Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$305, the stock trades at a trailing P/E ratio of 22x. Average trailing P/E is 43x in the Semiconductor industry in Taiwan. Total returns to shareholders of 128% over the past three years. Declared Dividend • Jul 17
Dividend increased to NT$10.95 Dividend of NT$10.95 is 27% higher than last year. Ex-date: 31st July 2026 Payment date: 28th August 2026 Dividend yield will be 3.6%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (78% earnings payout ratio) and cash flows (63% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 13% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$400, the stock trades at a trailing P/E ratio of 28.9x. Average trailing P/E is 52x in the Semiconductor industry in Taiwan. Total returns to shareholders of 186% over the past three years. New Risk • Jun 24
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 9.8% 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 Earnings have declined by 0.3% 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. Share price has been volatile over the past 3 months (9.8% average weekly change). Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$359, the stock trades at a trailing P/E ratio of 25.9x. Average trailing P/E is 46x in the Semiconductor industry in Taiwan. Total returns to shareholders of 149% over the past three years. Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to NT$369, the stock trades at a trailing P/E ratio of 26.5x. Average trailing P/E is 43x in the Semiconductor industry in Taiwan. Total returns to shareholders of 164% over the past three years. Buy Or Sell Opportunity • May 14
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 31% to NT$308. The fair value is estimated to be NT$242, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 22%. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$286, the stock trades at a trailing P/E ratio of 20.5x. Average trailing P/E is 43x in the Semiconductor industry in Taiwan. Total returns to shareholders of 129% over the past three years. Reported Earnings • Apr 28
First quarter 2026 earnings released: EPS: NT$3.00 (vs NT$2.60 in 1Q 2025) First quarter 2026 results: EPS: NT$3.00 (up from NT$2.60 in 1Q 2025). Revenue: NT$1.98b (up 11% from 1Q 2025). Net income: NT$269.4m (up 42% from 1Q 2025). Profit margin: 14% (up from 11% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Mar 23
Now 21% undervalued Over the last 90 days, the stock has risen 2.3% to NT$223. The fair value is estimated to be NT$283, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 9.4%. Buy Or Sell Opportunity • Mar 03
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.6% to NT$226. The fair value is estimated to be NT$285, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 9.4%. Reported Earnings • Feb 24
Full year 2025 earnings released: EPS: NT$13.04 (vs NT$9.89 in FY 2024) Full year 2025 results: EPS: NT$13.04 (up from NT$9.89 in FY 2024). Revenue: NT$7.48b (up 23% from FY 2024). Net income: NT$951.2m (up 32% from FY 2024). Profit margin: 13% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • Feb 12
Anpec Electronics Corporation, Annual General Meeting, Jun 26, 2026 Anpec Electronics Corporation, Annual General Meeting, Jun 26, 2026. Location: no,6, tu hsing 1st rd., hsinchu science park, hsinchu city Taiwan Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$263, the stock trades at a trailing P/E ratio of 22.7x. Average trailing P/E is 34x in the Semiconductor industry in Taiwan. Total returns to shareholders of 122% over the past three years. Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: NT$3.97 (vs NT$2.70 in 3Q 2024) Third quarter 2025 results: EPS: NT$3.97 (up from NT$2.70 in 3Q 2024). Revenue: NT$1.96b (up 22% from 3Q 2024). Net income: NT$289.3m (up 47% from 3Q 2024). Profit margin: 15% (up from 12% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Oct 03
Now 22% undervalued Over the last 90 days, the stock has risen 25% to NT$222. The fair value is estimated to be NT$286, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 17%. Ankündigung • Oct 02
Yageo Corporation (TWSE:2327) completed the acquisition of 21.43% stake in Anpec Electronics Corporation (TPEX:6138) for TWD 3.7 billion. Yageo Corporation (TWSE:2327) proposed to acquire 28.5% stake in Anpec Electronics Corporation (TPEX:6138) for TWD 4.9 billion on September 11, 2025. A cash consideration valued at TWD 229.8 per share will be paid by Yageo Corporation. The tender offer will be filed with the Financial Supervisory Commission, and the tender offer period is expected to start from September 12, 2025 to October 1, 2025. The intended acquired share is up to 21,277,245 (about 28.5% of Anpec’s outstanding shares), and the minimum acquired shares is 3,733,000 (about 5% of Anpec’s outstanding shares). The tender offer will be deemed successful once the tendered shares meet the minimum acquired shares. The expected completion of the transaction is October 1, 2025.
