Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$294, the stock trades at a trailing P/E ratio of 18.4x. Average trailing P/E is 48x in the Semiconductor industry in Taiwan. Total returns to shareholders of 53% over the past three years. Buy Or Sell Opportunity • Jun 25
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 68% to NT$334. The fair value is estimated to be NT$277, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.9% over the last 3 years. Earnings per share has declined by 7.1%. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$322, the stock trades at a trailing P/E ratio of 20.2x. Average trailing P/E is 51x in the Semiconductor industry in Taiwan. Total returns to shareholders of 75% over the past three years. Declared Dividend • Jun 01
Dividend reduced to NT$11.50 Dividend of NT$11.50 is 4.2% lower than last year. Ex-date: 15th June 2026 Payment date: 9th July 2026 Dividend yield will be 3.7%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (73% earnings payout ratio) and cash flows (50% cash payout ratio). The dividend has increased by an average of 8.7% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Reported Earnings • May 19
First quarter 2026 earnings released: EPS: NT$4.60 (vs NT$3.45 in 1Q 2025) First quarter 2026 results: EPS: NT$4.60 (up from NT$3.45 in 1Q 2025). Revenue: NT$5.33b (up 23% from 1Q 2025). Net income: NT$541.7m (up 31% from 1Q 2025). Profit margin: 10% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$266, the stock trades at a trailing P/E ratio of 18x. Average trailing P/E is 44x in the Semiconductor industry in Taiwan. Total returns to shareholders of 48% over the past three years. Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: NT$14.66 (vs NT$15.42 in FY 2024) Full year 2025 results: EPS: NT$14.66 (down from NT$15.42 in FY 2024). Revenue: NT$19.0b (up 6.6% from FY 2024). Net income: NT$1.75b (down 5.6% from FY 2024). Profit margin: 9.2% (down from 10% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Annonce • Mar 06
Sitronix Technology Corporation, Annual General Meeting, May 25, 2026 Sitronix Technology Corporation, Annual General Meeting, May 25, 2026. Location: 2 floor no,3, t`ai yuan 1st st., jhubei city, hsinchu county Taiwan Buy Or Sell Opportunity • Mar 04
Now 23% undervalued Over the last 90 days, the stock has risen 1.7% to NT$183. The fair value is estimated to be NT$238, 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 31%. Buy Or Sell Opportunity • Feb 02
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at NT$189. The fair value is estimated to be NT$237, 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 31%. Buy Or Sell Opportunity • Jan 15
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to NT$189. The fair value is estimated to be NT$238, 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 31%. Reported Earnings • Nov 10
Third quarter 2025 earnings released: EPS: NT$3.28 (vs NT$3.87 in 3Q 2024) Third quarter 2025 results: EPS: NT$3.28 (down from NT$3.87 in 3Q 2024). Revenue: NT$4.71b (flat on 3Q 2024). Net income: NT$389.8m (down 16% from 3Q 2024). Profit margin: 8.3% (down from 9.9% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 31% 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. Buy Or Sell Opportunity • Nov 03
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.9% to NT$196. The fair value is estimated to be NT$248, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.7% over the last 3 years. Earnings per share has declined by 43%. Declared Dividend • May 31
Dividend of NT$12.00 announced Dividend of NT$12.00 is the same as last year. Ex-date: 16th June 2025 Payment date: 9th July 2025 Dividend yield will be 5.5%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (79% earnings payout ratio) and cash flows (89% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 6.8% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Annonce • May 30
Sitronix Technology Corporation Announces Cash Dividend, Payable on July 9, 2025 Sitronix Technology Corporation announced cash dividend from earnings of TWD 1,441,642,512 (cash dividend of TWD 12 per share). Ex-rights (ex-dividend) trading date: June 16, 2025; Ex-rights (ex-dividend) record date: June 22, 2025; Payment date of common stock cash dividend distribution: July 9, 2025. Date of the resolution by the board of directors or shareholders meeting or decision by the Company: May 29, 2025. New Risk • May 15
New major risk - Revenue and earnings growth Earnings have declined by 3.8% 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 Risk Earnings have declined by 3.8% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$3.45 (vs NT$3.62 in 1Q 2024) First quarter 2025 results: EPS: NT$3.45 (down from NT$3.62 in 1Q 2024). Revenue: NT$4.33b (up 4.4% from 1Q 2024). Net income: NT$413.8m (down 4.6% from 1Q 2024). Profit margin: 9.6% (in line with 1Q 2024). 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 4% per year, which means it has not declined as severely as earnings. Annonce • Apr 30
