Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to NT$176, the stock trades at a trailing P/E ratio of 43.6x. Average trailing P/E is 42x in the Semiconductor industry in Taiwan. Total returns to shareholders of 17% over the past three years. Buy Or Sell Opportunity • May 26
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 58% to NT$246. The fair value is estimated to be NT$205, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 2.7% over the last 3 years. Earnings per share has grown by 9.5%. Upcoming Dividend • May 22
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 29 May 2026. Payment date: 29 June 2026. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (1.1%). Reported Earnings • May 09
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$1.28 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00. Revenue: NT$345.3m (up 28% from 1Q 2025). Net income: NT$41.0m (up 5.5% from 1Q 2025). Profit margin: 12% (down from 14% in 1Q 2025). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to NT$257, the stock trades at a trailing P/E ratio of 64.9x. Average trailing P/E is 43x in the Semiconductor industry in Taiwan. Total returns to shareholders of 64% over the past three years. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$198, the stock trades at a trailing P/E ratio of 50x. Average trailing P/E is 37x in the Semiconductor industry in Taiwan. Total returns to shareholders of 29% over the past three years. Reported Earnings • Mar 09
Full year 2025 earnings released: EPS: NT$4.00 (vs NT$3.85 in FY 2024) Full year 2025 results: EPS: NT$4.00 (up from NT$3.85 in FY 2024). Revenue: NT$1.14b (up 6.7% from FY 2024). Net income: NT$122.0m (up 4.2% from FY 2024). Profit margin: 11% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 4% per year. Declared Dividend • Mar 04
Dividend of NT$2.00 announced Shareholders will receive a dividend of NT$2.00. Ex-date: 29th May 2026 Payment date: 29th June 2026 Dividend yield will be 1.3%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (66% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 27% to shift the payout ratio to a potentially unsustainable range, which is more than the 8.3% EPS decline seen over the last 5 years. Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$167, the stock trades at a trailing P/E ratio of 54.2x. Average trailing P/E is 33x in the Semiconductor industry in Taiwan. Total loss to shareholders of 2.0% over the past three years. New Risk • Feb 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 8.8% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.8% average weekly change). Earnings have declined by 18% per year over the past 5 years. New Risk • Dec 17
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 Earnings have declined by 18% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.5% average weekly change). Valuation Update With 7 Day Price Move • Dec 17
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to NT$128, the stock trades at a trailing P/E ratio of 41.7x. Average trailing P/E is 29x in the Semiconductor industry in Taiwan. Total loss to shareholders of 21% over the past three years. New Risk • Nov 14
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.11b (US$99.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 18% 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 (NT$3.11b market cap, or US$99.8m). New Risk • Nov 07
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.0% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining 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 Earnings have declined by 18% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 06
Third quarter 2025 earnings released: EPS: NT$0.95 (vs NT$1.04 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.95 (down from NT$1.04 in 3Q 2024). Revenue: NT$277.0m (down 3.1% from 3Q 2024). Net income: NT$28.9m (down 9.2% from 3Q 2024). Profit margin: 10% (in line with 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 8% per year. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$129, the stock trades at a trailing P/E ratio of 30.8x. Average trailing P/E is 26x in the Semiconductor industry in Taiwan. Total returns to shareholders of 1.7% 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 8.9% 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 Risk Earnings have declined by 17% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.9% average weekly change). Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$116, the stock trades at a trailing P/E ratio of 27.8x. Average trailing P/E is 24x in the Semiconductor industry in Taiwan. Total loss to shareholders of 26% over the past three years. Upcoming Dividend • May 22
Upcoming dividend of NT$2.04 per share Eligible shareholders must have bought the stock before 29 May 2025. Payment date: 27 June 2025. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of Taiwanese dividend payers (5.1%). Lower than average of industry peers (2.4%). Reported Earnings • May 07
