Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to NT$217, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 33x in the Semiconductor industry in Taiwan. Total returns to shareholders of 287% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$99.34 per share. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$226, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 28x in the Semiconductor industry in Taiwan. Total returns to shareholders of 294% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$99.77 per share. Declared Dividend • May 30
Dividend reduced to NT$2.80 Dividend of NT$2.80 is 25% lower than last year. Ex-date: 17th June 2026 Payment date: 15th July 2026 Dividend yield will be 0.9%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (82% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 2.9% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 122% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to NT$261, the stock trades at a forward P/E ratio of 48x. Average forward P/E is 30x in the Semiconductor industry in Taiwan. Total returns to shareholders of 373% over the past three years. Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$193, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 29x in the Semiconductor industry in Taiwan. Total returns to shareholders of 261% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$79.12 per share. Reported Earnings • May 05
First quarter 2026 earnings released: EPS: NT$0.59 (vs NT$0.90 in 1Q 2025) First quarter 2026 results: EPS: NT$0.59 (down from NT$0.90 in 1Q 2025). Revenue: NT$5.76b (up 12% from 1Q 2025). Net income: NT$437.3m (down 35% from 1Q 2025). Profit margin: 7.6% (down from 13% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 40% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$114, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 24x in the Semiconductor industry in Taiwan. Total returns to shareholders of 105% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$146 per share. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$76.80, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 23x in the Semiconductor industry in Taiwan. Total returns to shareholders of 35% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$145 per share. New Risk • Mar 26
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 8.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.2% average weekly change). Profit margins are more than 30% lower than last year (13% net profit margin). Price Target Changed • Mar 18
Price target increased by 9.8% to NT$61.50 Up from NT$56.00, the current price target is an average from 4 analysts. New target price is 14% below last closing price of NT$71.90. Stock is up 8.4% over the past year. The company is forecast to post earnings per share of NT$4.38 for next year compared to NT$3.74 last year. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$61.00, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 7.7% over the past three years. Annonce • Mar 02
Chipbond Technology Corporation, Annual General Meeting, May 27, 2026 Chipbond Technology Corporation, Annual General Meeting, May 27, 2026, at 09:00 Taipei Standard Time. Location: 8 floor no,10, chan yeh 1st rd., hsinchu science park, hsinchu city Taiwan Reported Earnings • Feb 27
Full year 2025 earnings released: EPS: NT$3.74 (vs NT$5.59 in FY 2024) Full year 2025 results: EPS: NT$3.74 (down from NT$5.59 in FY 2024). Revenue: NT$21.5b (up 5.5% from FY 2024). Net income: NT$2.78b (down 33% from FY 2024). Profit margin: 13% (down from 20% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat 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 fallen by 22% 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. Reported Earnings • Nov 01
Third quarter 2025 earnings released: EPS: NT$1.16 (vs NT$1.32 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.16 (down from NT$1.32 in 3Q 2024). Revenue: NT$5.54b (flat on 3Q 2024). Net income: NT$865.6m (down 12% from 3Q 2024). Profit margin: 16% (down from 18% in 3Q 2024). Revenue is forecast to stay flat 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 fallen by 24% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. New Risk • Nov 01
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 33% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 93% Cash payout ratio: 285% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (13% net profit margin). New Risk • Aug 01
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 93% Cash payout ratio: 264% Dividend yield: 6.8% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 93% Cash payout ratio: 264% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (14% net profit margin). Price Target Changed • Jul 22
Price target decreased by 9.2% to NT$56.00 Down from NT$61.67, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of NT$55.20. Stock is down 14% over the past year. The company is forecast to post earnings per share of NT$4.29 for next year compared to NT$5.59 last year. Buy Or Sell Opportunity • Jul 21
Now 20% overvalued Over the last 90 days, the stock has fallen 5.3% to NT$55.70. The fair value is estimated to be NT$46.33, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Earnings per share has declined by 24%. Revenue is forecast to grow by 2.9% in a year. Earnings are forecast to grow by 5.1% in the next year. Major Estimate Revision • Jul 09
