Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to NT$1,345, the stock trades at a trailing P/E ratio of 76.2x. Average trailing P/E is 48x in the Semiconductor industry in Taiwan. Total returns to shareholders of 551% over the past three years. Upcoming Dividend • Jun 30
Upcoming dividend of NT$9.00 per share Eligible shareholders must have bought the stock before 07 July 2026. Payment date: 24 July 2026. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of Taiwanese dividend payers (4.9%). Lower than average of industry peers (1.0%). 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$1,410, the stock trades at a trailing P/E ratio of 79.6x. Average trailing P/E is 44x in the Semiconductor industry in Taiwan. Total returns to shareholders of 578% over the past three years. Declared Dividend • Jun 10
Dividend reduced to NT$9.00 Dividend of NT$9.00 is 10% lower than last year. Ex-date: 7th July 2026 Payment date: 24th July 2026 Dividend yield will be 0.6%, which is lower than the industry average of 3.0%. Payout Ratios Payout ratio: 58%. Cash payout ratio: 40%. Reported Earnings • Mar 17
Full year 2025 earnings released: EPS: NT$15.42 (vs NT$17.69 in FY 2024) Full year 2025 results: EPS: NT$15.42 (down from NT$17.69 in FY 2024). Revenue: NT$2.14b (up 23% from FY 2024). Net income: NT$419.0m (down 13% from FY 2024). Profit margin: 20% (down from 28% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% 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 5% per year but the company’s share price has increased by 77% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to NT$1,130, the stock trades at a trailing P/E ratio of 73.8x. Average forward P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 516% over the past three years. Annonce • Mar 10
Keystone Microtech Corporation, Annual General Meeting, Jun 08, 2026 Keystone Microtech Corporation, Annual General Meeting, Jun 08, 2026. Location: 1 floor no,431, chuang ching n. rd., jhubei city, hsinchu county Taiwan Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$915, the stock trades at a trailing P/E ratio of 59.7x. Average forward P/E is 25x in the Semiconductor industry in Taiwan. Total returns to shareholders of 382% over the past three years. New Risk • Feb 03
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 8.8% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$532, the stock trades at a trailing P/E ratio of 34.7x. Average forward P/E is 26x in the Semiconductor industry in Taiwan. Total returns to shareholders of 187% over the past three years. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$428, the stock trades at a trailing P/E ratio of 27.9x. Average forward P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 118% over the past three years. Reported Earnings • Nov 11
Third quarter 2025 earnings released: EPS: NT$5.11 (vs NT$4.00 in 3Q 2024) Third quarter 2025 results: EPS: NT$5.11 (up from NT$4.00 in 3Q 2024). Revenue: NT$555.6m (up 23% from 3Q 2024). Net income: NT$138.9m (up 28% from 3Q 2024). Profit margin: 25% (up from 24% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Nov 07
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 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (25% accrual ratio). Minor Risks Dividend is not well covered by cash flows (225% cash payout ratio). Share price has been volatile over the past 3 months (6.8% average weekly change). Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$445, the stock trades at a trailing P/E ratio of 31.3x. Average trailing P/E is 30x in the Semiconductor industry in Taiwan. Total returns to shareholders of 96% over the past three years. New Risk • Aug 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 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (25% accrual ratio). Minor Risks Dividend is not well covered by cash flows (225% cash payout ratio). Share price has been volatile over the past 3 months (6.6% average weekly change). New Risk • Aug 05
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 25% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (25% accrual ratio). Minor Risk Dividend is not well covered by cash flows (225% cash payout ratio). Reported Earnings • Aug 05
Second quarter 2025 earnings released: EPS: NT$1.21 (vs NT$3.92 in 2Q 2024) Second quarter 2025 results: EPS: NT$1.21 (down from NT$3.92 in 2Q 2024). Revenue: NT$546.1m (up 39% from 2Q 2024). Net income: NT$32.9m (down 69% from 2Q 2024). Profit margin: 6.0% (down from 27% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 30
Upcoming dividend of NT$10.00 per share Eligible shareholders must have bought the stock before 07 July 2025. Payment date: 25 July 2025. Payout ratio is a comfortable 59% and the cash payout ratio is 83%. Trailing yield: 2.9%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (2.2%). Declared Dividend • Jun 11
Dividend increased to NT$10.00 Dividend of NT$10.00 is 54% higher than last year. Ex-date: 7th July 2025 Payment date: 25th July 2025 Dividend yield will be 2.9%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (59% earnings payout ratio) and cash flows (83% cash payout ratio). The dividend has increased by an average of 22% per year over the past 6 years. However, payments have been volatile during that time. Earnings per share has grown by 15% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$327, the stock trades at a trailing P/E ratio of 19.3x. Average trailing P/E is 24x in the Semiconductor industry in Taiwan. Total returns to shareholders of 57% over the past three years. Reported Earnings • May 06