First quarter 2025 earnings released: EPS: NT$1.28 (vs NT$0.90 in 1Q 2024) First quarter 2025 results: EPS: NT$1.28 (up from NT$0.90 in 1Q 2024). Revenue: NT$269.7m (up 10% from 1Q 2024). Net income: NT$38.9m (up 42% from 1Q 2024). Profit margin: 14% (up from 11% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year whereas the company’s share price has fallen by 14% per year. Ankündigung • Apr 25
Rafael Microelectronics, Inc. to Report Q1, 2025 Results on May 02, 2025 Rafael Microelectronics, Inc. announced that they will report Q1, 2025 results on May 02, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$95.00, the stock trades at a trailing P/E ratio of 25x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total loss to shareholders of 41% over the past three years. New Risk • Apr 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.25b (US$98.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (7.9% average weekly change). Earnings have declined by 20% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$3.25b market cap, or US$98.4m). New Risk • Mar 31
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 7.8% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (7.8% average weekly change). Earnings have declined by 20% per year over the past 5 years. Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: NT$3.85 (vs NT$1.38 in FY 2023) Full year 2024 results: EPS: NT$3.85 (up from NT$1.38 in FY 2023). Revenue: NT$1.07b (up 7.0% from FY 2023). Net income: NT$117.1m (up 180% from FY 2023). Profit margin: 11% (up from 4.2% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Ankündigung • Feb 17
Rafael Microelectronics, Inc., Annual General Meeting, May 27, 2025 Rafael Microelectronics, Inc., Annual General Meeting, May 27, 2025. Location: 1 floor no,88, chuang ching 1st rd., jhubei city, hsinchu county Taiwan Ankündigung • Feb 15
Rafael Microelectronics, Inc. Approves Dividend Distribution for the Year Ended December 31, 2024 The Board of Directors of Rafael Microelectronics, Inc. approved dividend distribution for the year ended December 31, 2024. Appropriations of earnings in cash dividends to shareholders TWD 1 per share. Cash dividends distributed from legal reserve and capital reserve to shareholders is TWD 1 per share. Total amount of cash dividends to shareholders is TWD 62,024,000. Ankündigung • Feb 07
Rafael Microelectronics, Inc. to Report Fiscal Year 2024 Results on Feb 14, 2025 Rafael Microelectronics, Inc. announced that they will report fiscal year 2024 results on Feb 14, 2025 New Risk • Feb 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 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 Risks Earnings have declined by 23% per year over the past 5 years. High level of non-cash earnings (28% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (6.5% average weekly change). Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$139, the stock trades at a trailing P/E ratio of 58.7x. Average trailing P/E is 30x in the Semiconductor industry in Taiwan. Total loss to shareholders of 54% over the past three years. Reported Earnings • Nov 10
Third quarter 2024 earnings released: EPS: NT$1.05 (vs NT$0.97 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.05 (up from NT$0.97 in 3Q 2023). Revenue: NT$286.0m (up 10.0% from 3Q 2023). Net income: NT$31.8m (up 7.6% from 3Q 2023). Profit margin: 11% (in line with 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. Ankündigung • Oct 19
Rafael Microelectronics, Inc. to Report Q3, 2024 Results on Oct 28, 2024 Rafael Microelectronics, Inc. announced that they will report Q3, 2024 results on Oct 28, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$1.17 (vs NT$0.37 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.17 (up from NT$0.37 in 2Q 2023). Revenue: NT$259.5m (up 11% from 2Q 2023). Net income: NT$35.7m (up 214% from 2Q 2023). Profit margin: 14% (up from 4.9% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Ankündigung • Jul 26
Rafael Microelectronics, Inc. to Report Q2, 2024 Results on Aug 02, 2024 Rafael Microelectronics, Inc. announced that they will report Q2, 2024 results on Aug 02, 2024 Upcoming Dividend • Jun 11
Upcoming dividend of NT$1.82 per share Eligible shareholders must have bought the stock before 18 June 2024. Payment date: 15 July 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 1.2%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (2.2%). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.90 (vs NT$0.76 in 1Q 2023) First quarter 2024 results: EPS: NT$0.90 (up from NT$0.76 in 1Q 2023). Revenue: NT$244.8m (down 19% from 1Q 2023). Net income: NT$27.5m (up 20% from 1Q 2023). Profit margin: 11% (up from 7.6% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Ankündigung • May 01