Yageo Corporation (TWSE:2327) completed the acquisition of 21.43% stake in Anpec Electronics Corporation (TPEX:6138) for TWD 3.7 billion on September 11, 2025. Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: NT$2.70 (vs NT$2.47 in 2Q 2024) Second quarter 2025 results: EPS: NT$2.70 (up from NT$2.47 in 2Q 2024). Revenue: NT$1.82b (up 25% from 2Q 2024). Net income: NT$196.6m (up 9.3% from 2Q 2024). Profit margin: 11% (down from 12% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Declared Dividend • Jul 17
Dividend increased to NT$8.60 Dividend of NT$8.60 is 44% higher than last year. Ex-date: 31st July 2025 Payment date: 28th August 2025 Dividend yield will be 4.6%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (79% earnings payout ratio) and cash flows (53% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 15% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 10
First quarter 2025 earnings released: EPS: NT$2.60 (vs NT$2.34 in 1Q 2024) First quarter 2025 results: EPS: NT$2.60 (up from NT$2.34 in 1Q 2024). Revenue: NT$1.78b (up 17% from 1Q 2024). Net income: NT$190.0m (up 12% from 1Q 2024). Profit margin: 11% (in line with 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Ankündigung • May 01
Anpec Electronics Corporation to Report Q1, 2025 Results on May 09, 2025 Anpec Electronics Corporation announced that they will report Q1, 2025 results on May 09, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$140, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total loss to shareholders of 28% over the past three years. Ankündigung • Feb 26
Anpec Electronics Corporation, Annual General Meeting, Jun 23, 2025 Anpec Electronics Corporation, Annual General Meeting, Jun 23, 2025, at 09:00 Taipei Standard Time. Location: no,6, tu hsing 1st rd., hsinchu science park, hsinchu city Taiwan Ankündigung • Feb 22
Anpec Electronics Corporation Announces Cash Dividend for the Year Ended December 31, 2024 Anpec Electronics Corporation announced cash dividends to shareholders of TWD 8.0 per share for the year ended December 31, 2024. Cash dividends distributed from legal reserve and capital reserve to shareholders of TWD 0.6 per share. Total amount of cash dividends to shareholders: TWD 642,106,100. Total cash distribution is TWD 8.60 per share. Per value of common stock: TWD 10. Date of the board of directors resolution: February 21, 2025. New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.8% average weekly change). New Risk • Nov 16
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 6.3% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.3% average weekly change). Reported Earnings • Nov 14
Third quarter 2024 earnings released: EPS: NT$2.70 (vs NT$2.20 in 3Q 2023) Third quarter 2024 results: EPS: NT$2.70 (up from NT$2.20 in 3Q 2023). Revenue: NT$1.61b (up 8.7% from 3Q 2023). Net income: NT$196.4m (up 22% from 3Q 2023). Profit margin: 12% (up from 11% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Nov 12
Now 20% undervalued Over the last 90 days, the stock has risen 1.2% to NT$172. The fair value is estimated to be NT$216, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.2% over the last 3 years. Earnings per share has declined by 18%. Ankündigung • Nov 02
Anpec Electronics Corporation to Report Q3, 2024 Results on Nov 11, 2024 Anpec Electronics Corporation announced that they will report Q3, 2024 results on Nov 11, 2024 Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$197, the stock trades at a trailing P/E ratio of 21.6x. Average trailing P/E is 30x in the Semiconductor industry in Taiwan. Total returns to shareholders of 47% over the past three years. Buy Or Sell Opportunity • Aug 21
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 23% to NT$170. The fair value is estimated to be NT$214, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.2% over the last 3 years. Earnings per share has declined by 18%. Reported Earnings • Aug 13
Second quarter 2024 earnings released: EPS: NT$2.47 (vs NT$1.68 in 2Q 2023) Second quarter 2024 results: EPS: NT$2.47 (up from NT$1.68 in 2Q 2023). Revenue: NT$1.46b (up 11% from 2Q 2023). Net income: NT$179.8m (up 47% from 2Q 2023). Profit margin: 12% (up from 9.3% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Aug 05
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 27% to NT$152. The fair value is estimated to be NT$203, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.9% over the last 3 years. Earnings per share has declined by 12%. Ankündigung • Aug 02
Anpec Electronics Corporation to Report Q2, 2024 Results on Aug 09, 2024 Anpec Electronics Corporation announced that they will report Q2, 2024 results on Aug 09, 2024 Declared Dividend • Jul 17
Dividend reduced to NT$5.97 Dividend of NT$5.97 is 34% lower than last year. Ex-date: 1st August 2024 Payment date: 28th August 2024 Dividend yield will be 3.1%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (72% earnings payout ratio) and cash flows (48% cash payout ratio). The dividend has increased by an average of 20% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 13% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Ankündigung • Jul 16