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$22.2b to NT$21.7b. EPS estimate also fell from NT$5.40 per share to NT$4.84 per share. Net income forecast to grow 5.1% next year vs 17% growth forecast for Semiconductor industry in Taiwan. Consensus price target of NT$58.25 unchanged from last update. Share price was steady at NT$55.20 over the past week. Upcoming Dividend • Jun 10
Upcoming dividend of NT$3.75 per share Eligible shareholders must have bought the stock before 17 June 2025. Payment date: 15 July 2025. Payout ratio and cash payout ratio are on the higher end at 78% and 90% respectively. Trailing yield: 5.9%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (2.4%). Board Change • Jun 02
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. 4 experienced directors. 1 highly experienced director. Director Oliver Chang 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. Annonce • May 29
Chipbond Technology Corporation Announces Cash Dividend, Payable on July 15, 2025 Chipbond Technology Corporation announced Cash dividend issued from earnings distribution: TWD 3.75021151 per share and total amount is TWD 2,792,533,271.Ex-rights (Ex-dividend) date: June 17, 2025. Ex-rights (Ex-dividend) record date: June 23, 2025. Payment date of cash dividend distribution: July 15, 2025. Reported Earnings • Apr 30
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: NT$0.90 (down from NT$1.66 in 1Q 2024). Revenue: NT$5.14b (up 20% from 1Q 2024). Net income: NT$668.4m (down 46% from 1Q 2024). Profit margin: 13% (down from 29% in 1Q 2024). Revenue exceeded analyst estimates by 6.2%. Earnings per share (EPS) missed analyst estimates by 14%. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Annonce • Apr 18
Chipbond Technology Corporation to Report Q1, 2025 Results on Apr 25, 2025 Chipbond Technology Corporation announced that they will report Q1, 2025 results on Apr 25, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$56.40, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 18x in the Semiconductor industry in Taiwan. Total returns to shareholders of 7.6% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$90.83 per share. New Risk • Mar 14
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Annonce • Mar 03
Chipbond Technology Corporation, Annual General Meeting, May 28, 2025 Chipbond Technology Corporation, Annual General Meeting, May 28, 2025, at 09:00 Taipei Standard Time. Location: 8 floor no,10, chan yeh 1st rd., hsinchu science park, hsinchu city Taiwan Annonce • Feb 20
Chipbond Technology Corporation to Report Fiscal Year 2024 Results on Feb 27, 2025 Chipbond Technology Corporation announced that they will report fiscal year 2024 results at 12:00 PM, Taipei Standard Time on Feb 27, 2025 New Risk • Nov 15
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 29% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Nov 05
Third quarter 2024 earnings: EPS misses analyst expectations Third quarter 2024 results: EPS: NT$1.32 (down from NT$1.56 in 3Q 2023). Revenue: NT$5.55b (up 7.1% from 3Q 2023). Net income: NT$978.9m (down 15% from 3Q 2023). Profit margin: 18% (down from 22% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.9%. Revenue is forecast to grow 11% p.a. on average during the next 3 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 21% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Annonce • Oct 24
Chipbond Technology Corporation to Report Q3, 2024 Results on Oct 31, 2024 Chipbond Technology Corporation announced that they will report Q3, 2024 results on Oct 31, 2024 Major Estimate Revision • Aug 16
Consensus EPS estimates increase by 16%, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from NT$20.6b to NT$19.9b. EPS estimate rose from NT$4.81 to NT$5.58. Net income forecast to grow 4.0% next year vs 30% growth forecast for Semiconductor industry in Taiwan. Consensus price target broadly unchanged at NT$64.94. Share price was steady at NT$65.00 over the past week. New Risk • Aug 04
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 29% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Jul 31
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: NT$1.36 (down from NT$1.93 in 2Q 2023). Revenue: NT$5.15b (down 5.8% from 2Q 2023). Net income: NT$1.00b (down 30% from 2Q 2023). Profit margin: 19% (down from 26% in 2Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 81%. Revenue is forecast to grow 11% 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 fallen by 16% 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. Annonce • Jul 19
Chipbond Technology Corporation to Report Q2, 2024 Results on Jul 26, 2024 Chipbond Technology Corporation announced that they will report Q2, 2024 results on Jul 26, 2024 New Risk • May 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 25% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Upcoming Dividend • May 16
Upcoming dividend of NT$3.75 per share Eligible shareholders must have bought the stock before 23 May 2024. Payment date: 14 June 2024. Payout ratio is a comfortable 61% and the cash payout ratio is 93%. Trailing yield: 4.8%. Within top quartile of Taiwanese dividend payers (4.4%). Higher than average of industry peers (2.2%). Major Estimate Revision • May 03
