Revision • May 07
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from NT$55.7b to NT$57.5b. EPS estimate increased from NT$5.01 to NT$5.59 per share. Net income forecast to grow 32% next year vs 55% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$133 to NT$156. Share price rose 27% to NT$186 over the past week. Price Target Changed • May 06
Price target increased by 13% to NT$150 Up from NT$133, the current price target is an average from 15 analysts. New target price is 11% below last closing price of NT$169. Stock is up 97% over the past year. The company is forecast to post earnings per share of NT$5.45 for next year compared to NT$4.30 last year. Valuation Update With 7 Day Price Move • May 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$169, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 28x in the Semiconductor industry in Taiwan. Total returns to shareholders of 119% over the past three years. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$131, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 23x in the Semiconductor industry in Taiwan. Total returns to shareholders of 61% over the past three years. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$110, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 37% over the past three years. New Risk • Mar 03
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 9.4% 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 (9.4% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 105% Paying a dividend despite having no free cash flows. High level of non-cash earnings (96% accrual ratio). Ankündigung • Feb 12
Vanguard International Semiconductor Corporation has filed a Follow-on Equity Offering in the amount of SGD 57.0105 million. Vanguard International Semiconductor Corporation has filed a Follow-on Equity Offering in the amount of SGD 57.0105 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 57,010,500
Price\Range: SGD 1 Reported Earnings • Feb 04
Full year 2025 earnings released: EPS: NT$4.30 (vs NT$4.21 in FY 2024) Full year 2025 results: EPS: NT$4.30 (up from NT$4.21 in FY 2024). Revenue: NT$48.6b (up 10% from FY 2024). Net income: NT$7.91b (up 12% from FY 2024). Profit margin: 16% (in line with FY 2024). Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$136, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 25x in the Semiconductor industry in Taiwan. Total returns to shareholders of 64% over the past three years. Ankündigung • Feb 03
Vanguard International Semiconductor Corporation, Annual General Meeting, May 28, 2026 Vanguard International Semiconductor Corporation, Annual General Meeting, May 28, 2026. Location: no,123, yuan ou 3rd rd., hsinchu science park, hsinchu county Taiwan New Risk • Jan 29
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.9% 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: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 103% Paying a dividend despite having no free cash flows. High level of non-cash earnings (50% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (6.9% average weekly change). Price Target Changed • Jan 24
Price target increased by 7.6% to NT$107 Up from NT$99.67, the current price target is an average from 15 analysts. New target price is 27% below last closing price of NT$147. Stock is up 55% over the past year. The company is forecast to post earnings per share of NT$4.30 for next year compared to NT$4.21 last year. Ankündigung • Jan 24
Vanguard International Semiconductor Corporation to Report Q4, 2025 Results on Feb 02, 2026 Vanguard International Semiconductor Corporation announced that they will report Q4, 2025 results on Feb 02, 2026 Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$109, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 23x in the Semiconductor industry in Taiwan. Total returns to shareholders of 40% over the past three years. Board Change • Dec 10
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Victor Tsan was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 05
Third quarter 2025 earnings: EPS misses analyst expectations Third quarter 2025 results: EPS: NT$0.93 (down from NT$1.30 in 3Q 2024). Revenue: NT$12.3b (up 4.6% from 3Q 2024). Net income: NT$1.70b (down 20% from 3Q 2024). Profit margin: 14% (down from 18% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.0%. Revenue is forecast to grow 11% 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 29% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • Jul 30
Second quarter 2025 earnings released: EPS: NT$1.11 (vs NT$1.10 in 2Q 2024) Second quarter 2025 results: EPS: NT$1.11 (up from NT$1.10 in 2Q 2024). Revenue: NT$11.7b (up 5.7% from 2Q 2024). Net income: NT$2.04b (up 14% from 2Q 2024). Profit margin: 18% (up from 16% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.8% 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 32% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Declared Dividend • Jun 21