Anpec Electronics Corporation Announces Cash Dividend, Payable on 28 August 2024 Anpec Electronics Corporation announced cash dividend of TWD 444,939,000 for common shares. Ex-rights (Ex-dividend) date: 1 August 2024. Ex-rights (Ex-dividend) record date: August 8, 2024. Payment date of cash dividend distribution: 28 August 2024. Buy Or Sell Opportunity • Jun 13
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 2.8% to NT$219. The fair value is estimated to be NT$179, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 6.9% over the last 3 years. Earnings per share has declined by 12%. Buy Or Sell Opportunity • May 22
Now 25% overvalued Over the last 90 days, the stock has fallen 1.8% to NT$220. The fair value is estimated to be NT$177, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 6.9% over the last 3 years. Earnings per share has declined by 12%. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: NT$2.34 (vs NT$1.00 in 1Q 2023) First quarter 2024 results: EPS: NT$2.34 (up from NT$1.00 in 1Q 2023). Revenue: NT$1.51b (up 37% from 1Q 2023). Net income: NT$170.2m (up 135% from 1Q 2023). Profit margin: 11% (up from 6.5% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Ankündigung • May 03
Anpec Electronics Corporation to Report Q1, 2024 Results on May 10, 2024 Anpec Electronics Corporation announced that they will report Q1, 2024 results on May 10, 2024 Reported Earnings • Feb 29
Full year 2023 earnings released: EPS: NT$7.00 (vs NT$13.30 in FY 2022) Full year 2023 results: EPS: NT$7.00 (down from NT$13.30 in FY 2022). Revenue: NT$5.42b (down 15% from FY 2022). Net income: NT$510.8m (down 47% from FY 2022). Profit margin: 9.4% (down from 15% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 33% per year, which means it is well ahead of earnings. Ankündigung • Feb 27
Anpec Electronics Corporation, Annual General Meeting, Jun 21, 2024 Anpec Electronics Corporation, Annual General Meeting, Jun 21, 2024, at 09:00 Taipei Standard Time. Location: No. 6, Duxing 1st Road, Hsinchu City, Hsinchu Science Park Taiwan Agenda: To consider 2023 Business Report and financial statements; to consider 2023 Audit Committee's Review Report; to consider Report on the distribution of directors' remuneration and employees' compensation for 2023; to consider Report on the distribution of cash dividends from earnings for 2023; to consider Distribution of 2023 Retained Earnings; to elect one additional Director; to consider Release the Prohibition on Directors from Participation in Competitive Business; and to consider other issues. New Risk • Nov 21
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 5.5% 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: 135% Cash payout ratio: 169% Minor Risks Share price has been volatile over the past 3 months (5.5% average weekly change). Profit margins are more than 30% lower than last year (8.7% net profit margin). Valuation Update With 7 Day Price Move • Nov 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$199, the stock trades at a trailing P/E ratio of 34.1x. Average trailing P/E is 25x in the Semiconductor industry in Taiwan. Total returns to shareholders of 171% over the past three years. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: NT$2.20 (vs NT$3.00 in 3Q 2022) Third quarter 2023 results: EPS: NT$2.20 (down from NT$3.00 in 3Q 2022). Revenue: NT$1.48b (up 7.7% from 3Q 2022). Net income: NT$160.6m (down 26% from 3Q 2022). Profit margin: 11% (down from 16% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Aug 11
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 135% Cash payout ratio: 148% Dividend yield: 6.9% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 135% Cash payout ratio: 148% Minor Risk Profit margins are more than 30% lower than last year (10% net profit margin). Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: NT$1.68 (vs NT$5.03 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.68 (down from NT$5.03 in 2Q 2022). Revenue: NT$1.32b (down 36% from 2Q 2022). Net income: NT$122.8m (down 66% from 2Q 2022). Profit margin: 9.3% (down from 18% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 17% per year. Upcoming Dividend • Jul 21
Upcoming dividend of NT$9.00 per share at 5.9% yield Eligible shareholders must have bought the stock before 28 July 2023. Payment date: 25 August 2023. Payout ratio is on the higher end at 90%, and the cash payout ratio is above 100%. Trailing yield: 5.9%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.2%). Valuation Update With 7 Day Price Move • May 15
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$144, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 17x in the Semiconductor industry in Taiwan. Total returns to shareholders of 138% over the past three years. Reported Earnings • Mar 02