Sitronix Technology Corporation to Report Q1, 2025 Results on May 08, 2025 Sitronix Technology Corporation announced that they will report Q1, 2025 results on May 08, 2025 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$163, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 21x in the Semiconductor industry in Taiwan. Total loss to shareholders of 19% over the past three years. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: NT$15.42 (vs NT$15.51 in FY 2023) Full year 2024 results: EPS: NT$15.42 (down from NT$15.51 in FY 2023). Revenue: NT$17.8b (up 6.6% from FY 2023). Net income: NT$1.85b (flat on FY 2023). Profit margin: 10% (in line with FY 2023). Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Annonce • Mar 07
Sitronix Technology Corporation, Annual General Meeting, May 29, 2025 Sitronix Technology Corporation, Annual General Meeting, May 29, 2025. Location: 2 floor no,3, t`ai yuan 1st st., jhubei city, hsinchu county Taiwan Annonce • Feb 25
Sitronix Technology Corporation to Report Q4, 2024 Results on Mar 06, 2025 Sitronix Technology Corporation announced that they will report Q4, 2024 results on Mar 06, 2025 Buy Or Sell Opportunity • Feb 13
Now 22% overvalued Over the last 90 days, the stock has fallen 4.8% to NT$209. The fair value is estimated to be NT$172, 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 48%. Buy Or Sell Opportunity • Jan 02
Now 20% overvalued Over the last 90 days, the stock has fallen 7.3% to NT$216. The fair value is estimated to be NT$179, 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 48%. Buy Or Sell Opportunity • Dec 17
Now 25% overvalued Over the last 90 days, the stock has fallen 1.2% to NT$213. The fair value is estimated to be NT$170, however this is not to be taken as a sell recommendation but rather should be used as a guide only. New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 09
Third quarter 2024 earnings released: EPS: NT$3.87 (vs NT$4.51 in 3Q 2023) Third quarter 2024 results: EPS: NT$3.87 (down from NT$4.51 in 3Q 2023). Revenue: NT$4.68b (up 12% from 3Q 2023). Net income: NT$463.5m (down 14% from 3Q 2023). Profit margin: 9.9% (down from 13% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Annonce • Oct 23
Sitronix Technology Corporation to Report Q3, 2024 Results on Oct 31, 2024 Sitronix Technology Corporation announced that they will report Q3, 2024 results on Oct 31, 2024 Buy Or Sell Opportunity • Sep 10
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 23% to NT$213. The fair value is estimated to be NT$268, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 9.4% over the last 3 years. Earnings per share has declined by 38%. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: NT$4.43 (vs NT$4.93 in 2Q 2023) Second quarter 2024 results: EPS: NT$4.43 (down from NT$4.93 in 2Q 2023). Revenue: NT$4.38b (flat on 2Q 2023). Net income: NT$531.2m (down 10% from 2Q 2023). Profit margin: 12% (down from 13% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Board Change • Jul 26
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 6 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Chuang-Yao Fan was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Annonce • Jul 23
Sitronix Technology Corporation to Report Q2, 2024 Results on Aug 01, 2024 Sitronix Technology Corporation announced that they will report Q2, 2024 results on Aug 01, 2024 Upcoming Dividend • Jun 17
Upcoming dividend of NT$12.00 per share Eligible shareholders must have bought the stock before 24 June 2024. Payment date: 12 July 2024. Payout ratio is a comfortable 72% and the cash payout ratio is 87%. Trailing yield: 4.2%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.1%). Annonce • Jun 08
Sitronix Technology Corporation Announces Cash Dividend, Payable on July 12, 2024 Sitronix Technology Corporation announced cash dividend from earnings of TWD 1,441,642,512 (cash dividend of TWD 12 per share) Ex-rights (ex-dividend) trading date: June 24, 2024; Ex-rights (ex-dividend) record date: June 30, 2024; Payment date of common stock cash dividend distribution: July 12, 2024. Date of the resolution by the board of directors or shareholders meeting or decision by the Company: June 6, 2024. Reported Earnings • May 11
First quarter 2024 earnings released: EPS: NT$3.62 (vs NT$2.48 in 1Q 2023) First quarter 2024 results: EPS: NT$3.62 (up from NT$2.48 in 1Q 2023). Revenue: NT$4.15b (up 15% from 1Q 2023). Net income: NT$433.5m (up 46% from 1Q 2023). Profit margin: 10% (up from 8.2% in 1Q 2023). The increase in margin was driven by higher revenue. 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 5% per year, which means it is well ahead of earnings. Annonce • Apr 24
Sitronix Technology Corporation to Report Q1, 2024 Results on May 02, 2024 Sitronix Technology Corporation announced that they will report Q1, 2024 results on May 02, 2024 Reported Earnings • Mar 14