First quarter 2025 earnings released: EPS: NT$3.76 (vs NT$4.42 in 1Q 2024) First quarter 2025 results: EPS: NT$3.76 (down from NT$4.42 in 1Q 2024). Revenue: NT$454.2m (up 19% from 1Q 2024). Net income: NT$102.1m (down 15% from 1Q 2024). Profit margin: 23% (down from 31% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to NT$279, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 27% over the past three years. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: NT$17.69 (vs NT$13.07 in FY 2023) Full year 2024 results: EPS: NT$17.69 (up from NT$13.07 in FY 2023). Revenue: NT$1.74b (up 23% from FY 2023). Net income: NT$479.8m (up 36% from FY 2023). Profit margin: 28% (up from 25% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Annonce • Mar 11
Keystone Microtech Corporation, Annual General Meeting, Jun 09, 2025 Keystone Microtech Corporation, Annual General Meeting, Jun 09, 2025. Location: 1 floor no,431, chuang ching n. rd., jhubei city, hsinchu county Taiwan Valuation Update With 7 Day Price Move • Jan 10
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$479, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 85% over the past three years. New Risk • Jan 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (41% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (6.5% average weekly change). Valuation Update With 7 Day Price Move • Dec 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$414, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 42% over the past three years. Reported Earnings • Aug 17
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: NT$3.92 (up from NT$2.70 in 2Q 2023). Revenue: NT$392.0m (up 14% from 2Q 2023). Net income: NT$106.3m (up 46% from 2Q 2023). Profit margin: 27% (up from 21% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 12%. Revenue is forecast to grow 9.1% 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 fallen by 4% 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 04
Upcoming dividend of NT$6.51 per share Eligible shareholders must have bought the stock before 11 July 2024. Payment date: 01 August 2024. Payout ratio is a comfortable 47% but the company is paying out more than the cash it is generating. Trailing yield: 1.5%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (2.0%). Buy Or Sell Opportunity • Jul 01
Now 17% undervalued Over the last 90 days, the stock has risen 50% to NT$431. The fair value is estimated to be NT$520, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 3.9%. Buy Or Sell Opportunity • Jun 28
Now 20% undervalued Over the last 90 days, the stock has risen 47% to NT$416. The fair value is estimated to be NT$519, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 3.9%. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$352, the stock trades at a trailing P/E ratio of 25.3x. Average trailing P/E is 31x in the Semiconductor industry in Taiwan. Total returns to shareholders of 20% over the past three years. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$4.42 (vs NT$3.54 in 1Q 2023) First quarter 2024 results: EPS: NT$4.42 (up from NT$3.54 in 1Q 2023). Revenue: NT$380.9m (up 2.3% from 1Q 2023). Net income: NT$119.7m (up 25% from 1Q 2023). Profit margin: 31% (up from 26% in 1Q 2023). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • Mar 28
Full year 2023 earnings released: EPS: NT$13.07 (vs NT$15.01 in FY 2022) Full year 2023 results: EPS: NT$13.07 (down from NT$15.01 in FY 2022). Revenue: NT$1.41b (down 7.8% from FY 2022). Net income: NT$354.2m (down 13% from FY 2022). Profit margin: 25% (down from 27% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 6% per year. Annonce • Mar 05
Keystone Microtech Corporation, Annual General Meeting, Jun 03, 2024 Keystone Microtech Corporation, Annual General Meeting, Jun 03, 2024. Location: 1F Meeting Hall No.431, Zhuangjing N. Rd., Zhubei City Hsinchu County Taiwan Agenda: To consider the 2023 Business Reports; to consider the 2023 Audit Committee Report; to consider the distribution of the 2023 employee's compensations; to consider the distribution of the 2023 directors' compensations; to approve the proposal for the distribution of the 2023 retained earnings; To approve the removal of the non-competition restrictions on the Board of Directors; and to consider and approve other matters. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$278, the stock trades at a trailing P/E ratio of 21.2x. Average forward P/E is 19x in the Semiconductor industry in Taiwan. Negligible returns to shareholders over past three years. Reported Earnings • Nov 08
Third quarter 2023 earnings released: EPS: NT$3.87 (vs NT$3.87 in 3Q 2022) Third quarter 2023 results: EPS: NT$3.87 (up from NT$3.87 in 3Q 2022). Revenue: NT$346.8m (down 13% from 3Q 2022). Net income: NT$104.9m (flat on 3Q 2022). Profit margin: 30% (up from 26% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 2 years compared to a 15% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Upcoming Dividend • Aug 15
