Price Target Changed • Jul 16
Price target increased by 16% to NT$578 Up from NT$498, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of NT$596. Stock is up 105% over the past year. The company is forecast to post earnings per share of NT$29.26 for next year compared to NT$21.81 last year. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$596, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 32x in the Semiconductor industry in Taiwan. Total returns to shareholders of 260% over the past three years. Upcoming Dividend • Jul 09
Upcoming dividend of NT$13.42 per share Eligible shareholders must have bought the stock before 16 July 2026. Payment date: 12 August 2026. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (1.0%). Valuation Update With 7 Day Price Move • May 25
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$485, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 30x in the Semiconductor industry in Taiwan. Total returns to shareholders of 182% over the past three years. Major Estimate Revision • May 23
Consensus EPS estimates increase by 19% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from NT$78.5b to NT$82.9b. EPS estimate increased from NT$23.92 to NT$28.43 per share. Net income forecast to grow 25% next year vs 58% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$389 to NT$498. Share price rose 12% to NT$450 over the past week. Reported Earnings • May 09
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: NT$6.00 (up from NT$4.91 in 1Q 2025). Revenue: NT$18.5b (up 18% from 1Q 2025). Net income: NT$1.32b (up 41% from 1Q 2025). Profit margin: 7.1% (up from 6.0% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.6%. Earnings per share (EPS) also surpassed analyst estimates by 16%. Revenue is forecast to grow 10.0% p.a. on average during the next 2 years, compared to a 21% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Apr 07
Price target increased by 7.5% to NT$366 Up from NT$340, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of NT$361. Stock is up 59% over the past year. The company is forecast to post earnings per share of NT$23.89 for next year compared to NT$21.81 last year. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$361, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 116% over the past three years. Ankündigung • Mar 11
Topco Scientific Co.,Ltd., Annual General Meeting, May 26, 2026 Topco Scientific Co.,Ltd., Annual General Meeting, May 26, 2026, at 09:00 Taipei Standard Time. Location: 3 floor no,176, chou tzu st., neihu district, taipei city Taiwan Reported Earnings • Mar 11
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: NT$21.81 (up from NT$19.29 in FY 2024). Revenue: NT$67.6b (up 19% from FY 2024). Net income: NT$4.18b (up 14% from FY 2024). Profit margin: 6.2% (down from 6.4% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.1%. Revenue is forecast to grow 8.7% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 01
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: NT$5.75 (up from NT$4.93 in 3Q 2024). Revenue: NT$17.5b (up 14% from 3Q 2024). Net income: NT$1.10b (up 18% from 3Q 2024). Profit margin: 6.3% (up from 6.1% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 4.7%. Revenue is forecast to grow 8.9% 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 increased by 8% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 01
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: NT$4.78 (down from NT$5.41 in 2Q 2024). Revenue: NT$17.0b (up 23% from 2Q 2024). Net income: NT$914.7m (down 10% from 2Q 2024). Profit margin: 5.4% (down from 7.4% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) missed analyst estimates by 9.4%. Revenue is forecast to grow 7.7% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 24
Upcoming dividend of NT$11.99 per share Eligible shareholders must have bought the stock before 01 July 2025. Payment date: 29 July 2025. Payout ratio is a comfortable 60% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.4%). Declared Dividend • Jun 06
Dividend of NT$11.99 announced Shareholders will receive a dividend of NT$11.99. Ex-date: 1st July 2025 Payment date: 29th July 2025 Dividend yield will be 4.5%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (60% earnings payout ratio) and cash flows (55% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 10% over the next year, which should provide support to the dividend and adequate earnings cover. Ankündigung • Jun 05