Full year 2023 earnings released: EPS: NT$15.50 (vs NT$30.10 in FY 2022) Full year 2023 results: EPS: NT$15.50 (down from NT$30.10 in FY 2022). Revenue: NT$16.7b (down 7.2% from FY 2022). Net income: NT$1.86b (down 49% from FY 2022). Profit margin: 11% (down from 20% in FY 2022). The decrease in margin was primarily driven by lower revenue. 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 6% per year, which means it is well ahead of earnings. Annonce • Mar 08
Sitronix Technology Corporation, Annual General Meeting, Jun 20, 2024 Sitronix Technology Corporation, Annual General Meeting, Jun 20, 2024. Location: 2F., No. 3, Taiyuan 1st Street,Hsinchu County Multi-functional Conference Room, Tai Yuen Hi-Tech Industrial Park Phase III Jhubei City Taiwan Agenda: To consider 2023 business report; to consider 2023 audit committee review report; to consider report on the distribution of remuneration for employees and directors for 2023; to consider report on cash dividends of earnings distribution for 2023; to consider 2023 financial statements and business report is submitted for approval; to consider 2023 profit distribution proposal is submitted for approval; to consider amendments to the company¡¦s procedures for acquisition or disposal of assets; to consider release of competition restrictions for newly appointed directors and their representatives; to consider election of the company's 11th board of directors; and to consider other issues. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: NT$4.51 (vs NT$6.09 in 3Q 2022) Third quarter 2023 results: EPS: NT$4.51 (down from NT$6.09 in 3Q 2022). Revenue: NT$4.20b (up 3.3% from 3Q 2022). Net income: NT$540.0m (down 26% from 3Q 2022). Profit margin: 13% (down from 18% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Sep 19
Sitronix Technology Corporation Announces Change of Acting Spokesperson, Effective Date of September 18, 2023 Sitronix Technology Corporation announced change of acting spokesperson. Name, title, and resume of the previous position holder: WY Sun, Technical Director. Name, title, and resume of the new position holder: Tom Huang, Senior manager. Type of the change: position adjustment. Effective date of September 18, 2023. Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: NT$4.93 (vs NT$9.12 in 2Q 2022) Second quarter 2023 results: EPS: NT$4.93 (down from NT$9.12 in 2Q 2022). Revenue: NT$4.41b (down 2.8% from 2Q 2022). Net income: NT$591.3m (down 46% from 2Q 2022). Profit margin: 13% (down from 24% in 2Q 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 19% per year. Upcoming Dividend • Jul 06
Upcoming dividend of NT$22.00 per share at 8.9% yield Eligible shareholders must have bought the stock before 13 July 2023. Payment date: 04 August 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 8.9%. Within top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (3.2%). Annonce • Jun 29
Sitronix Technology Corporation Announces Common Share Cash Dividend, Payable on August 4, 2023 Sitronix Technology Corporation announced common share dividend of from earnings TWD 2,643,011,272 (cash dividend of TWD 22 per share). Ex-rights (ex-dividend) trading date is July 13, 2022. Ex-rights (ex-dividend) record date is July 21, 2023. Payment date of cash dividend distribution is August 4, 2023. Reported Earnings • Mar 28
Full year 2022 earnings released: EPS: NT$30.10 (vs NT$50.03 in FY 2021) Full year 2022 results: EPS: NT$30.10 (down from NT$50.03 in FY 2021). Revenue: NT$18.0b (down 19% from FY 2021). Net income: NT$3.61b (down 40% from FY 2021). Profit margin: 20% (down from 27% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$243, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 13x in the Semiconductor industry in Taiwan. Total returns to shareholders of 114% over the past three years. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$215, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 12x in the Semiconductor industry in Taiwan. Total returns to shareholders of 86% over the past three years. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Jui-Hsiang Lo was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 12
Third quarter 2022 earnings released: EPS: NT$6.09 (vs NT$15.69 in 3Q 2021) Third quarter 2022 results: EPS: NT$6.09 (down from NT$15.69 in 3Q 2021). Revenue: NT$4.07b (down 38% from 3Q 2021). Net income: NT$729.7m (down 61% from 3Q 2021). Profit margin: 18% (down from 29% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 64% 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 17
Sitronix Technology Corporation Appoints Yu-Ting Peng as Financial Officer Sitronix Technology Corporation announced appointment of YU-TING PENG as Financial officer. Effective date is August 16, 2022. Reported Earnings • Aug 13
Second quarter 2022 earnings released: EPS: NT$9.12 (vs NT$13.00 in 2Q 2021) Second quarter 2022 results: EPS: NT$9.12 (down from NT$13.00 in 2Q 2021). Revenue: NT$4.54b (down 18% from 2Q 2021). Net income: NT$1.09b (down 30% from 2Q 2021). Profit margin: 24% (down from 28% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Annonce • Jul 26