Rafael Microelectronics, Inc. Announces Retirement of Li, Ken-Ming as Co-President Rafael Microelectronics, Inc. announced retirement of Li, Ken-Ming as Co-President. Date of the board of directors resolution or date of occurrence of the change is April 30, 2024. Ankündigung • Apr 28
Rafael Microelectronics, Inc. to Report Q1, 2024 Results on May 03, 2024 Rafael Microelectronics, Inc. announced that they will report Q1, 2024 results on May 03, 2024 Reported Earnings • Mar 06
Full year 2023 earnings released: EPS: NT$1.38 (vs NT$4.05 in FY 2022) Full year 2023 results: EPS: NT$1.38 (down from NT$4.05 in FY 2022). Revenue: NT$996.0m (down 24% from FY 2022). Net income: NT$41.8m (down 66% from FY 2022). Profit margin: 4.2% (down from 9.3% 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 34% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Ankündigung • Feb 08
Rafael Microelectronics, Inc., Annual General Meeting, Jun 18, 2024 Rafael Microelectronics, Inc., Annual General Meeting, Jun 18, 2024. Location: 1F., No. 77, Xianzheng 8th St., Zhubei City, Hsinchu County Taiwan Agenda: To report the business of 2023; 2023 Audit Committee's review report; To report 2023 directors and employees' remuneration; To abandon the private placement of common shares approved at the 2023 Annual Shareholders Meeting; and to discuss other matters. Ankündigung • Jan 21
Rafael Microelectronics, Inc. Announces Executive Changes Rafael Microelectronics, Inc. announced the resignation of Quincy Lin as CSO, effective January 19, 2024. The company announced the appointment of Cheng David as CSO, effective January 19, 2024. New Risk • Nov 23
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 105% Dividend per share is over 17x cash flows per share. Earnings have declined by 16% per year over the past 5 years. High level of non-cash earnings (21% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (6.3% average weekly change). Ankündigung • Nov 09
Rafael Microelectronics, Inc. Announces Executive Changes Rafael Microelectronics, Inc. announced change of spokesperson, financial officer, accounting officer, corporate governance officer and internal audit officer. Date of occurrence of the change: November 8, 2023. Name, title, and resume of the previous position holder: Spokesperson/Anita Yen, the Vice President of Rafael Microelectronics, Inc. Financial officer, accounting officer and corporate governance officer/Anita Yen, the Vice President of Rafael Microelectronics, Inc. Internal audit officer/Susan Su, the Internal audit officer of Rafael Microelectronics, Inc. Name, title, and resume of the new position holder: Spokesperson/Cashew chen, the Vice President of Rafael Microelectronics, Inc. Financial officer, accounting officer and corporate governance officer/Susan Su, the Internal audit officer of Rafael Microelectronics, Inc. Internal audit officer/Owen chen, the Internal audit of Rafael Microelectronics, Inc. Type of change: Position adjustment. Any other matters that need to be specified: Anita Yen, the vice president of the Company, will be transferred to special assistant to the chairman. Valuation Update With 7 Day Price Move • Oct 19
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$151, the stock trades at a trailing P/E ratio of 50.8x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 53% over the past three years. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: NT$0.37 (vs NT$1.50 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.37 (down from NT$1.50 in 2Q 2022). Revenue: NT$233.2m (down 27% from 2Q 2022). Net income: NT$11.3m (down 75% from 2Q 2022). Profit margin: 4.9% (down from 14% in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Ankündigung • Aug 03
Rafael Microelectronics, Inc. Appoints C.H. Chen as Member of the Remuneration Committee Rafael Microelectronics, Inc. appointed C.H. Chen, President, ASML Taiwan, as member of the Remuneration Committee. Effective date of the new member is August 1, 2023. Any other matters that need to be specified: The resignation of Independent director(and the member of Audit Committee & Remuneration Committee) has announced on June 26, 2023. Ankündigung • Jun 28
Rafael Microelectronics, Inc. Announces Change of Independent Director Rafael Microelectronics, Inc. announced Change of an independent director. Title and name of the previous position holder: Independent director/David Lin. Resume of the previous position holder: The Company independent director Title and name of the new position holder: N/A. Resume of the new position holder: N/A. Reason for the change: personal reason. Upcoming Dividend • Jun 28
Upcoming dividend of NT$4.02 per share at 2.6% yield Eligible shareholders must have bought the stock before 05 July 2023. Payment date: 31 July 2023. Payout ratio is on the higher end at 97%, and the cash payout ratio is above 100%. Trailing yield: 2.6%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (3.2%). Ankündigung • Jun 09