Dividend reduced to NT$4.50 Dividend of NT$4.50 is 0.04% lower than last year. Ex-date: 4th July 2025 Payment date: 30th July 2025 Dividend yield will be 4.8%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is not adequately covered by earnings (95% earnings payout ratio) nor is it covered by cash flows (217% cash payout ratio). The dividend has increased by an average of 5.6% 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. The company's earnings per share (EPS) would need to grow by 5.3% to bring the payout ratio under control. However, EPS is expected to decline by 14% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Ankündigung • Jun 20
Vanguard International Semiconductor Corporation Announces Cash Dividend, Payable on July 30, 2025 Vanguard International Semiconductor Corporation at its meeting held on June 19, 2025 announced cash dividend of TWD 4.49820309 per share after change, payable on July 30, 2025. As a result of the new share issuance under ”2024 restricted stock awards” program of 997,789 shares and the reclamation of ”2024 restricted stock awards” of 252,117 shares before the vesting for the failure of achievement on vesting conditions in some employees during the period between the day the Company's board and shareholders approved said dividend distribution and the record date of the distribution, the number of common shares outstanding has changed slightly to 1,867,392,355 shares, resulting in a miniscule difference in the per-share dividends. Ex-rights (Ex-dividend) date: July 4, 2025, Ex-rights (Ex-dividend) record date: July 12, 2025. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$92.50, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 17x in the Semiconductor industry in Taiwan. Total returns to shareholders of 14% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$47.03 per share. New Risk • May 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.5% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 107% Cash payout ratio: 217% Earnings are forecast to decline by an average of 2.5% per year for the foreseeable future. Reported Earnings • May 07
First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2025 results: EPS: NT$1.31 (up from NT$0.78 in 1Q 2024). Revenue: NT$11.9b (up 24% from 1Q 2024). Net income: NT$2.41b (up 90% from 1Q 2024). Profit margin: 20% (up from 13% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) exceeded analyst estimates by 12%. Revenue is forecast to grow 8.4% 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 33% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Ankündigung • Apr 27
Vanguard International Semiconductor Corporation to Report Q1, 2025 Results on May 05, 2025 Vanguard International Semiconductor Corporation announced that they will report Q1, 2025 results on May 05, 2025 Ankündigung • Apr 24
Shanghai Bright Power Semiconductor Co., Ltd. (SHSE:688368) agreed to acquire an unknown minority stake in SiChuan Convenient Power Ltd. from Vanguard International Semiconductor Corporation (TPEX:5347) for approximately CNY 130 million. Shanghai Bright Power Semiconductor Co., Ltd. (SHSE:688368) agreed to acquire an unknown minority stake in SiChuan Convenient Power Ltd. from Vanguard International Semiconductor Corporation (TPEX:5347) for approximately CNY 130 million on April 23, 2025.
For the period ending December 31, 2024, SiChuan Convenient Power Ltd. reported net loss of CNY 513.47 million.
The transaction is subject to approval by regulatory board / committee and approval of merger agreement by target board. The deal has been approved by the board. The merger will proceed once approved by China regulators.
Ting-Hsun, Chan of Lan-Jai CPAs Firm acted as accountant for Vanguard International Semiconductor Corporation. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$83.00, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 18x in the Semiconductor industry in Taiwan. Total loss to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$51.86 per share. New Risk • Apr 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 107% Cash payout ratio: 96% Minor Risk Share price has been volatile over the past 3 months (6.4% average weekly change). Reported Earnings • Feb 27
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: NT$4.21 (down from NT$4.50 in FY 2023). Revenue: NT$44.1b (up 15% from FY 2023). Net income: NT$7.05b (down 4.4% from FY 2023). Profit margin: 16% (down from 19% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.2%. Revenue is forecast to grow 9.6% 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 30% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Price Target Changed • Feb 26
Price target increased by 9.1% to NT$96.68 Up from NT$88.61, the current price target is an average from 14 analysts. New target price is 5.7% below last closing price of NT$103. Stock is up 42% over the past year. The company is forecast to post earnings per share of NT$4.04 for next year compared to NT$4.50 last year. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$102, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 21x in the Semiconductor industry in Taiwan. Total loss to shareholders of 4.8% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$167 per share. Ankündigung • Feb 15
Vanguard International Semiconductor Corporation to Report Q4, 2024 Results on Feb 24, 2025 Vanguard International Semiconductor Corporation announced that they will report Q4, 2024 results on Feb 24, 2025 New Risk • Nov 20
