Major Estimate Revision • May 12
Consensus revenue estimates increase by 27% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from NT$464.3b to NT$588.8b. EPS estimate increased from NT$5.90 to NT$8.18 per share. Net income forecast to grow 47% next year vs 46% growth forecast for Electronic industry in Taiwan. Consensus price target up from NT$82.50 to NT$103. Share price rose 3.4% to NT$85.00 over the past week. Reported Earnings • May 06
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: EPS: NT$1.00. Revenue: NT$126.4b (up 38% from 1Q 2025). Net income: NT$2.95b (up 62% from 1Q 2025). Profit margin: 2.3% (up from 2.0% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 17%. Earnings per share (EPS) missed analyst estimates by 22%. Revenue is forecast to grow 5.4% p.a. on average during the next 2 years, compared to a 23% growth forecast for the Electronic industry in Taiwan. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$80.00, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 51% over the past three years. Price Target Changed • Mar 17
Price target increased by 12% to NT$77.67 Up from NT$69.33, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of NT$78.60. Stock is up 5.4% over the past year. The company is forecast to post earnings per share of NT$5.90 for next year compared to NT$5.08 last year. Major Estimate Revision • Mar 17
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from NT$5.30 to NT$5.90. Revenue forecast unchanged at NT$464.3b. Net income forecast to grow 16% next year vs 24% growth forecast for Electronic industry in Taiwan. Consensus price target up from NT$69.33 to NT$77.67. Share price rose 14% to NT$78.60 over the past week. Annonce • Mar 11
Synnex Technology International Corporation, Annual General Meeting, May 29, 2026 Synnex Technology International Corporation, Annual General Meeting, May 29, 2026, at 09:00 Taipei Standard Time. Location: 1 floor no,209, sec.1 nan kang rd., taipei city Taiwan Reported Earnings • Mar 11
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: NT$5.08 (down from NT$5.52 in FY 2024). Revenue: NT$411.2b (down 3.5% from FY 2024). Net income: NT$8.47b (down 8.1% from FY 2024). Profit margin: 2.1% (in line with FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 5.5% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • Nov 12
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2025 results: EPS: NT$1.54 (up from NT$1.35 in 3Q 2024). Revenue: NT$100.2b (down 7.9% from 3Q 2024). Net income: NT$2.56b (up 14% from 3Q 2024). Profit margin: 2.6% (up from 2.1% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) exceeded analyst estimates by 21%. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Major Estimate Revision • Aug 14
Consensus EPS estimates fall by 22% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$437.3b to NT$400.8b. EPS estimate also fell from NT$5.86 per share to NT$4.59 per share. Net income forecast to grow 3.9% next year vs 18% growth forecast for Electronic industry in Taiwan. Consensus price target of NT$70.00 unchanged from last update. Share price fell 11% to NT$59.60 over the past week. Price Target Changed • Aug 11
Price target decreased by 7.2% to NT$77.50 Down from NT$83.50, the current price target is an average from 2 analysts. New target price is 28% above last closing price of NT$60.70. Stock is down 15% over the past year. The company is forecast to post earnings per share of NT$4.67 for next year compared to NT$5.52 last year. Reported Earnings • Aug 09
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: NT$0.79 (down from NT$1.10 in 2Q 2024). Revenue: NT$93.3b (down 6.9% from 2Q 2024). Net income: NT$1.31b (down 28% from 2Q 2024). Profit margin: 1.4% (down from 1.8% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 10%. Earnings per share (EPS) also missed analyst estimates by 41%. Revenue is forecast to grow 9.8% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 16
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 23 June 2025. Payment date: 18 July 2025. Payout ratio and cash payout ratio are on the higher end at 75% and 83% respectively. Trailing yield: 5.5%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (3.3%). Declared Dividend • May 19
Dividend increased to NT$4.00 Dividend of NT$4.00 is 33% higher than last year. Ex-date: 23rd June 2025 Payment date: 18th July 2025 Dividend yield will be 5.6%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (75% earnings payout ratio) and cash flows (83% cash payout ratio). The dividend has increased by an average of 4.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 13% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 07
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: NT$1.10 (down from NT$1.32 in 1Q 2024). Revenue: NT$91.4b (down 12% from 1Q 2024). Net income: NT$1.83b (down 17% from 1Q 2024). Profit margin: 2.0% (down from 2.1% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.9%. Earnings per share (EPS) also missed analyst estimates by 17%. Revenue is forecast to grow 8.0% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. 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$62.10, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Electronic industry in Taiwan. Total loss to shareholders of 4.1% over the past three years. Annonce • Mar 14
Synnex Technology International Corporation, Annual General Meeting, May 29, 2025 Synnex Technology International Corporation, Annual General Meeting, May 29, 2025, at 09:00 Taipei Standard Time. Location: 1 floor no,209, sec.1 nan kang rd., taipei city Taiwan Reported Earnings • Mar 14
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: NT$5.52 (up from NT$4.37 in FY 2023). Revenue: NT$426.0b (up 7.6% from FY 2023). Net income: NT$9.21b (up 26% from FY 2023). Profit margin: 2.2% (up from 1.8% in FY 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 5.8%. 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. Annonce • Mar 13