Full year 2022 earnings released: EPS: NT$13.30 (vs NT$12.90 in FY 2021) Full year 2022 results: EPS: NT$13.30 (up from NT$12.90 in FY 2021). Revenue: NT$6.38b (down 5.6% from FY 2021). Net income: NT$963.6m (up 3.7% from FY 2021). Profit margin: 15% (up from 14% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$148, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 13x in the Semiconductor industry in Taiwan. Total returns to shareholders of 145% over the past three years. Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improved over the past week After last week's 18% share price gain to NT$147, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 12x in the Semiconductor industry in Taiwan. Total returns to shareholders of 117% over the past three years. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$3.00 (vs NT$3.89 in 3Q 2021) Third quarter 2022 results: EPS: NT$3.00 (down from NT$3.89 in 3Q 2021). Revenue: NT$1.37b (down 25% from 3Q 2021). Net income: NT$217.7m (down 22% from 3Q 2021). Profit margin: 16% (in line with 3Q 2021). Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$3.00 (vs NT$3.89 in 3Q 2021) Third quarter 2022 results: EPS: NT$3.00 (down from NT$3.89 in 3Q 2021). Revenue: NT$1.37b (down 25% from 3Q 2021). Net income: NT$217.7m (down 22% from 3Q 2021). Profit margin: 16% (in line with 3Q 2021). Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$103, the stock trades at a trailing P/E ratio of 6.1x. Average forward P/E is 9x in the Semiconductor industry in Taiwan. Total returns to shareholders of 91% over the past three years. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improved over the past week After last week's 16% share price gain to NT$140, the stock trades at a trailing P/E ratio of 8.3x. Average forward P/E is 12x in the Semiconductor industry in Taiwan. Total returns to shareholders of 183% over the past three years. Reported Earnings • Aug 12
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: NT$5.03 (up from NT$2.82 in 2Q 2021). Revenue: NT$2.05b (up 27% from 2Q 2021). Net income: NT$364.4m (up 80% from 2Q 2021). Profit margin: 18% (up from 13% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 25%. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 28
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$124, the stock trades at a trailing P/E ratio of 8.5x. Average forward P/E is 11x in the Semiconductor industry in Taiwan. Total returns to shareholders of 153% over the past three years. Upcoming Dividend • Jul 21
Upcoming dividend of NT$9.02 per share Eligible shareholders must have bought the stock before 28 July 2022. Payment date: 19 August 2022. Payout ratio is a comfortable 61% and this is well supported by cash flows. Trailing yield: 6.4%. Lower than top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (3.7%). Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$137, the stock trades at a trailing P/E ratio of 9.3x. Average forward P/E is 9x in the Semiconductor industry in Taiwan. Total returns to shareholders of 169% over the past three years. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$168, the stock trades at a trailing P/E ratio of 11.5x. Average forward P/E is 11x in the Semiconductor industry in Taiwan. Total returns to shareholders of 249% over the past three years. Buying Opportunity • Jun 17
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 24%. The fair value is estimated to be NT$226, 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 45%. Reported Earnings • May 13
First quarter 2022 earnings: EPS exceeds analyst expectations First quarter 2022 results: EPS: NT$4.27 (up from NT$2.29 in 1Q 2021). Revenue: NT$1.94b (up 28% from 1Q 2021). Net income: NT$308.4m (up 87% from 1Q 2021). Profit margin: 16% (up from 11% in 1Q 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 9.5%. Over the last 3 years on average, earnings per share has increased by 45% per year whereas the company’s share price has increased by 50% per year. Price Target Changed • Apr 27
Price target increased to NT$300 Up from NT$100, the current price target is provided by 1 analyst. New target price is 53% above last closing price of NT$196. Stock is up 35% over the past year. The company is forecast to post earnings per share of NT$16.15 for next year compared to NT$12.90 last year. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 11 experienced directors. No highly experienced directors. No independent directors (8 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$222, 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 307% over the past three years. Ankündigung • Mar 29
