Price Target Changed • Apr 13
Price target decreased by 15% to NT$220 Down from NT$258, the current price target is provided by 1 analyst. New target price is 17% above last closing price of NT$188. Stock is up 5.0% over the past year. The company is forecast to post earnings per share of NT$20.10 for next year compared to NT$19.63 last year. New Risk • Apr 05
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 42% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 0.7% per year over the past 5 years. Minor Risks High level of debt (42% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Mar 31
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: NT$19.63 (up from NT$14.19 in FY 2024). Revenue: NT$11.5b (up 31% from FY 2024). Net income: NT$932.7m (up 39% from FY 2024). Profit margin: 8.1% (up from 7.6% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.3%. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Bekanntmachung • Mar 16
TSC Auto ID Technology Co., Ltd., Annual General Meeting, Jun 16, 2026 TSC Auto ID Technology Co., Ltd., Annual General Meeting, Jun 16, 2026. Location: no,35, sec.2 li kung 1st rd., ch`eng hsing ts, wujie township, yilan county Taiwan Reported Earnings • Nov 17
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2025 results: EPS: NT$5.26 (up from NT$3.08 in 3Q 2024). Revenue: NT$2.75b (up 23% from 3Q 2024). Net income: NT$250.1m (up 72% from 3Q 2024). Profit margin: 9.1% (up from 6.5% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 12%. Earnings per share (EPS) exceeded analyst estimates by 17%. Revenue is forecast to grow 3.7% p.a. on average during the next 2 years, compared to a 21% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • Aug 15
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: NT$4.77 (down from NT$4.85 in 2Q 2024). Revenue: NT$3.08b (up 49% from 2Q 2024). Net income: NT$226.5m (flat on 2Q 2024). Profit margin: 7.4% (down from 11% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) missed analyst estimates by 2.1%. 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 2% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 15
Upcoming dividend of NT$9.98 per share Eligible shareholders must have bought the stock before 22 July 2025. Payment date: 15 August 2025. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 5.2%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (3.8%). Declared Dividend • Jun 28
Dividend reduced to NT$10.00 Dividend of NT$10.00 is 23% lower than last year. Ex-date: 22nd July 2025 Payment date: 15th August 2025 Dividend yield will be 5.2%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (68% earnings payout ratio) and cash flows (60% cash payout ratio). The dividend has increased by an average of 4.0% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 24% to shift the payout ratio to a potentially unsustainable range, which is more than the 1.2% EPS decline seen over the last 5 years. New Risk • May 25
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: 5.2% 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: Minor Risks High level of debt (50% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (7.1% net profit margin). Reported Earnings • May 15
First quarter 2025 earnings: EPS exceeds analyst expectations First quarter 2025 results: EPS: NT$3.87 (up from NT$3.39 in 1Q 2024). Revenue: NT$2.86b (up 52% from 1Q 2024). Net income: NT$183.5m (up 15% from 1Q 2024). Profit margin: 6.4% (down from 8.5% in 1Q 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 4.0%. 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 7% per year, which means it is well ahead of earnings. New Risk • May 01
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 50% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (50% net debt to equity). Profit margins are more than 30% lower than last year (7.6% net profit margin). Bekanntmachung • May 01
TSC Auto ID Technology Co., Ltd. to Report Q1, 2025 Results on May 09, 2025 TSC Auto ID Technology Co., Ltd. announced that they will report Q1, 2025 results on May 09, 2025 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$161, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Tech industry in Taiwan. Total returns to shareholders of 6.3% over the past three years. Bekanntmachung • Mar 17