Rafael Microelectronics, Inc. Approves Cash Dividend, Payable on July 31, 2023 Rafael Microelectronics, Inc. at its shareholder meeting held on June 7, 2023, approved cash dividend of TWD 122,372,480. The dividend is payable on July 31, 2023 with Ex-rights (Ex-dividend) date of July 5, 2023 and Ex-rights (Ex-dividend) record date of July 11, 2023. Ankündigung • May 05
Rafael Microelectronics, Inc. Announces Executive Changes Rafael Microelectronics, Inc. announced change of research and development officer. Name, title, and resume of the previous position holder: M.P. Kan, Technology officer of the Company. Name, title, and resume of the new position holder: Max Lee, Vice President of the R&D division of the company. Effective date is May 3, 2023. M.P. Kan, the technology officer of the company, was transferred to the technical assistant to assist the chairman in evaluating the technology vision and strategy. Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improved over the past week After last week's 25% share price gain to NT$176, the stock trades at a trailing P/E ratio of 49.5x. Average forward P/E is 13x in the Semiconductor industry in Taiwan. Total returns to shareholders of 30% over the past three years. Board Change • Nov 16
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. 7 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Director Zhong Tai was the last director to join the board, commencing their role in 2015. 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 • Oct 05
Investor sentiment improved over the past week After last week's 22% share price gain to NT$147, the stock trades at a trailing P/E ratio of 32.7x. Average forward P/E is 10x in the Semiconductor industry in Taiwan. Total loss to shareholders of 4.6% 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 22% share price gain to NT$164, the stock trades at a trailing P/E ratio of 36.5x. Average forward P/E is 11x in the Semiconductor industry in Taiwan. Total returns to shareholders of 4.7% over the past three years. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$1.51 (vs NT$1.89 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.51 (down from NT$1.89 in 2Q 2021). Revenue: NT$320.1m (up 13% from 2Q 2021). Net income: NT$45.0m (down 19% from 2Q 2021). Profit margin: 14% (down from 20% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 418%, compared to a 20% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 8% per year. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment deteriorated over the past week After last week's 19% share price decline to NT$126, the stock trades at a trailing P/E ratio of 26x. Average trailing P/E is 12x in the Semiconductor industry in Taiwan. Total loss to shareholders of 15% over the past three years. Upcoming Dividend • Jun 28
Upcoming dividend of NT$5.02 per share Eligible shareholders must have bought the stock before 05 July 2022. Payment date: 29 July 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.2%. Lower than top quartile of Taiwanese dividend payers (6.3%). In line with average of industry peers (3.5%). Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$156, the stock trades at a trailing P/E ratio of 32.2x. Average trailing P/E is 14x in the Semiconductor industry in Taiwan. Total returns to shareholders of 26% over the past three years. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improved over the past week After last week's 17% share price gain to NT$185, the stock trades at a trailing P/E ratio of 33.8x. Average trailing P/E is 15x in the Semiconductor industry in Taiwan. Total returns to shareholders of 49% over the past three years. Reported Earnings • May 13
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: NT$0.67 (down from NT$1.32 in 1Q 2021). Revenue: NT$243.1m (down 6.7% from 1Q 2021). Net income: NT$0 (down NT$38.6m from profit in 1Q 2021). Profit margin: 0% (down from 15% in 1Q 2021). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 8.4%. Earnings per share (EPS) also missed analyst estimates by 9.0%. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. 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. 7 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Director Zhong Tai was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Mar 18
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: NT$5.65 (down from NT$6.18 in FY 2020). Revenue: NT$1.03b (down 3.0% from FY 2020). Net income: NT$166.5m (down 8.5% from FY 2020). Profit margin: 16% (down from 17% in FY 2020). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 8.4%. Earnings per share (EPS) also missed analyst estimates by 9.0%. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 15
Investor sentiment deteriorated over the past week After last week's 20% share price decline to NT$210, the stock trades at a trailing P/E ratio of 32.5x. Average trailing P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 82% over the past three years. Valuation Update With 7 Day Price Move • Feb 15