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$22.1b to NT$20.1b. EPS estimate also fell from NT$5.41 per share to NT$4.85 per share. Net income forecast to shrink 19% next year vs 30% growth forecast for Semiconductor industry in Taiwan . Consensus price target down from NT$66.71 to NT$62.84. Share price was steady at NT$77.30 over the past week. Reported Earnings • Apr 30
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: EPS: NT$1.66 (up from NT$0.90 in 1Q 2023). Revenue: NT$4.28b (down 6.9% from 1Q 2023). Net income: NT$1.23b (up 84% from 1Q 2023). Profit margin: 29% (up from 14% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 7.7%. Earnings per share (EPS) exceeded analyst estimates by 136%. Revenue is forecast to grow 9.3% 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 fallen by 9% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • Feb 23
Full year 2023 earnings released: EPS: NT$5.41 (vs NT$8.41 in FY 2022) Full year 2023 results: EPS: NT$5.41 (down from NT$8.41 in FY 2022). Revenue: NT$20.1b (down 17% from FY 2022). Net income: NT$3.99b (down 36% from FY 2022). Profit margin: 20% (down from 26% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 11% 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 fallen by 3% per year whereas the company’s share price has remained flat. Annonce • Jan 05
Chipbond Technology Corporation, Annual General Meeting, Apr 30, 2024 Chipbond Technology Corporation, Annual General Meeting, Apr 30, 2024. Agenda: To report the business of FY 2023; to consider Audit Committee's review report on the FY 2023 audited financial statements; to report FY 2023 Directors' remuneration and Employees' compensation; to report the proposal for the cash distribution of FY 2023 profits; to accept FY 2023 Business Report and Financial Statements; to accept the proposal for the distribution of FY 2023 profits; to consider Re-election of the members of the Board of Directors; to release non-competition restriction on Directors and representatives. Board Change • Jan 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 4 highly experienced directors. Director Oliver Chang was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 29
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: NT$1.56 (down from NT$2.14 in 3Q 2022). Revenue: NT$5.18b (down 1.4% from 3Q 2022). Net income: NT$1.15b (down 27% from 3Q 2022). Profit margin: 22% (down from 30% in 3Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) exceeded analyst estimates by 12%. Revenue is forecast to grow 9.9% p.a. on average during the next 3 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 5% per year whereas the company’s share price has increased by 3% per year. Reported Earnings • Jul 28
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: NT$1.93 (down from NT$2.42 in 2Q 2022). Revenue: NT$5.47b (down 18% from 2Q 2022). Net income: NT$1.42b (down 20% from 2Q 2022). Profit margin: 26% (down from 27% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) also surpassed analyst estimates by 42%. Revenue is forecast to grow 11% p.a. on average during the next 3 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 12% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 09
Upcoming dividend of NT$5.50 per share at 7.9% yield Eligible shareholders must have bought the stock before 16 June 2023. Payment date: 14 July 2023. Payout ratio and cash payout ratio are on the higher end at 79% and 94% respectively. Trailing yield: 7.9%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.3%). Annonce • Jun 02
Chipbond Technology Corporation Announces Cash Dividend, Payable on July 14, 2023 Chipbond Technology Corporation announced cash dividend issued from earnings distribution of TWD 2.0 per share and total amount is TWD 1,477,351,078. Cash issued from capital reserve is TWD 3.5 per share and total amount is TWD 2,585,364,387. Payment date of cash dividend distribution is July 14, 2023. Ex-rights (Ex-dividend) date is June 16, 2023. Last date before book closure is June 19, 2023. Book closure starting date is June 20, 2023. Book closure ending date is June 24, 2023. Ex-rights (Ex-dividend) record date is June 24, 2023. Reported Earnings • Mar 01
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: NT$8.41. Revenue: NT$24.0b (down 11% from FY 2021). Net income: NT$6.21b (up 1.2% from FY 2021). Profit margin: 26% (up from 23% in FY 2021). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 5.3%. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Semiconductor industry in Taiwan. Price Target Changed • Feb 24
Price target increased by 8.2% to NT$61.84 Up from NT$57.18, the current price target is an average from 9 analysts. New target price is 8.1% below last closing price of NT$67.30. Stock is down 2.3% over the past year. The company is forecast to post earnings per share of NT$7.80 for next year compared to NT$9.00 last year. Reported Earnings • Oct 30