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 12% 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 Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 97% Cash payout ratio: 176% Minor Risk Shareholders have been diluted in the past year (12% increase in shares outstanding). Price Target Changed • Nov 06
Price target decreased by 8.9% to NT$89.77 Down from NT$98.55, the current price target is an average from 15 analysts. New target price is approximately in line with last closing price of NT$92.40. Stock is up 33% over the past year. The company is forecast to post earnings per share of NT$4.08 for next year compared to NT$4.50 last year. Reported Earnings • Nov 06
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: EPS: NT$1.30 (up from NT$0.99 in 3Q 2023). Revenue: NT$11.8b (up 12% from 3Q 2023). Net income: NT$2.13b (up 31% from 3Q 2023). Profit margin: 18% (up from 15% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) exceeded analyst estimates by 6.8%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Ankündigung • Oct 26
Vanguard International Semiconductor Corporation to Report Q3, 2024 Results on Nov 04, 2024 Vanguard International Semiconductor Corporation announced that they will report Q3, 2024 results on Nov 04, 2024 Ankündigung • Oct 22
Shanghai Bright Power Semiconductor Co., Ltd. (SHSE:688368) signed a letter of intent to acquire an unknown stake in E-Charging Inc. from Guangzhou Weijunsi Investment Enterprise (Limited Partnership), Shanghai Jinju Lihe Enterprise Management Center (Limited Partnership), Chengdu Zhihe Juxin Enterprise Management Center (Limited Partnership), Chengdu Zhihe Jucheng Enterprise Management Center (Limited Partnership) and CPSD Limited. Shanghai Bright Power Semiconductor Co., Ltd. (SHSE:688368) signed a letter of intent to acquire an unknown stake in E-Charging Inc. from Guangzhou Weijunsi Investment Enterprise (Limited Partnership), Shanghai Jinju Lihe Enterprise Management Center (Limited Partnership), Chengdu Zhihe Juxin Enterprise Management Center (Limited Partnership), Chengdu Zhihe Jucheng Enterprise Management Center (Limited Partnership) and CPSD Limited on October 21, 2024. The transaction by issuing shares, convertible bonds and paying cash. Major Estimate Revision • Aug 16
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from NT$4.32 to NT$4.78. Revenue forecast steady at NT$44.2b. Net income forecast to grow 16% next year vs 30% growth forecast for Semiconductor industry in Taiwan. Consensus price target broadly unchanged at NT$101. Share price was steady at NT$117 over the past week. Reported Earnings • Aug 09
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: NT$1.10 (down from NT$1.22 in 2Q 2023). Revenue: NT$11.1b (up 12% from 2Q 2023). Net income: NT$1.80b (down 9.9% from 2Q 2023). Profit margin: 16% (down from 20% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.9%. Earnings per share (EPS) also surpassed analyst estimates by 9.2%. Revenue is forecast to grow 11% 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 15% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Price Target Changed • Jul 31
Price target increased by 10% to NT$98.44 Up from NT$89.19, the current price target is an average from 16 analysts. New target price is 16% below last closing price of NT$117. Stock is up 54% over the past year. The company is forecast to post earnings per share of NT$4.39 for next year compared to NT$4.50 last year. Buy Or Sell Opportunity • Jul 29
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 33% to NT$115. The fair value is estimated to be NT$95.18, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 4.4%. Revenue is forecast to grow by 30% in 2 years. Earnings are forecast to grow by 16% in the next 2 years. Ankündigung • Jul 20
Vanguard International Semiconductor Corporation to Report Q2, 2024 Results on Jul 29, 2024 Vanguard International Semiconductor Corporation announced that they will report Q2, 2024 results on Jul 29, 2024 Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$142, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 39% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$97.62 per share. New Risk • Jun 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.5% 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: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 101% Cash payout ratio: 166% Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Profit margins are more than 30% lower than last year (18% net profit margin). Declared Dividend • Jun 17
Dividend of NT$4.50 announced Dividend of NT$4.50 is the same as last year. Ex-date: 4th July 2024 Payment date: 31st July 2024 Dividend yield will be 4.1%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is not covered by earnings (101% earnings payout ratio) nor is it covered by cash flows (166% cash payout ratio). The dividend has increased by an average of 9.6% 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. The company's earnings per share (EPS) would need to grow by 13% to bring the payout ratio under control. EPS is expected to grow by 26% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Buy Or Sell Opportunity • Jun 12