TSC Auto ID Technology Co., Ltd., Annual General Meeting, Jun 17, 2025 TSC Auto ID Technology Co., Ltd., Annual General Meeting, Jun 17, 2025. Location: no,35, sec.2 li kung 1st rd., ch`eng hsing ts, wujie township, yilan county Taiwan Bekanntmachung • Mar 07
TSC Auto ID Technology Co., Ltd. to Report Q4, 2024 Results on Mar 14, 2025 TSC Auto ID Technology Co., Ltd. announced that they will report Q4, 2024 results on Mar 14, 2025 Bekanntmachung • Jan 26
TSC Auto ID Technology Co., Ltd. Announces Change of Financial Officer TSC Auto ID Technology Co., Ltd. announced change of Financial Officer. Name, title, and resume of the previous position holder: Huang, Zhen-Fang/Assistant General Manager of Finance Department. Name, title, and resume of the new position holder: Chen, Yan-Han/Manager of Accounting Department. Reason for the change: resignation. Effective date: January 24, 2025. The new Financial Officer will be formally appointed at the upcoming Board of Directors meeting. Bekanntmachung • Nov 27
TSC Auto ID Technology Co., Ltd. (TPEX:3611) completed the acquisition of 96.51% stake in Bluebird Inc. from H-Alpha Private Equity Fund and Jang Won Lee. TSC Auto ID Technology Co., Ltd. (TPEX:3611) agreed to acquire 96.51% stake in Bluebird Inc. from H-Alpha Private Equity Fund and Jang Won Lee for KRW 120 billion on August 1, 2024. TSC Auto ID will acquire 6.8 million shares at KRW 17,520. The transaction will be funded from own funds and bank loans. Concurrently with the aforementioned acquisition of shares, TSC further plans to purchase the shares owned by the remaining minority shareholders of Bluebird at a price not exceeding the purchase price per share for the Share Transaction. Depending on the willingness of the Minority Shareholders to sell, TSC anticipates acquiring up to 0.3 shares from the Minority Shareholders, representing approximately 3.49% of the total issued shares of Bluebird Inc. If the Minority Shareholders agree to sell all of their shares to TSC, Bluebird Inc. will become a wholly-owned subsidiary of TSC following the completion of the Share Transaction and the Minority Transaction. The completion of the Share Transaction and the Minority Transaction is contingent upon several conditions, including obtaining approvals from the Department of Investment Review of the Ministry of Economic Affairs for TSC's foreign investments, as well as permission from the relevant authorities in Korea and other relevant jurisdictions for the review and approval of foreign investments. Chiu Ji-Sheng of Crowe CPAs/Taipei acted as accountant for TSC Auto ID Technology Co., Ltd.
TSC Auto ID Technology Co., Ltd. (TPEX:3611) completed the acquisition of 96.51% stake in Bluebird Inc. from H-Alpha Private Equity Fund and Jang Won Lee on November 25, 2024. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$3.08 (vs NT$4.89 in 3Q 2023) Third quarter 2024 results: EPS: NT$3.08 (down from NT$4.89 in 3Q 2023). Revenue: NT$2.23b (up 5.7% from 3Q 2023). Net income: NT$145.5m (down 37% from 3Q 2023). Profit margin: 6.5% (down from 11% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 21% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 3% per year. Bekanntmachung • Nov 09
TSC Auto ID Technology Co., Ltd. Announces the Establishment of A New Sustainable Development Committee and the Appointment of Its Members TSC Auto ID Technology Co., Ltd. has announced the establishment of a new Sustainable Development Committee and the appointment of its members. The new appointees are Chen Ming Yi, who serves as the General Manager & Director, Ma Chia Ying, an Independent Director, and Li Chun Chi, also an Independent Director. Circumstances of change is new appointment, effective from November 8, 2024. The term of the committee shall be the same with the 6th Board of Directors, (November 8, 2024 to June 16, 2025). Bekanntmachung • Nov 02
TSC Auto ID Technology Co., Ltd. to Report Q3, 2024 Results on Nov 08, 2024 TSC Auto ID Technology Co., Ltd. announced that they will report Q3, 2024 results on Nov 08, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: NT$4.85 (down from NT$7.01 in 2Q 2023). Revenue: NT$2.07b (down 5.7% from 2Q 2023). Net income: NT$228.5m (down 30% from 2Q 2023). Profit margin: 11% (down from 15% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 8.7%. Earnings per share (EPS) also missed analyst estimates by 23%. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 20% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 2% per year. Bekanntmachung • Aug 02