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: NT$2.14 (down from NT$2.66 in 3Q 2021). Revenue: NT$5.25b (down 26% from 3Q 2021). Net income: NT$1.58b (down 12% from 3Q 2021). Profit margin: 30% (up from 25% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 10%. Earnings per share (EPS) exceeded analyst estimates by 36%. Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 9.8% 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 fallen by 5% per year, which means it is significantly lagging earnings. Price Target Changed • Sep 19
Price target decreased to NT$62.91 Down from NT$72.07, the current price target is an average from 9 analysts. New target price is 17% above last closing price of NT$53.90. Stock is down 25% over the past year. The company is forecast to post earnings per share of NT$8.04 for next year compared to NT$9.00 last year. Major Estimate Revision • Aug 06
Consensus revenue estimates fall by 12% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from NT$27.0b to NT$23.7b. EPS estimate fell from NT$8.17 to NT$7.17 per share. Net income forecast to shrink 21% next year vs 6.9% growth forecast for Semiconductor industry in Taiwan . Consensus price target down from NT$72.07 to NT$68.58. Share price was steady at NT$55.30 over the past week. Reported Earnings • Jul 31
Second quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2022 results: EPS: NT$2.42 (up from NT$2.15 in 2Q 2021). Revenue: NT$6.63b (down 4.9% from 2Q 2021). Net income: NT$1.79b (up 24% from 2Q 2021). Profit margin: 27% (up from 21% in 2Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 3.1%. Earnings per share (EPS) exceeded analyst estimates by 18%. Over the next year, revenue is forecast to stay flat compared to a 21% growth forecast for the 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 fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 13
Upcoming dividend of NT$6.00 per share Eligible shareholders must have bought the stock before 20 July 2022. Payment date: 12 August 2022. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 11%. Within top quartile of Taiwanese dividend payers (6.9%). Higher than average of industry peers (4.0%). Annonce • Jun 18
Chipbond Technology Corporation Announces the Cash Dividend, Payable on August 12, 2022 Chipbond Technology Corporation announced the cash dividend is TWD 0.5 per share. and the total amount is TWD 369,337,770. The Cash Distribution from the Capital Surplus is TWD 5.5 per share and the total amount is TWD 4,062,715,464. Ex-rights (Ex-dividend) date is July 20, 2022. Ex-rights (Ex-dividend) record date July 26, 2022. Payment date of cash dividend distribution is August 12, 2022. The Chairman was authorized to decide the Ex-dividend record date according to the resolutions of Board meeting on April 15, 2022. Annonce • May 28
Chipbond Technology Corporation Appoints Oliver Chang as Institutional Director Chipbond Technology Corporation announced that the appointment of Oliver Chang, Senior Vice President of United Microelectronics Corporation, as institutional director. The effective date of appointment is May 27, 2022. Reported Earnings • May 02
First quarter 2022 earnings: EPS exceeds analyst expectations First quarter 2022 results: EPS: NT$2.33 (up from NT$1.82 in 1Q 2021). Revenue: NT$6.74b (up 5.1% from 1Q 2021). Net income: NT$1.72b (up 42% from 1Q 2021). Profit margin: 26% (up from 19% in 1Q 2021). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.7%. Over the next year, revenue is forecast to grow 4.2%, compared to a 24% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 03
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: NT$9.00 (up from NT$5.61 in FY 2020). Revenue: NT$27.1b (up 22% from FY 2020). Net income: NT$6.14b (up 68% from FY 2020). Profit margin: 23% (up from 16% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.7%. Over the next year, revenue is forecast to grow 5.3%, compared to a 24% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Annonce • Feb 26
Chipbond Technology Corporation, Annual General Meeting, May 27, 2022 Chipbond Technology Corporation, Annual General Meeting, May 27, 2022. Reported Earnings • Nov 01
Third quarter 2021 earnings released: EPS NT$2.66 (vs NT$1.55 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$7.11b (up 23% from 3Q 2020). Net income: NT$1.79b (up 76% from 3Q 2020). Profit margin: 25% (up from 18% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 05
Consensus EPS estimates increase to NT$8.57 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from NT$26.9b to NT$28.1b. EPS estimate increased from NT$7.64 to NT$8.57 per share. Net income forecast to grow 20% next year vs 35% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$83.18 to NT$85.30. Share price rose 9.1% to NT$79.30 over the past week. Reported Earnings • Jul 31
Second quarter 2021 earnings released: EPS NT$2.15 (vs NT$1.07 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$6.97b (up 39% from 2Q 2020). Net income: NT$1.44b (up 107% from 2Q 2020). Profit margin: 21% (up from 14% 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 16% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 14
Upcoming dividend of NT$3.80 per share Eligible shareholders must have bought the stock before 21 July 2021. Payment date: 13 August 2021. Trailing yield: 5.1%. Within top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (2.1%). Reported Earnings • May 06