Topco Scientific Co.,Ltd. Announces Cash Dividend for the Year 2024, Payable on July 29, 2025 Topco Scientific Co.,Ltd. announced earnings distribution of cash dividends. Date of the resolution by the board of directors or shareholders meeting or decision by the Company: June 4, 2025. Original: Total amount of cash dividend from earnings is TWD 2,293,350,504, at TWD 12 per share. After change: Total amount of cash dividend from earnings is TWD 2,293,350,504, at TWD 11.98621876 per share. Ex-rights (ex-dividend) trading date: July 1, 2025. Last date before book closure: July 2, 2025. Ex-rights (ex-dividend) record date: July 7, 2025. Payment date of common stock cash dividend distribution: July 29, 2025. Price Target Changed • May 27
Price target decreased by 9.1% to NT$320 Down from NT$352, the current price target is an average from 2 analysts. New target price is 25% above last closing price of NT$255. Stock is down 4.1% over the past year. The company is forecast to post earnings per share of NT$20.88 for next year compared to NT$19.29 last year. Reported Earnings • May 07
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: NT$4.83 (up from NT$4.11 in 1Q 2024). Revenue: NT$15.8b (up 32% from 1Q 2024). Net income: NT$939.2m (up 21% from 1Q 2024). Profit margin: 6.0% (down from 6.5% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.2%. Earnings per share (EPS) also surpassed analyst estimates by 6.2%. Revenue is forecast to grow 8.8% p.a. on average during the next 2 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 8% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • Apr 29
Topco Scientific Co.,Ltd. to Report Q1, 2025 Results on May 06, 2025 Topco Scientific Co.,Ltd. announced that they will report Q1, 2025 results on May 06, 2025 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to NT$209, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 16x 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$346 per share. Price Target Changed • Mar 21
Price target increased by 12% to NT$352 Up from NT$313, the current price target is an average from 2 analysts. New target price is 23% above last closing price of NT$286. Stock is up 32% over the past year. The company is forecast to post earnings per share of NT$22.91 for next year compared to NT$19.29 last year. Ankündigung • Mar 03
Topco Scientific Co.,Ltd., Annual General Meeting, May 29, 2025 Topco Scientific Co.,Ltd., Annual General Meeting, May 29, 2025. Location: 9 floor no,489, t`i ting ta tao, neihu district, taipei city Taiwan Ankündigung • Mar 01
Topco Scientific Co.,Ltd. Approves Cash Dividend for the Year Ended Dec. 31, 2024 Topco Scientific Co.,Ltd. Board of Directors approved appropriations of earnings in cash dividends to shareholders of TWD 12 per share for the year ended Dec. 31, 2024. Total amount of cash distributed to shareholders is TWD 2,293,350,504. Date of the board of directors resolution is Feb. 27, 2025. Ankündigung • Feb 20
Topco Scientific Co.,Ltd. to Report Q4, 2024 Results on Feb 27, 2025 Topco Scientific Co.,Ltd. announced that they will report Q4, 2024 results at 9:00 AM, Taipei Standard Time on Feb 27, 2025 Reported Earnings • Nov 04
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: EPS: NT$4.93 (up from NT$4.25 in 3Q 2023). Revenue: NT$15.4b (up 23% from 3Q 2023). Net income: NT$936.6m (up 18% from 3Q 2023). Profit margin: 6.1% (down from 6.3% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.2%. Earnings per share (EPS) missed analyst estimates by 2.7%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Semiconductor industry in Taiwan. 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 30% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • Oct 23
Topco Scientific Co.,Ltd. to Report Q3, 2024 Results on Oct 30, 2024 Topco Scientific Co.,Ltd. announced that they will report Q3, 2024 results on Oct 30, 2024 Price Target Changed • Aug 20
Price target increased by 8.9% to NT$310 Up from NT$285, the current price target is an average from 3 analysts. New target price is 11% above last closing price of NT$280. Stock is up 68% over the past year. The company is forecast to post earnings per share of NT$19.04 for next year compared to NT$15.36 last year. Reported Earnings • Aug 01
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: NT$5.41 (up from NT$3.69 in 2Q 2023). Revenue: NT$13.8b (up 14% from 2Q 2023). Net income: NT$1.02b (up 52% from 2Q 2023). Profit margin: 7.4% (up from 5.6% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 25%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Semiconductor industry in Taiwan. 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 26% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • Jul 23