TSC Auto ID Technology Co., Ltd. to Report Q2, 2024 Results on Aug 09, 2024 TSC Auto ID Technology Co., Ltd. announced that they will report Q2, 2024 results on Aug 09, 2024 Upcoming Dividend • Jul 08
Upcoming dividend of NT$13.00 per share Eligible shareholders must have bought the stock before 15 July 2024. Payment date: 16 August 2024. Payout ratio is a comfortable 69% and this is well supported by cash flows. Trailing yield: 5.1%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.8%). Declared Dividend • Jun 20
Dividend of NT$13.00 announced Shareholders will receive a dividend of NT$13.00. Ex-date: 15th July 2024 Payment date: 16th August 2024 Dividend yield will be 5.7%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (69% earnings payout ratio) and cash flows (54% cash payout ratio). The dividend has increased by an average of 7.5% per year over the past 9 years and payments have been stable during that time. Earnings per share has grown by 4.0% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Bekanntmachung • Jun 19
TSC Auto ID Technology Co., Ltd. Announces Cash Dividend for 2023, Payable on August 16, 2024 TSC Auto ID Technology Co., Ltd. announced cash dividends to common shareholders TWD 612,854,242 and TWD 13 per share for 2023. Ex-rights (Ex-dividend) date is July 15, 2024. Ex-rights (Ex-dividend) record date is July 21, 2024. Payment date of cash dividend distribution is August 16, 2024. Reported Earnings • May 18
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: NT$3.39 (down from NT$4.37 in 1Q 2023). Revenue: NT$1.88b (down 1.7% from 1Q 2023). Net income: NT$159.8m (down 22% from 1Q 2023). Profit margin: 8.5% (down from 11% in 1Q 2023). Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) also missed analyst estimates by 26%. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 7% per year. New Risk • May 14
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: 5.8% 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. This is currently the only risk that has been identified for the company. Bekanntmachung • May 05
TSC Auto ID Technology Co., Ltd. to Report Q1, 2024 Results on May 10, 2024 TSC Auto ID Technology Co., Ltd. announced that they will report Q1, 2024 results on May 10, 2024 Reported Earnings • Apr 07
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: NT$19.76 (down from NT$20.65 in FY 2022). Revenue: NT$8.35b (up 4.8% from FY 2022). Net income: NT$926.9m (down 3.9% from FY 2022). Profit margin: 11% (down from 12% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.3%. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 6% per year. Bekanntmachung • Mar 16
TSC Auto ID Technology Co., Ltd., Annual General Meeting, Jun 18, 2024 TSC Auto ID Technology Co., Ltd., Annual General Meeting, Jun 18, 2024. Location: No.35, Sec. 2, Ligong 1st Rd., Wujie Township Yilan County Taiwan Agenda: To consider 2023 Business Report; to consider 2023 Audit Committee's review report; to consider 2023 Employees' remuneration and Directors' remuneration; to consider Amendment to the Rules of Procedure for Board of Directors Meetings; to consider Acknowledgment of the 2023 Business Report and Financial Statements; to consider Acknowledgment of the 2023 Earnings Distribution; to consider Amendment to the Procedures for Election of Directors; and to consider any other matters. Reported Earnings • Nov 15
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: NT$4.89 (down from NT$5.25 in 3Q 2022). Revenue: NT$2.11b (up 6.4% from 3Q 2022). Net income: NT$229.5m (down 6.5% from 3Q 2022). Profit margin: 11% (down from 12% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 5.4%. Earnings per share (EPS) also missed analyst estimates by 24%. Revenue is forecast to grow 4.8% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Tech 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 only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2023 earnings: Revenues and EPS in line with analyst expectations Second quarter 2023 results: EPS: NT$7.01 (up from NT$6.39 in 2Q 2022). Revenue: NT$2.19b (up 7.5% from 2Q 2022). Net income: NT$327.8m (up 9.9% from 2Q 2022). Profit margin: 15% (in line with 2Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 7.6% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 14% per year and the company’s share price has also increased by 14% per year. Bekanntmachung • Aug 10