Investor sentiment deteriorated over the past week After last week's 20% share price decline to NT$210, the stock trades at a trailing P/E ratio of 32.5x. Average trailing P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 82% over the past three years. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$255, the stock trades at a trailing P/E ratio of 39.4x. Average trailing P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 128% over the past three years. Valuation Update With 7 Day Price Move • Nov 27
Investor sentiment deteriorated over the past week After last week's 21% share price decline to NT$316, the stock trades at a trailing P/E ratio of 48.8x. Average trailing P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 205% over the past three years. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$1.11 (vs NT$2.09 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$222.9m (down 36% from 3Q 2020). Net income: NT$32.9m (down 48% from 3Q 2020). Profit margin: 15% (down from 18% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 53% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment improved over the past week After last week's 18% share price gain to NT$296, the stock trades at a trailing P/E ratio of 40.2x. Average trailing P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 307% over the past three years. Valuation Update With 7 Day Price Move • Oct 01
Investor sentiment deteriorated over the past week After last week's 19% share price decline to NT$315, the stock trades at a trailing P/E ratio of 42.8x. Average trailing P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 252% over the past three years. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improved over the past week After last week's 21% share price gain to NT$370, the stock trades at a trailing P/E ratio of 50.3x. Average trailing P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 268% over the past three years. Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment improved over the past week After last week's 17% share price gain to NT$234, the stock trades at a trailing P/E ratio of 30.1x. Average trailing P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 118% over the past three years. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$2.28 (vs NT$0.74 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$282.6m (up 72% from 2Q 2020). Net income: NT$55.7m (up 203% from 2Q 2020). Profit margin: 20% (up from 11% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 12
Upcoming dividend of NT$5.06 per share Eligible shareholders must have bought the stock before 19 August 2021. Payment date: 23 September 2021. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (5.1%). In line with average of industry peers (2.2%). Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment improved over the past week After last week's 24% share price gain to NT$255, the stock trades at a trailing P/E ratio of 32.7x. Average trailing P/E is 27x in the Semiconductor industry in Taiwan. Total returns to shareholders of 77% over the past three years. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment improved over the past week After last week's 26% share price gain to NT$183, the stock trades at a trailing P/E ratio of 23.5x. Average trailing P/E is 27x in the Semiconductor industry in Taiwan. Total returns to shareholders of 31% over the past three years. Valuation Update With 7 Day Price Move • May 17
Investor sentiment deteriorated over the past week After last week's 19% share price decline to NT$115, the stock trades at a trailing P/E ratio of 15.5x. Average trailing P/E is 20x in the Semiconductor industry in Taiwan. Total loss to shareholders of 7.9% over the past three years. Reported Earnings • Apr 01
Full year 2020 earnings released: EPS NT$7.43 (vs NT$8.85 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$1.06b (down 5.8% from FY 2019). Net income: NT$182.0m (down 17% from FY 2019). Profit margin: 17% (down from 19% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improved over the past week After last week's 16% share price gain to NT$161, the stock trades at a trailing P/E ratio of 28.5x. Average trailing P/E is 27x in the Semiconductor industry in Taiwan. Total returns to shareholders of 3.6% over the past three years. Is New 90 Day High Low • Jan 19
New 90-day high: NT$147 The company is up 10.0% from its price of NT$134 on 21 October 2020. The Taiwanese market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 34% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$2.51 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: NT$347.5m (up 16% from 3Q 2019). Net income: NT$62.6m (up 5.3% from 3Q 2019). Profit margin: 18% (down from 20% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 11% per year. Is New 90 Day High Low • Oct 22
New 90-day low: NT$134 The company is down 3.0% from its price of NT$138 on 24 July 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 13% over the same period.