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 40% to NT$116. The fair value is estimated to be NT$95.39, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 4.4%. Revenue is forecast to grow by 29% in 2 years. Earnings are forecast to grow by 16% in the next 2 years. Major Estimate Revision • May 09
Consensus EPS estimates increase by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from NT$42.0b to NT$44.4b. EPS estimate increased from NT$3.52 to NT$4.02 per share. Net income forecast to shrink 2.9% next year vs 35% growth forecast for Semiconductor industry in Taiwan . Consensus price target up from NT$66.58 to NT$80.78. Share price fell 3.1% to NT$91.00 over the past week. Reported Earnings • May 02
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: NT$0.78 (down from NT$0.83 in 1Q 2023). Revenue: NT$9.63b (up 18% from 1Q 2023). Net income: NT$1.27b (down 6.7% from 1Q 2023). Profit margin: 13% (down from 17% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 6% per year. Price Target Changed • May 02
Price target increased by 14% to NT$76.11 Up from NT$66.58, the current price target is an average from 17 analysts. New target price is 11% below last closing price of NT$86.00. Stock is down 3.7% over the past year. The company is forecast to post earnings per share of NT$3.72 for next year compared to NT$4.50 last year. Ankündigung • Apr 30
Vanguard International Semiconductor Corporation Announces Change of Chief Information Security Officer, Effective May 2, 2024 Vanguard International Semiconductor Corporation announced the appointment of Thomas Chen as Chief information security officer in place of Jonathan Chang, AVP & Chief information security officer, AVP of Vanguard International Semiconductor Corporation. Resume of the new position holder: Thomas Chen, VP & Chief information security officer, IT Senior Director of the well-known international corporation in semiconductor industry. Reason for the change: Position adjustment. Effective date: May 2, 2024. Ankündigung • Mar 28
Vanguard International Semiconductor Corporation, Annual General Meeting, Jun 14, 2024 Vanguard International Semiconductor Corporation, Annual General Meeting, Jun 14, 2024. Reported Earnings • Feb 24
Full year 2023 earnings released: EPS: NT$4.50 (vs NT$9.32 in FY 2022) Full year 2023 results: EPS: NT$4.50 (down from NT$9.32 in FY 2022). Revenue: NT$38.3b (down 26% from FY 2022). Net income: NT$7.37b (down 52% from FY 2022). Profit margin: 19% (down from 30% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Major Estimate Revision • Feb 06
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$44.3b to NT$42.1b. EPS estimate also fell from NT$3.96 per share to NT$3.51 per share. Net income forecast to shrink 19% next year vs 21% growth forecast for Semiconductor industry in Taiwan . Consensus price target down from NT$68.09 to NT$65.76. Share price was steady at NT$73.50 over the past week. Ankündigung • Feb 02
Vanguard International Semiconductor Corporation Proposes Dividend for the Year 2023 Vanguard International Semiconductor Corporation proposed dividend of TWD 4.5 per share for the year 2023. Total amount of cash dividends to shareholders: TWD 7,375,420,202. Ankündigung • Nov 25
Grand Fortune Securities Co.,Ltd (TPEX:6026) acquired 12.9% stake in CMSC, Inc. from Vanguard International Semiconductor Corporation (TPEX:5347) for approximately TWD 410 million. Grand Fortune Securities Co.,Ltd (TPEX:6026) acquired 12.9% stake in CMSC, Inc. from Vanguard International Semiconductor Corporation (TPEX:5347) for approximately TWD 410 million on November 23, 2023. Ting-Hsun, Chan of Lan-Jai CPAs Firm acted as accountant to Vanguard International Semiconductor Corporation.Grand Fortune Securities Co.,Ltd (TPEX:6026) completed the acquisition of 12.9% stake in CMSC, Inc. from Vanguard International Semiconductor Corporation (TPEX:5347) on November 23, 2023. Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$85.50, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 19x in the Semiconductor industry in Taiwan. Total loss to shareholders of 7.9% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$114 per share. New Risk • Nov 08
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 1.1% per year for the foreseeable future. High level of non-cash earnings (31% accrual ratio). Minor Risk Dividend is not well covered by cash flows (177% cash payout ratio). Buying Opportunity • Oct 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 7.3%. The fair value is estimated to be NT$89.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 29%. Revenue is forecast to grow by 26% in 2 years. Earnings is forecast to decline by 8.5% in the next 2 years. Buying Opportunity • Sep 27
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be NT$84.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 29%. Revenue is forecast to grow by 27% in 2 years. Earnings is forecast to decline by 3.2% in the next 2 years. New Risk • Aug 02