Topco Scientific Co.,Ltd. to Report Q2, 2024 Results on Jul 30, 2024 Topco Scientific Co.,Ltd. announced that they will report Q2, 2024 results on Jul 30, 2024 Upcoming Dividend • Jun 17
Upcoming dividend of NT$10.00 per share Eligible shareholders must have bought the stock before 24 June 2024. Payment date: 19 July 2024. Payout ratio is a comfortable 58% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.1%). Ankündigung • May 25
Topco Scientific Co.,Ltd. Announces Cash Dividend, Payable on July 19, 2024 Topco Scientific Co.,Ltd. announced total amount of cash dividend from earnings is TWD 1,698,296,103 and total amount of cash distribution from capital surplus is TWD 188,699,567. Ex-rights (ex-dividend) trading date is June 24, 2024, Ex-rights (ex-dividend) record date is June 30, 2024. Payment date of common stock cash dividend distribution is July 19, 2024. Major Estimate Revision • May 18
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from NT$54.2b to NT$55.8b. EPS estimate increased from NT$16.17 to NT$17.91 per share. Net income forecast to grow 20% next year vs 28% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$236 to NT$285. Share price rose 5.0% to NT$271 over the past week. Reported Earnings • May 04
First quarter 2024 earnings: EPS exceeds analyst expectations First quarter 2024 results: EPS: NT$4.11 (up from NT$4.07 in 1Q 2023). Revenue: NT$11.9b (down 4.5% from 1Q 2023). Net income: NT$775.0m (up 4.7% from 1Q 2023). Profit margin: 6.5% (up from 5.9% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 20%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • Apr 26
Topco Scientific Co.,Ltd. to Report Q1, 2024 Results on May 02, 2024 Topco Scientific Co.,Ltd. announced that they will report Q1, 2024 results on May 02, 2024 Price Target Changed • Mar 14
Price target increased by 10% to NT$220 Up from NT$200, the current price target is an average from 2 analysts. New target price is 6.0% above last closing price of NT$208. Stock is up 15% over the past year. The company is forecast to post earnings per share of NT$17.29 for next year compared to NT$15.36 last year. Ankündigung • Mar 05
Topco Scientific Co.,Ltd., Annual General Meeting, May 30, 2024 Topco Scientific Co.,Ltd., Annual General Meeting, May 30, 2024. Reported Earnings • Mar 05
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: NT$15.36 (down from NT$16.61 in FY 2022). Revenue: NT$49.3b (down 7.0% from FY 2022). Net income: NT$2.84b (down 6.1% from FY 2022). Profit margin: 5.8% (up from 5.7% in FY 2022). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.0%. Revenue is forecast to grow 12% p.a. on average during the next 2 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 13% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • Mar 01
Topco Scientific Co.,Ltd. Approves Cash Dividends for the Year 2023 Topco Scientific Co.,Ltd. approved cash dividends to shareholders was TWD 9 per share for the year 2023. Total amount of cash distributed to shareholders was TWD 1,886,995,670. Ankündigung • Dec 19
Topco Scientific Co.,Ltd. Announces Cash Dividend Topco Scientific Co.,Ltd. announced Cash dividend of USD 7,005,744.71. New Risk • Nov 11
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 27% 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 (27% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (3.9% increase in shares outstanding). Reported Earnings • Nov 03
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: NT$4.25 (down from NT$4.92 in 3Q 2022). Revenue: NT$12.5b (down 9.4% from 3Q 2022). Net income: NT$791.9m (down 11% from 3Q 2022). Profit margin: 6.3% (down from 6.5% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 4.4%. Earnings per share (EPS) exceeded analyst estimates by 8.1%. Revenue is forecast to grow 9.7% 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 increased by 16% per year whereas the company’s share price has increased by 14% per year. New Risk • Jul 29
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.9% 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: Minor Risks Dividend is not well covered by cash flows (193% cash payout ratio). Shareholders have been diluted in the past year (3.9% increase in shares outstanding). Reported Earnings • Jul 29