Upcoming dividend of NT$7.50 per share at 3.8% yield Eligible shareholders must have bought the stock before 22 August 2023. Payment date: 06 September 2023. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Taiwanese dividend payers (5.7%). Higher than average of industry peers (3.4%). Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: NT$2.70 (vs NT$3.93 in 2Q 2022) Second quarter 2023 results: EPS: NT$2.70 (down from NT$3.93 in 2Q 2022). Revenue: NT$345.4m (down 11% from 2Q 2022). Net income: NT$73.0m (down 31% from 2Q 2022). Profit margin: 21% (down from 27% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Annonce • Jun 28
Keystone Microtech Corporation Approves the Proposal for the Distribution of the 2022 Keystone Microtech Corporation at its Annual General Shareholders' Meeting held on June 26, 2023 approved the proposal for the distribution of the 2022 retained earnings ($7.5 in cash/per share). Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: NT$15.01 (vs NT$15.50 in FY 2021) Full year 2022 results: EPS: NT$15.01 (down from NT$15.50 in FY 2021). Revenue: NT$1.53b (up 3.2% from FY 2021). Net income: NT$406.5m (down 3.2% from FY 2021). Profit margin: 27% (down from 28% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improved over the past week After last week's 17% share price gain to NT$209, the stock trades at a trailing P/E ratio of 13.3x. Average trailing P/E is 12x in the Semiconductor industry in Taiwan. Total returns to shareholders of 17% over the past three years. Reported Earnings • Nov 10
Third quarter 2022 earnings released: EPS: NT$3.87 (vs NT$3.75 in 3Q 2021) Third quarter 2022 results: EPS: NT$3.87 (up from NT$3.75 in 3Q 2021). Revenue: NT$396.3m (up 2.8% from 3Q 2021). Net income: NT$104.7m (up 3.1% from 3Q 2021). Profit margin: 26% (in line with 3Q 2021). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$155, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 10x in the Semiconductor industry in Taiwan. Total loss to shareholders of 17% over the past three years. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$177, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 11x in the Semiconductor industry in Taiwan. Total loss to shareholders of 7.0% over the past three years. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improved over the past week After last week's 16% share price gain to NT$223, the stock trades at a trailing P/E ratio of 14.3x. Average trailing P/E is 13x in the Semiconductor industry in Taiwan. Total returns to shareholders of 20% over the past three years. Upcoming Dividend • Aug 16
Upcoming dividend of NT$7.76 per share Eligible shareholders must have bought the stock before 23 August 2022. Payment date: 07 September 2022. Payout ratio is a comfortable 50% but the company is paying out more than the cash it is generating. Trailing yield: 4.0%. Lower than top quartile of Taiwanese dividend payers (6.5%). Higher than average of industry peers (3.5%). Reported Earnings • Aug 10
Second quarter 2022 earnings released: EPS: NT$3.92 (vs NT$3.88 in 2Q 2021) Second quarter 2022 results: EPS: NT$3.92 (up from NT$3.88 in 2Q 2021). Revenue: NT$389.7m (up 3.0% from 2Q 2021). Net income: NT$106.3m (up 1.2% from 2Q 2021). Profit margin: 27% (in line with 2Q 2021). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Annonce • Aug 09
Keystone Microtech Co. Announces Dividend Distribution, Payable on September 07, 2022 Keystone Microtech Co. announced the total amount of dividend distribution is TWD 211,190,156 (TWD 7.75702584 per share). Ex-rights (Ex-dividend) date is August 23, 2022. Ex-rights (Ex-dividend) record date is August 29, 2022. Payment date of cash dividend distribution is September 07, 2022. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$186, the stock trades at a trailing P/E ratio of 11.9x. Average trailing P/E is 12x in the Semiconductor industry in Taiwan. Total returns to shareholders of 81% over the past three years. Annonce • Jun 29
Keystone Microtech Corporation Approves Distribution for the Year 2021 Keystone Microtech Corporation held its shareholders meeting on June 27, 2022, Approved the proposal for the distribution of the 2021 retained earnings (TWD 7.8 in cash/per share). Reported Earnings • May 11
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: NT$4.17 (up from NT$4.06 in 1Q 2021). Revenue: NT$367.7m (up 4.9% from 1Q 2021). Net income: NT$113.0m (up 2.8% from 1Q 2021). Profit margin: 31% (in line with 1Q 2021). Revenue missed analyst estimates by 8.8%. Earnings per share (EPS) also missed analyst estimates by 17%. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 19% share price gain to NT$264, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Semiconductor industry in Taiwan. Total returns to shareholders of 125% over the past three years. Annonce • Mar 10
Keystone Microtech Corporation Approves to Change Spokesperson and Acting Spokesperson The Board of Keystone Microtech Corporation approved to change spokesperson and acting spokesperson. Name, title, and resume of the previous position holder: Spokesperson: Anderson Peng, the Company's Vice President of Business. Acting spokesperson: Ren Zeng, the Company's director. Name, title, and resume of the new position holder: Spokesperson: Ren Zeng, the Company's director. Acting spokesperson: Robin Huang, the Company's director. Effective date is March 7, 2022. Reason for the change: position adjustment. Reported Earnings • Mar 09
