Buy Or Sell Opportunity • Jul 16
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 40% to NT$398. The fair value is estimated to be NT$498, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 46% in a year. Earnings are forecast to grow by 224% in the next year. New Risk • Jun 20
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 62% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (14% average weekly change). Minor Risk Large one-off items impacting financial results. Buy Or Sell Opportunity • Jun 12
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 67% to NT$554. The fair value is estimated to be NT$447, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 46% in a year. Earnings are forecast to grow by 224% in the next year. Reported Earnings • May 20
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: NT$1.67 (up from NT$0.70 loss in 1Q 2025). Revenue: NT$714.7m (up 51% from 1Q 2025). Net income: NT$196.1m (up NT$275.1m from 1Q 2025). Profit margin: 27% (up from net loss in 1Q 2025). The move to profitability was primarily driven by higher revenue. Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) also surpassed analyst estimates by 158%. Revenue is forecast to grow 36% 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 99% per year but the company’s share price has increased by 189% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • May 07
Consensus EPS estimates increase by 37% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from NT$3.15b to NT$3.38b. EPS estimate increased from NT$5.32 to NT$7.26 per share. Net income forecast to grow 4,926% next year vs 55% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$393 to NT$613. Share price rose 2.1% to NT$690 over the past week. New Risk • Apr 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 68% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risk Large one-off items impacting financial results. Reported Earnings • Mar 20
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: NT$0.15 (up from NT$2.13 loss in FY 2024). Revenue: NT$2.20b (up 25% from FY 2024). Net income: NT$17.5m (up NT$254.5m from FY 2024). Profit margin: 0.8% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 114%. Revenue is forecast to grow 28% 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 81% per year but the company’s share price has increased by 129% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Mar 04
GCS Holdings, Inc., Annual General Meeting, Jun 03, 2026 GCS Holdings, Inc., Annual General Meeting, Jun 03, 2026. Location: b2 floor no,716, chung cheng rd., jhonghe district, new taipei city Taiwan Buy Or Sell Opportunity • Feb 06
Now 27% undervalued Over the last 90 days, the stock has risen 65% to NT$263. The fair value is estimated to be NT$362, 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 64%. Reported Earnings • Nov 16
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2025 results: EPS: NT$0.13 (down from NT$1.38 in 3Q 2024). Revenue: NT$543.5m (up 19% from 3Q 2024). Net income: NT$14.5m (down 91% from 3Q 2024). Profit margin: 2.7% (down from 34% in 3Q 2024). Revenue missed analyst estimates by 7.7%. Earnings per share (EPS) exceeded analyst estimates by 86%. Revenue is forecast to grow 11% 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 64% per year whereas the company’s share price has increased by 60% per year. Reported Earnings • Aug 26
Second quarter 2025 earnings released: EPS: NT$0.12 (vs NT$1.18 loss in 2Q 2024) Second quarter 2025 results: EPS: NT$0.12 (up from NT$1.18 loss in 2Q 2024). Revenue: NT$490.0m (up 4.6% from 2Q 2024). Net income: NT$14.3m (up NT$145.5m from 2Q 2024). Profit margin: 2.9% (up from net loss in 2Q 2024). Revenue is forecast to grow 12% 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 49% per year but the company’s share price has increased by 62% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Aug 08
New major risk - Revenue and earnings growth Earnings have declined by 27% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 27% per year over the past 5 years. Board Change • Jun 01
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. 9 experienced directors. No highly experienced directors. Representative Director Biing-Jye Lee was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • May 15