Sitronix Technology Corporation SHS to Be Deleted from OTC Equity Sitronix Technology Corporation SHS (Taiwan) will be deleted from OTC Equity effective from July 26, 2022, due to Inactive Security. Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment deteriorated over the past week After last week's 23% share price decline to NT$143, the stock trades at a trailing P/E ratio of 2.6x. Average forward P/E is 9x in the Semiconductor industry in Taiwan. Total returns to shareholders of 35% over the past three years. Upcoming Dividend • Jul 07
Upcoming dividend of NT$32.00 per share Eligible shareholders must have bought the stock before 14 July 2022. Payment date: 05 August 2022. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 17%. Within top quartile of Taiwanese dividend payers (6.8%). Higher than average of industry peers (4.1%). Annonce • Jun 30
Sitronix Technology Corporation Announces Common Share Cash Dividend, Payable on August 5, 2022 Sitronix Technology Corporation announced common share dividend of from earnings TWD 3,844,380,032 (cash dividend of TWD 32 per share). Ex-rights (ex-dividend) trading date is July 14, 2022. Last date before book closure is July 17, 2022. Book closure starting date is July 18, 2022. Book closure ending date is July 22, 2022. Ex-rights (ex-dividend) record date is July 22, 2022. It is proposed that August 5, 2022 will be the cash dividend payment date. Reported Earnings • May 16
First quarter 2022 earnings: EPS misses analyst expectations First quarter 2022 results: EPS: NT$11.82 (up from NT$6.55 in 1Q 2021). Revenue: NT$5.59b (up 38% from 1Q 2021). Net income: NT$1.42b (up 80% from 1Q 2021). Profit margin: 25% (up from 20% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.2%. Over the next year, revenue is forecast to grow 7.7%, compared to a 23% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target decreased to NT$350 Down from NT$450, the current price target is an average from 2 analysts. New target price is 42% above last closing price of NT$247. Stock is down 24% over the past year. The company is forecast to post earnings per share of NT$56.64 for next year compared to NT$50.03 last year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 5 highly experienced directors. 2 independent directors (6 non-independent directors). Independent Director Yu-Nu Lin was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$15.69 (vs NT$2.63 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$6.59b (up 69% from 3Q 2020). Net income: NT$1.88b (up 497% from 3Q 2020). Profit margin: 29% (up from 8.1% 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 54% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS NT$13.00 (vs NT$2.43 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$5.53b (up 109% from 2Q 2020). Net income: NT$1.56b (up 435% from 2Q 2020). Profit margin: 28% (up from 11% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Jul 31
Consensus EPS estimates increase to NT$45.63 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from NT$20.9b to NT$21.2b. EPS estimate increased from NT$40.13 to NT$45.63 per share. Net income forecast to grow 193% next year vs 40% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$380 to NT$450. Share price rose 15% to NT$384 over the past week. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment improved over the past week After last week's 21% share price gain to NT$367, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 18x in the Semiconductor industry in Taiwan. Total returns to shareholders of 323% over the past three years. Upcoming Dividend • Jul 08
Upcoming dividend of NT$7.50 per share Eligible shareholders must have bought the stock before 15 July 2021. Payment date: 06 August 2021. Trailing yield: 2.4%. Lower than top quartile of Taiwanese dividend payers (5.0%). In line with average of industry peers (2.2%). Major Estimate Revision • Jul 02
Consensus EPS estimates increase to NT$40.13 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from NT$19.6b to NT$20.9b. EPS estimate increased from NT$35.06 to NT$40.13 per share. Net income forecast to grow 125% next year vs 33% growth forecast for Semiconductor industry in Taiwan. Consensus price target of NT$380 unchanged from last update. Share price rose 6.1% to NT$303 over the past week. Price Target Changed • May 23
Price target increased to NT$380 Up from NT$280, the current price target is provided by 1 analyst. New target price is 58% above last closing price of NT$240. Stock is up 68% over the past year. Reported Earnings • May 13
First quarter 2021 earnings released: EPS NT$6.55 (vs NT$2.43 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$4.04b (up 29% from 1Q 2020). Net income: NT$786.6m (up 170% from 1Q 2020). Profit margin: 20% (up from 9.3% 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 24% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 10