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: NT$3.69 (down from NT$4.96 in 2Q 2022). Revenue: NT$12.1b (down 8.8% from 2Q 2022). Net income: NT$669.6m (down 26% from 2Q 2022). Profit margin: 5.6% (down from 6.8% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 12%. Earnings per share (EPS) also missed analyst estimates by 12%. Revenue is forecast to grow 13% p.a. on average during the next 2 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 18% per year whereas the company’s share price has increased by 16% per year. Buying Opportunity • Jul 25
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 2.2%. The fair value is estimated to be NT$227, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 20%. Revenue is forecast to grow by 9.7% in a year. Earnings is forecast to grow by 3.1% in the next year. Buying Opportunity • Jul 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.5%. The fair value is estimated to be NT$227, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 20%. Revenue is forecast to grow by 9.7% in a year. Earnings is forecast to grow by 3.1% in the next year. Upcoming Dividend • Jun 01
Upcoming dividend of NT$10.00 per share at 3.0% yield Eligible shareholders must have bought the stock before 08 June 2023. Payment date: 14 July 2023. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Taiwanese dividend payers (5.6%). In line with average of industry peers (3.3%). Ankündigung • May 31
Topco Scientific Co.,Ltd. Appoints Kuan-Hung as Director Topco Scientific Co.,Ltd. appointed Kuan-Hung as director. Effective date of the new appointment is May 30, 2023. Ankündigung • May 24
Topco Scientific Co.,Ltd. Announces Cash Dividend, Payable on July 14, 2023 Topco Scientific Co.,Ltd. announced that the total amount of cash dividend from earnings is TWD 1,090,197,402 and the distribution of cash is TWD 6 per share. Ex-rights (ex-dividend) record date is June 16, 2023. Payment date of cash dividend distribution is July 14, 2023. Price Target Changed • Mar 28
Price target increased by 7.5% to NT$210 Up from NT$195, the current price target is an average from 3 analysts. New target price is 9.8% above last closing price of NT$191. Stock is up 15% over the past year. The company is forecast to post earnings per share of NT$17.16 for next year compared to NT$16.61 last year. Reported Earnings • Mar 15
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: NT$16.61 (up from NT$12.63 in FY 2021). Revenue: NT$53.0b (up 24% from FY 2021). Net income: NT$3.02b (up 32% from FY 2021). Profit margin: 5.7% (up from 5.4% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.7%. Revenue is forecast to grow 7.5% p.a. on average during the next 2 years, compared to a 8.3% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • Dec 22
Topco Scientific Co.,Ltd. announced that it has received $6.913941 million in funding On December 20, 2022, Topco Scientific Co.,Ltd. closed the transaction. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Jen-Wei Cheng was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 02
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: NT$4.92 (up from NT$3.27 in 3Q 2021). Revenue: NT$13.8b (up 26% from 3Q 2021). Net income: NT$893.2m (up 51% from 3Q 2021). Profit margin: 6.5% (up from 5.4% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 25%. Revenue is forecast to grow 5.4% 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 19% per year whereas the company’s share price has increased by 15% per year. Reported Earnings • Jul 31
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: NT$4.96 (up from NT$3.38 in 2Q 2021). Revenue: NT$13.2b (up 27% from 2Q 2021). Net income: NT$900.3m (up 47% from 2Q 2021). Profit margin: 6.8% (up from 5.9% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.1%. Earnings per share (EPS) also surpassed analyst estimates by 34%. Over the next year, revenue is forecast to grow 11%, compared to a 21% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 21% per year. Upcoming Dividend • Jun 02
Upcoming dividend of NT$8.80 per share Eligible shareholders must have bought the stock before 09 June 2022. Payment date: 06 July 2022. Payout ratio is a comfortable 64% and this is well supported by cash flows. Trailing yield: 5.3%. Lower than top quartile of Taiwanese dividend payers (6.0%). Higher than average of industry peers (2.9%). Reported Earnings • May 02