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: NT$0.70 loss per share (improved from NT$1.90 loss in 1Q 2024). Revenue: NT$473.2m (up 36% from 1Q 2024). Net loss: NT$79.0m (loss narrowed 63% from 1Q 2024). Revenue exceeded analyst estimates by 5.3%. Earnings per share (EPS) missed analyst estimates by 21%. Revenue is forecast to grow 9.2% 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 29% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Annonce • May 08
GCS Holdings, Inc. has filed a Follow-on Equity Offering. GCS Holdings, Inc. has filed a Follow-on Equity Offering.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 1,200,000
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 4,800,000
Transaction Features: Rights Offering Annonce • Apr 30
GCS Holdings, Inc. to Report Q1, 2025 Results on May 07, 2025 GCS Holdings, Inc. announced that they will report Q1, 2025 results on May 07, 2025 Reported Earnings • Mar 23
Full year 2024 earnings released: NT$2.13 loss per share (vs NT$7.18 loss in FY 2023) Full year 2024 results: NT$2.13 loss per share (improved from NT$7.18 loss in FY 2023). Revenue: NT$1.75b (up 30% from FY 2023). Net loss: NT$237.0m (loss narrowed 70% from FY 2023). Revenue is forecast to grow 19% 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 11% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Feb 19
GCS Holdings, Inc., Annual General Meeting, Jun 05, 2025 GCS Holdings, Inc., Annual General Meeting, Jun 05, 2025. Location: b2 floor building. a no,736, chung cheng rd., jhonghe district, new taipei city Taiwan Annonce • Feb 11
GCS Holdings, Inc. to Report Fiscal Year 2024 Results on Feb 18, 2025 GCS Holdings, Inc. announced that they will report fiscal year 2024 results on Feb 18, 2025 Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$1.38 (vs NT$2.07 loss in 3Q 2023) Third quarter 2024 results: EPS: NT$1.38 (up from NT$2.07 loss in 3Q 2023). Revenue: NT$458.5m (up 28% from 3Q 2023). Net income: NT$153.5m (up NT$382.7m from 3Q 2023). Profit margin: 34% (up from net loss in 3Q 2023). 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 fallen by 5% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. New Risk • Nov 08
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 8.2% 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 (8.2% average weekly change). Earnings have declined by 56% per year over the past 5 years. Annonce • Oct 30
GCS Holdings, Inc. to Report Q3, 2024 Results on Nov 05, 2024 GCS Holdings, Inc. announced that they will report Q3, 2024 results on Nov 05, 2024 New Risk • Aug 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-NT$89m free cash flow). Earnings have declined by 62% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.9% average weekly change). Annonce • Jul 30
GCS Holdings, Inc. to Report Q2, 2024 Results on Aug 06, 2024 GCS Holdings, Inc. announced that they will report Q2, 2024 results on Aug 06, 2024 Reported Earnings • May 08
First quarter 2024 earnings released: NT$1.90 loss per share (vs NT$2.66 loss in 1Q 2023) First quarter 2024 results: NT$1.90 loss per share (improved from NT$2.66 loss in 1Q 2023). Revenue: NT$347.0m (up 28% from 1Q 2023). Net loss: NT$210.4m (loss narrowed 28% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Annonce • Apr 24
GCS Holdings, Inc. to Report Q1, 2024 Results on Apr 30, 2024 GCS Holdings, Inc. announced that they will report Q1, 2024 results on Apr 30, 2024 Reported Earnings • Mar 17
Full year 2023 earnings released: NT$7.18 loss per share (vs NT$8.53 loss in FY 2022) Full year 2023 results: NT$7.18 loss per share (improved from NT$8.53 loss in FY 2022). Revenue: NT$1.35b (up 1.3% from FY 2022). Net loss: NT$792.2m (loss narrowed 16% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Annonce • Feb 21
GCS Holdings, Inc., Annual General Meeting, Jun 06, 2024 GCS Holdings, Inc., Annual General Meeting, Jun 06, 2024. Location: B2F, No. 736, Jhongjheng Rd., Zhonghe Dist New Taipei City Taiwan Agenda: To consider Business Report of 2023; to consider audit Committee Report of 2023; to report on 2023 Employee's and Directors' Compensation; to report on the Implementation Status for Resolution adopted by 2021 Extraordinary General Meeting pertaining to Issuing Ordinary Shares for Cash Consideration by way of Private Placement; and to transact other business. Reported Earnings • Nov 06
Third quarter 2023 earnings released: NT$2.07 loss per share (vs NT$2.03 loss in 3Q 2022) Third quarter 2023 results: NT$2.07 loss per share (further deteriorated from NT$2.03 loss in 3Q 2022). Revenue: NT$357.9m (up 4.6% from 3Q 2022). Net loss: NT$229.2m (loss widened 2.3% from 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 30