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$262, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 17x in the Semiconductor industry in Taiwan. Total returns to shareholders of 229% over the past three years. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improved over the past week After last week's 22% share price gain to NT$277, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 19x in the Semiconductor industry in Taiwan. Total returns to shareholders of 255% over the past three years. Major Estimate Revision • Mar 25
Consensus revenue estimates increase to NT$16.7b The consensus outlook for revenues in 2021 has improved. 2021 revenue forecast increased from NT$15.1b to NT$16.7b. EPS estimate increased from NT$11.22 to NT$17.08 per share. Net income forecast to grow 48% next year vs 31% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$180 to NT$280. Share price was steady at NT$236 over the past week. Annonce • Mar 19
Sitronix Technology Corporation, Annual General Meeting, Jun 23, 2021 Sitronix Technology Corporation, Annual General Meeting, Jun 23, 2021. Location: 2F., No. 3, Taiyuan 1st Street, Jhubei City (Multi-functional Conference Room, Tai Yuen Hi-Tech Industrial Park Phase III) Hsinchu County Taiwan Agenda: To consider 2020 Business Report; to consider 2020 Audit Committees Review Report; to consider the report on the distribution of remuneration for employees and directors for 2020; to consider the report on cash dividends of earnings distribution for 2020; to consider the cause for convening the meeting; to consider 2020 Financial Statements and Business Report is submitted for approval; to consider 2020 Profit Distribution Proposal is submitted for approval; to consider the amendments to the company’s Procedures for Making Outward Loans to Others; to consider the release of competition restrictions for newly appointed directors and their representatives; and to consider the election of the company's tenth board of directors. Reported Earnings • Mar 19
Full year 2020 earnings released: EPS NT$11.53 (vs NT$10.27 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: NT$13.8b (flat on FY 2019). Net income: NT$1.38b (up 13% from FY 2019). Profit margin: 10.0% (up from 8.9% in FY 2019). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improved over the past week After last week's 17% share price gain to NT$223, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 188% over the past three years. Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment improved over the past week After last week's 22% share price gain to NT$213, the stock is trading at a trailing P/E ratio of 21.2x, up from the previous P/E ratio of 17.3x. This compares to an average P/E of 27x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past three years are 189%. Is New 90 Day High Low • Feb 25
New 90-day high: NT$193 The company is up 37% from its price of NT$141 on 27 November 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 29% over the same period. Is New 90 Day High Low • Jan 13
New 90-day high: NT$171 The company is up 32% from its price of NT$129 on 15 October 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 29% over the same period. Is New 90 Day High Low • Dec 28
New 90-day high: NT$164 The company is up 27% from its price of NT$129 on 29 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 22% over the same period. Is New 90 Day High Low • Dec 11
New 90-day high: NT$145 The company is up 3.0% from its price of NT$141 on 11 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 21% over the same period. Analyst Estimate Surprise Post Earnings • Nov 13
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) also surpassed analyst estimates by 5.2%. Over the next year, revenue is forecast to grow 3.9%, compared to a 13% growth forecast for the Semiconductor industry in Taiwan. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS NT$2.63 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$3.89b (down 2.8% from 3Q 2019). Net income: NT$315.6m (down 18% from 3Q 2019). Profit margin: 8.1% (down from 9.7% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 18% per year. Is New 90 Day High Low • Oct 30
New 90-day low: NT$126 The company is down 16% from its price of NT$150 on 31 July 2020. The Taiwanese market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 2.0% over the same period. Price Target Changed • Oct 23
Price target raised to NT$180 Up from NT$155, the current price target is provided by 1 analyst. The new target price is 38% above the current share price of NT$131. As of last close, the stock is down 29% over the past year. Is New 90 Day High Low • Sep 24
New 90-day low: NT$130 The company is down 16% from its price of NT$155 on 24 June 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 26% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$123 per share.