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 31% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (31% accrual ratio). Minor Risk Dividend is not well covered by cash flows (177% cash payout ratio). Reported Earnings • Aug 02
Second quarter 2023 earnings released: EPS: NT$1.22 (vs NT$2.98 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.22 (down from NT$2.98 in 2Q 2022). Revenue: NT$9.85b (down 36% from 2Q 2022). Net income: NT$2.00b (down 59% from 2Q 2022). Profit margin: 20% (down from 32% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 14% 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 29% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 28
Upcoming dividend of NT$4.50 per share at 5.2% yield Eligible shareholders must have bought the stock before 05 July 2023. Payment date: 27 July 2023. Payout ratio is a comfortable 59% and this is well supported by cash flows. Trailing yield: 5.2%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.2%). Ankündigung • Jun 14
Vanguard International Semiconductor Corporation Approves Cash Dividends, Payable on July 27, 2023 Vanguard International Semiconductor Corporation approved cash dividends to common share holders of TWD 7,375,420,202. Ex-rights (Ex-dividend) record date: July 11, 2023. Payment date of cash dividend distribution on July 27, 2023. Ankündigung • May 04
Vanguard International Semiconductor Corporation Announces Executive Changes Vanguard International Semiconductor Corporation announced that John Wei, previous Chief Operating Officer, is promoted to be President of the company. Leuh Fang, previous Chairman & President, is adjusted to be Chairman & Chief Strategy Officer (CSO) of the company. Effective date of the new appointment is May 2, 2023. Major Estimate Revision • Feb 28
Consensus EPS estimates fall by 23% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$45.3b to NT$41.6b. EPS estimate also fell from NT$5.75 per share to NT$4.43 per share. Net income forecast to shrink 52% next year vs 18% decline forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$81.33 to NT$90.38. Share price was steady at NT$92.50 over the past week. Price Target Changed • Feb 23
Price target increased by 8.3% to NT$88.12 Up from NT$81.33, the current price target is an average from 19 analysts. New target price is 5.7% below last closing price of NT$93.40. Stock is down 25% over the past year. The company is forecast to post earnings per share of NT$4.40 for next year compared to NT$9.32 last year. Reported Earnings • Feb 22
Full year 2022 earnings: Revenues and EPS in line with analyst expectations Full year 2022 results: EPS: NT$9.32 (up from NT$7.21 in FY 2021). Revenue: NT$51.7b (up 18% from FY 2021). Net income: NT$15.3b (up 29% from FY 2021). Profit margin: 30% (up from 27% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jan 10
Now 21% undervalued Over the last 90 days, the stock is up 52%. The fair value is estimated to be NT$116, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 41%. Revenue is forecast to decline by 3.3% in 2 years. Earnings is forecast to decline by 32% in the next 2 years. Price Target Changed • Jan 06
Price target increased to NT$75.26 Up from NT$69.71, the current price target is an average from 18 analysts. New target price is 17% below last closing price of NT$90.80. Stock is down 36% over the past year. The company is forecast to post earnings per share of NT$9.08 for next year compared to NT$7.21 last year. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improved over the past week After last week's 17% share price gain to NT$90.80, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 13x 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$116 per share. Price Target Changed • Nov 16
Price target decreased to NT$66.21 Down from NT$74.60, the current price target is an average from 18 analysts. New target price is 24% below last closing price of NT$87.20. Stock is down 44% over the past year. The company is forecast to post earnings per share of NT$9.07 for next year compared to NT$7.21 last year. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. No experienced directors. 7 highly experienced directors. Independent Director Liang-Gee Chen was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improved over the past week After last week's 24% share price gain to NT$80.90, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Semiconductor industry in Taiwan. Total returns to shareholders of 38% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$135 per share. Price Target Changed • Nov 03
Price target decreased to NT$65.90 Down from NT$74.60, the current price target is an average from 18 analysts. New target price is approximately in line with last closing price of NT$65.10. Stock is down 55% over the past year. The company is forecast to post earnings per share of NT$9.07 for next year compared to NT$7.21 last year. Reported Earnings • Nov 02
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: EPS: NT$2.33 (up from NT$2.01 in 3Q 2021). Revenue: NT$13.3b (up 12% from 3Q 2021). Net income: NT$3.82b (up 16% from 3Q 2021). Profit margin: 29% (in line with 3Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.6%. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Ankündigung • Aug 03