Anpec Electronics Corporation, Annual General Meeting, Jun 23, 2022 Anpec Electronics Corporation, Annual General Meeting, Jun 23, 2022. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 16% share price gain to NT$228, the stock trades at a trailing P/E ratio of 21.1x. Average trailing P/E is 18x in the Semiconductor industry in Taiwan. Total returns to shareholders of 303% over the past three years. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improved over the past week After last week's 19% share price gain to NT$215, the stock trades at a trailing P/E ratio of 19.8x. Average forward P/E is 15x in the Semiconductor industry in Taiwan. Total returns to shareholders of 304% over the past three years. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS NT$3.89 (vs NT$1.74 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$1.83b (up 25% from 3Q 2020). Net income: NT$280.7m (up 127% from 3Q 2020). Profit margin: 15% (up from 8.4% 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 31% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS NT$3.89 (vs NT$1.74 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$1.83b (up 25% from 3Q 2020). Net income: NT$280.7m (up 127% from 3Q 2020). Profit margin: 15% (up from 8.4% 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 31% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improved over the past week After last week's 15% share price gain to NT$169, the stock trades at a trailing P/E ratio of 19.4x. Average forward P/E is 14x in the Semiconductor industry in Taiwan. Total returns to shareholders of 247% over the past three years. Valuation Update With 7 Day Price Move • Sep 02
Investor sentiment improved over the past week After last week's 19% share price gain to NT$182, the stock trades at a trailing P/E ratio of 20.5x. Average forward P/E is 15x in the Semiconductor industry in Taiwan. Total returns to shareholders of 186% over the past three years. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS NT$2.81 (vs NT$1.49 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$1.61b (up 25% from 2Q 2020). Net income: NT$202.4m (up 93% from 2Q 2020). Profit margin: 13% (up from 8.1% 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 22% per year whereas the company’s share price has increased by 26% per year. Upcoming Dividend • Jul 26
Upcoming dividend of NT$5.20 per share Eligible shareholders must have bought the stock before 02 August 2021. Payment date: 20 August 2021. Trailing yield: 2.8%. Lower than top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (2.2%). Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment improved over the past week After last week's 19% share price gain to NT$171, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 16x in the Semiconductor industry in Taiwan. Total returns to shareholders of 156% over the past three years. Valuation Update With 7 Day Price Move • May 28
Investor sentiment improved over the past week After last week's 17% share price gain to NT$142, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 15x in the Semiconductor industry in Taiwan. Total returns to shareholders of 132% over the past three years. Valuation Update With 7 Day Price Move • Mar 29
Investor sentiment improved over the past week After last week's 19% share price gain to NT$143, the stock trades at a trailing P/E ratio of 22.2x. Average trailing P/E is 27x in the Semiconductor industry in Taiwan. Total returns to shareholders of 162% over the past three years. Reported Earnings • Mar 24
Full year 2020 earnings released: EPS NT$6.43 (vs NT$4.90 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$5.39b (up 19% from FY 2019). Net income: NT$456.5m (up 32% from FY 2019). Profit margin: 8.5% (up from 7.6% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment improved over the past week After last week's 17% share price gain to NT$113, the stock is trading at a trailing P/E ratio of 19.5x, up from the previous P/E ratio of 16.6x. This compares to an average P/E of 26x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past three years are 111%. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment improved over the past week After last week's 16% share price gain to NT$101, the stock is trading at a trailing P/E ratio of 17.4x, up from the previous P/E ratio of 14.9x. This compares to an average P/E of 29x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past three years are 101%. Is New 90 Day High Low • Feb 24
New 90-day high: NT$92.20 The company is up 7.0% from its price of NT$86.50 on 26 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 33% over the same period. Is New 90 Day High Low • Feb 01
New 90-day low: NT$79.30 The company is down 1.0% from its price of NT$79.70 on 04 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 35% over the same period. Is New 90 Day High Low • Dec 08
New 90-day high: NT$90.80 The company is up 18% from its price of NT$77.10 on 09 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 22% over the same period. Reported Earnings • Nov 11
Third quarter 2020 earnings released: EPS NT$1.74 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: NT$1.46b (up 25% from 3Q 2019). Net income: NT$123.6m (up 17% from 3Q 2019). Profit margin: 8.4% (down from 9.0% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 9% per year. Is New 90 Day High Low • Nov 10
New 90-day high: NT$84.50 The company is up 2.0% from its price of NT$82.60 on 12 August 2020. The Taiwanese market is up 3.0% 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. Is New 90 Day High Low • Sep 25
New 90-day low: NT$75.20 The company is down 11% from its price of NT$84.10 on 24 June 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 23% over the same period.