TSC Auto ID Technology Co., Ltd. Announces Change in Corporate Governance Officer of the Company TSC Auto ID Technology Co., Ltd. appointed Huang Zhen Fang/Assistant General Manager of Finance Department as Corporate Governance Officer in place of CHUNG,CHIA-CHUN/Assistant Manager of Finance Department, effective August 9, 2023. Upcoming Dividend • Jul 13
Upcoming dividend of NT$12.97 per share at 4.5% yield Eligible shareholders must have bought the stock before 20 July 2023. Payment date: 16 August 2023. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 4.5%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.5%). Bekanntmachung • May 11
TSC Auto ID Technology Co., Ltd. Appoints Chung, Chia-Chun as Corporate Governance Officer TSC Auto ID Technology Co., Ltd. announced the designation of Corporate Governance Officer. Name, title, and resume of the new position holder: Chung, Chia-Chun /Assistant Manager of Finance Department. Effective date: May 10, 2023. Reported Earnings • Mar 31
Full year 2022 earnings released: EPS: NT$22.71 (vs NT$18.47 in FY 2021) Full year 2022 results: EPS: NT$22.71 (up from NT$18.47 in FY 2021). Revenue: NT$7.97b (up 16% from FY 2021). Net income: NT$964.9m (up 23% from FY 2021). Profit margin: 12% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 12% per year. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$5.77 (vs NT$4.99 in 3Q 2021) Third quarter 2022 results: EPS: NT$5.77 (up from NT$4.99 in 3Q 2021). Revenue: NT$1.98b (up 11% from 3Q 2021). Net income: NT$245.4m (up 16% from 3Q 2021). Profit margin: 12% (in line with 3Q 2021). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. 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. 4 non-independent directors. Independent Director To-Chih Lin was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$5.77 (vs NT$4.99 in 3Q 2021) Third quarter 2022 results: EPS: NT$5.77 (up from NT$4.99 in 3Q 2021). Revenue: NT$1.98b (up 11% from 3Q 2021). Net income: NT$245.4m (up 16% from 3Q 2021). Profit margin: 12% (in line with 3Q 2021). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 13
Second quarter 2022 earnings released: EPS: NT$7.02 (vs NT$5.01 in 2Q 2021) Second quarter 2022 results: EPS: NT$7.02 (up from NT$5.01 in 2Q 2021). Revenue: NT$2.04b (up 18% from 2Q 2021). Net income: NT$298.4m (up 40% from 2Q 2021). Profit margin: 15% (up from 12% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 14
Upcoming dividend of NT$11.00 per share Eligible shareholders must have bought the stock before 21 July 2022. Payment date: 17 August 2022. Payout ratio is a comfortable 61% and the cash payout ratio is 81%. Trailing yield: 6.1%. Lower than top quartile of Taiwanese dividend payers (6.8%). Lower than average of industry peers (7.6%). Bekanntmachung • Jun 19
TSC Auto ID Technology Co., Ltd. Announces Change of Board of Directors Chairperson TSC Auto ID Technology Co., Ltd. announced change of board of directors chairperson. Name of the previous position holder: WANG,HSIU-TING. Resume of the previous position holder: Chairperson of TSC Auto ID Technology Co.,Ltd. Name of the new position holder: WANG,HSING-LEI. Resume of the new position holder: General manager of TSC Auto ID Technology Co.,Ltd. Reason for the change: Term expired and re-election. Effective date of the new appointment is June 17, 2022. Bekanntmachung • Jun 18
TSC Auto ID Technology Co., Ltd. Announces Board Changes TSC Auto ID Technology Co., Ltd. announced board changes. Title and name of the previous position holder: Natural-person director: LIU,HUNG-HSIANG (June 30, 2021 has resigned), Independent director: WU,CHI-MING. Resume of the previous position holder: Natural-person director: LIU,HUNG-HSIANG/Director of TSC Auto ID Technology Co.,Ltd. Independent director: WU,CHI-MING/Associate Professor, Department of Financial Management, National Chengchi University. Title and name of the new position holder: Natural-person director: CHEN,MING-YI, Independent director: LIN,TO-CHIH. Resume of the new position holder: Natural-person director: CHEN,MING-YI/Associate General Manager of TSC Auto ID Technology Co.,Ltd. Independent director: LIN,TO-CHIH/Chairman of Skymont Capital Limited. Effective date of the new appointment is June 17, 2022. Reported Earnings • May 17