First quarter 2022 earnings: Revenues and EPS in line with analyst expectations First quarter 2022 results: EPS: NT$3.63 (up from NT$2.50 in 1Q 2021). Revenue: NT$12.6b (up 32% from 1Q 2021). Net income: NT$659.9m (up 45% from 1Q 2021). Profit margin: 5.2% (up from 4.8% in 1Q 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. Over the next year, revenue is forecast to grow 11%, compared to a 24% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of 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. 3 experienced directors. 4 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Pi-Chuan Sun was the last independent 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: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 17
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$12.63 (up from NT$11.38 in FY 2020). Revenue: NT$42.7b (up 18% from FY 2020). Net income: NT$2.29b (up 11% from FY 2020). Profit margin: 5.4% (down from 5.7% in FY 2020). The decrease in margin was driven by higher expenses. 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 13%, compared to a 24% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Jan 05
Price target increased to NT$174 Up from NT$155, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of NT$168. Stock is up 39% over the past year. The company is forecast to post earnings per share of NT$12.57 for next year compared to NT$11.38 last year. Board Change • Oct 19
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Jen-Wei Cheng was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Ankündigung • Jul 20
Topco Scientific Co.,Ltd. Announces Occupational Accident in Xiang Yueh Co., Ltd Topco Scientific Co.,Ltd. announced that an accident occurred in Xiang Yueh Co. Ltd. at around 2pm on July 19, 2021 in the Xiang Yueh resource recovery laboratory, locating in Zhonghua Road, Toufen Town, Miaoli County, has caused one employee to die and two employees to be injured. The cause of the accident is under investigation, and the laboratory has now ceased operation. Xiang Yueh will fully cooperate with the competent authorities investigations, clarify the cause of the accident as soon as possible, develop preventive and improvement measures, and propose an improvement plan. The company will assist the family members of the casualty employee in the pension matters, and properly take care of the medical needs of the injured employees. The accident will not affect the parent company operation. Price Target Changed • Jun 19
Price target increased to NT$150 Up from NT$138, the current price target is an average from 2 analysts. New target price is 24% above last closing price of NT$121. Stock is up 13% over the past year. Upcoming Dividend • May 27
Upcoming dividend of NT$8.00 per share Eligible shareholders must have bought the stock before 03 June 2021. Payment date: 06 July 2021. Trailing yield: 6.1%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (2.1%). Reported Earnings • May 09
First quarter 2021 earnings released: EPS NT$2.50 (vs NT$2.51 in 1Q 2020) The company reported a mediocre first quarter result with weaker profit margins, although earnings were flat and revenues improved. First quarter 2021 results: Revenue: NT$9.53b (up 8.5% from 1Q 2020). Net income: NT$454.4m (flat on 1Q 2020). Profit margin: 4.8% (down from 5.2% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 19% per year. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS NT$11.38 (vs NT$9.48 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$36.2b (up 14% from FY 2019). Net income: NT$2.07b (up 20% from FY 2019). Profit margin: 5.7% (up from 5.4% 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 22% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 22
New 90-day high: NT$126 The company is up 10.0% from its price of NT$115 on 23 October 2020. The Taiwanese market is up 23% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 45% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$169 per share. Analyst Estimate Surprise Post Earnings • Nov 14
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 0.3%. Earnings per share (EPS) exceeded analyst estimates by 16%. Over the next year, revenue is forecast to grow 8.7%, compared to a 13% growth forecast for the Semiconductor industry in Taiwan. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$2.87 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: NT$9.07b (up 11% from 3Q 2019). Net income: NT$521.7m (up 9.1% from 3Q 2019). Profit margin: 5.8% (down from 5.9% 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 21% per year whereas the company’s share price has increased by 17% per year. Is New 90 Day High Low • Nov 13
New 90-day high: NT$124 The company is up 1.0% from its price of NT$123 on 14 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. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$129 per share. 