Vanguard International Semiconductor Corporation Provides Earnings Guidance for the Third Quarter of 2022 Vanguard International Semiconductor Corporation provided earnings guidance for the third quarter of 2022. For the quarter, the company reported expected revenue to be between TWD 12.9 billion and TWD 13.3 billion. Reported Earnings • Aug 03
Second quarter 2022 earnings: EPS exceeds analyst expectations Second quarter 2022 results: EPS: NT$2.98 (up from NT$1.59 in 2Q 2021). Revenue: NT$15.3b (up 51% from 2Q 2021). Net income: NT$4.89b (up 88% from 2Q 2021). Profit margin: 32% (up from 26% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.2%. Over the next year, revenue is forecast to grow 2.6%, compared to a 21% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jul 13
Price target decreased to NT$102 Down from NT$114, the current price target is an average from 17 analysts. New target price is 48% above last closing price of NT$68.90. Stock is down 42% over the past year. The company is forecast to post earnings per share of NT$10.45 for next year compared to NT$7.21 last year. Price Target Changed • Jul 12
Price target decreased to NT$107 Down from NT$117, the current price target is an average from 17 analysts. New target price is 51% above last closing price of NT$71.30. Stock is down 40% over the past year. The company is forecast to post earnings per share of NT$10.45 for next year compared to NT$7.21 last year. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment deteriorated over the past week After last week's 21% share price decline to NT$67.50, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Semiconductor industry in Taiwan. Total returns to shareholders of 27% over the past three years. Upcoming Dividend • Jun 27
Upcoming dividend of NT$4.50 per share Eligible shareholders must have bought the stock before 04 July 2022. Payment date: 28 July 2022. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 5.4%. Lower than top quartile of Taiwanese dividend payers (6.3%). Higher than average of industry peers (3.6%). Price Target Changed • May 09
Price target decreased to NT$127 Down from NT$142, the current price target is an average from 14 analysts. New target price is 28% above last closing price of NT$99.50. Stock is down 13% over the past year. The company is forecast to post earnings per share of NT$10.52 for next year compared to NT$7.21 last year. Reported Earnings • May 08
First quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat First quarter 2022 results: EPS: NT$2.50 (up from NT$1.35 in 1Q 2021). Revenue: NT$13.5b (up 47% from 1Q 2021). Net income: NT$4.09b (up 85% from 1Q 2021). Profit margin: 30% (up from 24% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 23%, compared to a 24% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 7 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Chintay Shih was the last independent director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Buying Opportunity • Mar 04
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 23%. The fair value is estimated to be NT$165, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% per annum over the last 3 years. Earnings per share has grown by 19% per annum over the last 3 years. Major Estimate Revision • Feb 18
Consensus EPS estimates increase by 10% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from NT$52.6b to NT$55.6b. EPS estimate increased from NT$8.86 to NT$9.78 per share. Net income forecast to grow 36% next year vs 30% growth forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$159 to NT$151. Share price was steady at NT$129 over the past week. Reported Earnings • Feb 13
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$7.21 (up from NT$3.85 in FY 2020). Revenue: NT$44.0b (up 33% from FY 2020). Net income: NT$11.8b (up 87% from FY 2020). Profit margin: 27% (up from 19% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to grow 24%, compared to a 24% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • Feb 12
Vanguard International Semiconductor Corporation, Annual General Meeting, Jun 14, 2022 Vanguard International Semiconductor Corporation, Annual General Meeting, Jun 14, 2022. Location: No.123, Park Ave-3rd, Hsinchu Science Park, Hsinchu Taiwan Agenda: To consider and approve the business report of year 2021; audit committee's review report; year 2021 employees' profit sharing bonus and director’s compensation distribution; to report the issuance of unsecured corporate bonds; and to discuss other matters. Ankündigung • Feb 11
Vanguard International Semiconductor Corporation Proposes Cash Dividend for the Year of 2021 Vanguard International Semiconductor Corporation proposed cash dividend of TWD 4.5 per share for the year of 2021. Total amount of cash dividends to shareholders is TWD 7,375,420,202. Reported Earnings • Nov 03
Third quarter 2021 earnings released: EPS NT$2.00 (vs NT$0.93 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$11.9b (up 42% from 3Q 2020). Net income: NT$3.29b (up 115% from 3Q 2020). Profit margin: 28% (up from 18% 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 13% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. 