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: NT$3.66 (down from NT$4.13 in 1Q 2021). Revenue: NT$1.76b (up 16% from 1Q 2021). Net income: NT$155.6m (down 11% from 1Q 2021). Profit margin: 8.8% (down from 12% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.3%. Earnings per share (EPS) missed analyst estimates by 5.7%. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 27
Price target decreased to NT$234 Down from NT$337, the current price target is provided by 1 analyst. New target price is 21% above last closing price of NT$193. Stock is down 14% over the past year. The company is forecast to post earnings per share of NT$21.36 for next year compared to NT$18.47 last year. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 5 highly experienced directors. Director Yue-Gui Luo was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 01
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: NT$18.47 (up from NT$16.84 in FY 2020). Revenue: NT$6.85b (up 21% from FY 2020). Net income: NT$784.5m (up 9.7% from FY 2020). Profit margin: 12% (down from 13% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.3%. Earnings per share (EPS) missed analyst estimates by 5.7%. Over the next year, revenue is forecast to grow 7.6%, compared to a 8.4% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$4.98 (vs NT$4.51 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: NT$1.78b (up 22% from 3Q 2020). Net income: NT$211.7m (up 11% from 3Q 2020). Profit margin: 12% (down from 13% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 4% per year. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS NT$5.01 (vs NT$3.28 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$1.74b (up 37% from 2Q 2020). Net income: NT$212.6m (up 52% from 2Q 2020). Profit margin: 12% (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 increased by 4% per year whereas the company’s share price has increased by 1% per year. Upcoming Dividend • Aug 09
Upcoming dividend of NT$10.00 per share Eligible shareholders must have bought the stock before 16 August 2021. Payment date: 10 September 2021. Trailing yield: 4.4%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (5.2%). Executive Departure • Jul 13
Director of AE & QA Department and Director Hung-Hsiang Liu has left the company On the 30th of June, Hung-Hsiang Liu's tenure as Director of AE & QA Department and Director ended. We don't have any record of a personal shareholding under Hung-Hsiang's name. Hung-Hsiang is the only executive to leave the company over the last 12 months. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$4.13 (vs NT$3.04 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$1.52b (up 18% from 1Q 2020). Net income: NT$175.4m (up 36% from 1Q 2020). Profit margin: 12% (up from 10.0% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has remained flat. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$16.84 (vs NT$17.93 in FY 2019) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: NT$5.68b (down 3.0% from FY 2019). Net income: NT$715.4m (down 5.9% from FY 2019). Profit margin: 13% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has fallen by 1% per year. Price Target Changed • Feb 18
Price target lowered to NT$234 Down from NT$337, the current price target is provided by 1 analyst. The new target price is 21% above the current share price of NT$193. As of last close, the stock is down 13% over the past year. Is New 90 Day High Low • Jan 11
New 90-day high: NT$208 The company is up 16% from its price of NT$179 on 14 October 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Tech industry, which is up 8.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$4.51 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$1.46b (down 1.3% from 3Q 2019). Net income: NT$191.7m (up 6.0% from 3Q 2019). Profit margin: 13% (up from 12% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Nov 14
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) also surpassed analyst estimates by 21%. Over the next year, revenue is forecast to grow 9.0%, compared to a 5.5% growth forecast for the Tech industry in Taiwan. Is New 90 Day High Low • Nov 10
New 90-day high: NT$186 The company is up 6.0% from its price of NT$176 on 12 August 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Tech industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$217 per share.