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: NT$15.50 (up from NT$12.34 in FY 2020). Revenue: NT$1.48b (up 21% from FY 2020). Net income: NT$419.7m (up 26% from FY 2020). Profit margin: 28% (up from 27% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 8.8%. Earnings per share (EPS) also missed analyst estimates by 17%. Over the next year, revenue is forecast to grow 36%, compared to a 24% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS NT$3.75 (vs NT$3.64 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$385.5m (up 13% from 3Q 2020). Net income: NT$101.5m (up 2.9% from 3Q 2020). Profit margin: 26% (down from 29% 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 37% per year but the company’s share price has increased by 56% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 24
Investor sentiment improved over the past week After last week's 16% share price gain to NT$347, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 14x in the Semiconductor industry in Taiwan. Total returns to shareholders of 203% over the past three years. Upcoming Dividend • Aug 18
Upcoming dividend of NT$5.50 per share Eligible shareholders must have bought the stock before 25 August 2021. Payment date: 09 September 2021. Trailing yield: 1.8%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (2.2%). Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS NT$3.88 (vs NT$2.92 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$378.3m (up 28% from 2Q 2020). Net income: NT$105.0m (up 33% from 2Q 2020). Profit margin: 28% (up from 27% 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 36% per year whereas the company’s share price has increased by 39% per year. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment improved over the past week After last week's 16% share price gain to NT$322, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 15x in the Semiconductor industry in Taiwan. Total returns to shareholders of 141% over the past three years. Reported Earnings • Mar 09
Full year 2020 earnings released: EPS NT$12.34 (vs NT$7.85 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$1.23b (up 49% from FY 2019). Net income: NT$334.0m (up 61% from FY 2019). Profit margin: 27% (up from 25% in FY 2019). The increase in margin was driven by higher revenue. Analyst Estimate Surprise Post Earnings • Mar 09
Revenue and earnings miss expectations Revenue missed analyst estimates by 3.2%. Earnings per share (EPS) also missed analyst estimates by 11%. Over the next year, revenue is forecast to grow 26%, compared to a 17% growth forecast for the Semiconductor industry in Taiwan. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$334, the stock is trading at a trailing P/E ratio of 30.7x, down from the previous P/E ratio of 37.1x. This compares to an average P/E of 26x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past year are 87%. Valuation Update With 7 Day Price Move • Jan 11
Investor sentiment improved over the past week After last week's 15% share price gain to NT$365, the stock is trading at a trailing P/E ratio of 33.6x, up from the previous P/E ratio of 29.1x. This compares to an average P/E of 26x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past year are 76%. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improved over the past week After last week's 16% share price gain to NT$363, the stock is trading at a trailing P/E ratio of 33.4x, up from the previous P/E ratio of 28.7x. This compares to an average P/E of 26x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past year are 78%. Is New 90 Day High Low • Jan 08
New 90-day high: NT$363 The company is up 29% from its price of NT$282 on 08 October 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 26% over the same period. Major Estimate Revision • Nov 15
Analysts increase revenue estimates to NT$1.27b The 2020 consensus revenue estimate increased from NT$1.15b. Earning per share (EPS) estimate also increased from NT$12.12 to NT$13.81 for the same period. Net income is expected to grow by 52% next year compared to 25% growth forecast for the Semiconductor industry in Taiwan. The consensus price target of NT$450 was unchanged from the last update. Share price is down by 4.0% to NT$321 over the past week. Reported Earnings • Nov 10
Third quarter 2020 earnings released: EPS NT$3.64 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2020 results: Revenue: NT$342.7m (up 48% from 3Q 2019). Net income: NT$98.7m (up 47% from 3Q 2019). Profit margin: 29% (in line with 3Q 2019). Analyst Estimate Surprise Post Earnings • Nov 10
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 7.1%. Earnings per share (EPS) also surpassed analyst estimates by 4.0%. Over the next year, revenue is forecast to grow 33%, compared to a 14% growth forecast for the Semiconductor industry in Taiwan. Is New 90 Day High Low • Nov 08
New 90-day high: NT$335 The company is up 5.0% from its price of NT$320 on 10 August 2020. The Taiwanese market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 3.0% over the same period.