First quarter 2021 earnings released: EPS NT$1.81 (vs NT$1.43 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$6.42b (up 21% from 1Q 2020). Net income: NT$1.22b (up 31% from 1Q 2020). Profit margin: 19% (up from 18% 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 18% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Mar 04
Analysts increase revenue estimates to NT$25.9b The 2021 consensus revenue estimate increased from NT$23.3b. Earning per share (EPS) estimate also increased from NT$6.52 to NT$7.33 for the same period. Net income is expected to grow by 33% next year compared to 36% growth forecast for the Semiconductor industry in Taiwan. The consensus price target increased from NT$77.10 to NT$80.09. Share price stayed mostly flat at NT$75.10 over the past week. Annonce • Feb 27
Chipbond Technology Corporation, Annual General Meeting, Jun 16, 2021 Chipbond Technology Corporation, Annual General Meeting, Jun 16, 2021. Location: 8F, No. 10, Zhanye 1st Road, Hsinchu Science Park Hsinchu Taiwan Agenda: To consider 2020 Directors' remuneration and employees' compensation; to consider 2020 business report; to consider 2020 Audit Committee’s Review Report; to consider the proposal for cash distribution of 2020 profits; to adopt 2020 Business Report and Financial Statements; to adopt the proposal for distribution of 2020 profits; to discuss the proposal of cash distribution from capital surplus; to amend the Company's Articles of Incorporation; to amend the Company’s acquisition or Disposal of Assets Procedure; and to amend the company's rules governing shareholders meetings. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS NT$5.61 (vs NT$6.28 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: NT$22.3b (up 9.1% from FY 2019). Net income: NT$3.66b (down 11% from FY 2019). Profit margin: 16% (down from 20% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Feb 27
Revenue beats expectations Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 6.4%, compared to a 17% growth forecast for the Semiconductor industry in Taiwan. Is New 90 Day High Low • Jan 11
New 90-day high: NT$69.30 The company is up 13% from its price of NT$61.20 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$202 per share. Annonce • Dec 13
Chipbond Technology Corporation Announces Board Changes Chipbond Technology Corporation announced the board resolution to appoint the members of the fifth term of Compensation Committee, effective December 11, 2020. Name and resume of the previous position holder: Independent Director: Cha-Hua Hsu, Chairman of Chilin Optoelectronics Co. Ltd., Independent Director: William Wang, Chairman of Crystalvue Co. Ltd., Independent Director: Ting-Rong Huang, Executive Director of ASIAVEST CAPITAL Co. Ltd. Independent Director: Wen-Feng Cheng, Chairman of BoardTek Electronics Corp. Name and resume of the new position holder: Independent Director: Dang-Hsing Yiu, Director of Macronix International Co. Ltd. Independent Director: Philips Wei, Chairman of Fortune Information System Independent Director:Ting-Rong Huang, Executive Director of ASIAVEST CAPITAL Co. Ltd. Independent Director: Wen-Feng Cheng, Chairman of BoardTek Electronics Corp. Is New 90 Day High Low • Dec 04
New 90-day high: NT$66.20 The company is up 18% from its price of NT$56.30 on 04 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$168 per share. Analyst Estimate Surprise Post Earnings • Nov 18
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 5.3%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Over the next year, revenue is forecast to grow 6.5%, compared to a 13% growth forecast for the Semiconductor industry in Taiwan. Reported Earnings • Nov 18
Third quarter 2020 earnings released: EPS NT$1.55 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: NT$5.77b (up 6.0% from 3Q 2019). Net income: NT$1.02b (down 15% from 3Q 2019). Profit margin: 18% (down from 22% 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 27% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Nov 10
New 90-day high: NT$64.90 The company is up 13% from its price of NT$57.40 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 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$170 per share. Reported Earnings • Nov 06
Third quarter 2020 earnings released: EPS NT$1.55 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: NT$5.77b (up 6.0% from 3Q 2019). Net income: NT$1.02b (down 15% from 3Q 2019). Profit margin: 18% (down from 22% 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 27% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Nov 06
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 4.9%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Over the next year, revenue is forecast to grow 4.6%, compared to a 14% growth forecast for the Semiconductor industry in Taiwan. Price Target Changed • Sep 26
Price target raised to NT$68.88 Up from NT$62.50, the current price target is an average from 9 analysts. The new target price is 12% above the current share price of NT$61.70. As of last close, the stock is up 7.3% over the past year. Price Target Changed • Sep 22
Price target raised to NT$66.75 Up from NT$60.88, the current price target is an average from 9 analysts. The new target price is 5.8% above the current share price of NT$63.10. As of last close, the stock is up 7.3% over the past year.