Second quarter 2023 earnings released: NT$2.41 loss per share (vs NT$1.39 loss in 2Q 2022) Second quarter 2023 results: NT$2.41 loss per share (further deteriorated from NT$1.39 loss in 2Q 2022). Revenue: NT$322.2m (down 5.2% from 2Q 2022). Net loss: NT$266.0m (loss widened 75% from 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 21
First quarter 2023 earnings released: NT$2.66 loss per share (vs NT$1.55 loss in 1Q 2022) First quarter 2023 results: NT$2.66 loss per share (further deteriorated from NT$1.55 loss in 1Q 2022). Revenue: NT$270.5m (down 9.1% from 1Q 2022). Net loss: NT$293.5m (loss widened 72% from 1Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Reported Earnings • May 08
First quarter 2023 earnings released: NT$2.66 loss per share (vs NT$1.55 loss in 1Q 2022) First quarter 2023 results: NT$2.66 loss per share (further deteriorated from NT$1.55 loss in 1Q 2022). Revenue: NT$270.5m (down 9.1% from 1Q 2022). Net loss: NT$293.5m (loss widened 72% from 1Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Annonce • Jan 19
GCS Holdings, Inc. Announces Internal Audit Officer Changes GCS Holdings, Inc. announces appointed CHANG, HUNG-CHENG as internal audit officer replacing LIN, SHU-WEI, effective January 18, 2023, due to Previous internal audit officer position adjustment. 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 Jason 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 13
Third quarter 2022 earnings released: NT$2.03 loss per share (vs NT$0.95 loss in 3Q 2021) Third quarter 2022 results: NT$2.03 loss per share (further deteriorated from NT$0.95 loss in 3Q 2021). Revenue: NT$342.1m (up 7.5% from 3Q 2021). Net loss: NT$224.1m (loss widened 161% from 3Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 08
Second quarter 2022 earnings released: NT$1.39 loss per share (vs NT$0.50 loss in 2Q 2021) Second quarter 2022 results: NT$1.39 loss per share (down from NT$0.50 loss in 2Q 2021). Revenue: NT$339.8m (up 11% from 2Q 2021). Net loss: NT$152.5m (loss widened 237% from 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
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 Chien-Chung 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 • Mar 31
Full year 2021 earnings released: NT$4.20 loss per share (vs NT$1.28 loss in FY 2020) Full year 2021 results: NT$4.20 loss per share (down from NT$1.28 loss in FY 2020). Revenue: NT$1.24b (down 17% from FY 2020). Net loss: NT$378.5m (loss widened 232% from FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 07
Third quarter 2021 earnings released: NT$0.95 loss per share (vs NT$0.39 loss in 3Q 2020) The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2021 results: Revenue: NT$318.4m (down 11% from 3Q 2020). Net loss: NT$85.9m (loss widened 150% from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 31
Second quarter 2021 earnings released: NT$0.50 loss per share (vs NT$0.067 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: NT$307.6m (down 25% from 2Q 2020). Net loss: NT$45.2m (down NT$51.1m from profit in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 23
Full year 2020 earnings released: NT$1.28 loss per share (vs NT$3.04 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: NT$1.48b (down 17% from FY 2019). Net loss: NT$114.0m (down 143% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 51% 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. Is New 90 Day High Low • Mar 09
New 90-day low: NT$48.50 The company is down 6.0% from its price of NT$51.80 on 09 December 2020. The Taiwanese market is up 10.0% 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. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$50.96 per share. Is New 90 Day High Low • Jan 11
New 90-day high: NT$52.00 The company is up 9.0% from its price of NT$47.65 on 14 October 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 27% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$49.72 per share. Is New 90 Day High Low • Nov 24
New 90-day high: NT$50.70 The company is up 7.0% from its price of NT$47.45 on 26 August 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$43.64 per share. Reported Earnings • Nov 11
Third quarter 2020 earnings released: NT$0.39 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: NT$358.4m (down 23% from 3Q 2019). Net loss: NT$34.4m (down 157% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. 