Synnex Technology International Corporation Proposes Cash Dividend for the Year Ended December 31, 2024 Synnex Technology International Corporation proposed cash dividend of TWD 4.0 per share for the year ended December 31, 2024. Total amount of cash distributed to shareholders: TWD 6,671,787,872. Annonce • Mar 05
Synnex Technology International Corporation to Report Q4, 2024 Results on Mar 12, 2025 Synnex Technology International Corporation announced that they will report Q4, 2024 results on Mar 12, 2025 Buy Or Sell Opportunity • Dec 09
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 7.2% to NT$75.70. The fair value is estimated to be NT$62.97, however this is not to be taken as a sell 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%. Revenue is forecast to grow by 8.0% in a year. Earnings are forecast to grow by 15% in the next year. Buy Or Sell Opportunity • Nov 19
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 6.6% to NT$76.00. The fair value is estimated to be NT$63.18, however this is not to be taken as a sell 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%. Revenue is forecast to grow by 8.0% in a year. Earnings are forecast to grow by 15% in the next year. Reported Earnings • Nov 06
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: EPS: NT$1.35 (up from NT$1.02 in 3Q 2023). Revenue: NT$108.8b (up 11% from 3Q 2023). Net income: NT$2.26b (up 33% from 3Q 2023). Profit margin: 2.1% (up from 1.7% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) exceeded analyst estimates by 4.7%. Revenue is forecast to grow 8.8% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Annonce • Oct 26
Synnex Technology International Corporation to Report Q3, 2024 Results on Nov 04, 2024 Synnex Technology International Corporation announced that they will report Q3, 2024 results on Nov 04, 2024 Reported Earnings • Aug 09
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: NT$1.09 (up from NT$1.02 in 2Q 2023). Revenue: NT$100.2b (up 5.5% from 2Q 2023). Net income: NT$1.83b (up 7.5% from 2Q 2023). Profit margin: 1.8% (in line with 2Q 2023). Revenue missed analyst estimates by 6.8%. Earnings per share (EPS) also missed analyst estimates by 14%. Revenue is forecast to grow 7.9% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Annonce • Aug 02
Synnex Technology International Corporation to Report Q2, 2024 Results on Aug 08, 2024 Synnex Technology International Corporation announced that they will report Q2, 2024 results on Aug 08, 2024 Board Change • Aug 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. Independent Director Hui-Min Chung was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$73.00, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 71% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$55.62 per share. Upcoming Dividend • Jun 17
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 24 June 2024. Payment date: 19 July 2024. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.7%). Reported Earnings • May 11
First quarter 2024 earnings: Revenues and EPS in line with analyst expectations First quarter 2024 results: EPS: NT$1.32 (up from NT$1.04 in 1Q 2023). Revenue: NT$103.8b (up 17% from 1Q 2023). Net income: NT$2.20b (up 27% from 1Q 2023). Profit margin: 2.1% (up from 2.0% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 6.9% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Price Target Changed • Mar 20
Price target increased by 11% to NT$73.37 Up from NT$66.00, the current price target is an average from 3 analysts. New target price is 6.2% below last closing price of NT$78.20. Stock is up 27% over the past year. The company is forecast to post earnings per share of NT$5.03 for next year compared to NT$4.37 last year. Reported Earnings • Mar 16
Full year 2023 earnings: EPS in line with analyst expectations despite revenue beat Full year 2023 results: EPS: NT$4.37 (down from NT$9.44 in FY 2022). Revenue: NT$396.0b (down 6.7% from FY 2022). Net income: NT$7.29b (down 54% from FY 2022). Profit margin: 1.8% (down from 3.7% in FY 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 6.0% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Annonce • Mar 15
Synnex Technology International Corporation, Annual General Meeting, May 31, 2024 Synnex Technology International Corporation, Annual General Meeting, May 31, 2024. Annonce • Mar 14
Synnex Technology International Corporation Proposes Cash Dividend for the Year Ended December 31, 2023 Synnex Technology International Corporation proposed cash dividends to shareholders of TWD 3.0 per share for the year ended December 31, 2023. Total amount of cash distributed to shareholders: TWD 5,003,840,904. Date of the board of directors resolution: March 13, 2024. Price Target Changed • Jan 23
Price target increased by 13% to NT$66.00 Up from NT$58.50, the current price target is an average from 2 analysts. New target price is 7.8% below last closing price of NT$71.60. Stock is up 19% over the past year. The company is forecast to post earnings per share of NT$4.38 for next year compared to NT$9.44 last year. Annonce • Dec 08
Synnex Technology International Ordinary Shares to Be Deleted from OTC Equity Synnex Technology International Corporation Ordinary Shares (Taiwan) will be deleted from OTC Equity effective December 07, 2023, due to Inactive Security. New Risk • Nov 15
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.9% Last year net profit margin: 3.7% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks High level of debt (42% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (1.9% net profit margin). Price Target Changed • Nov 13
Price target increased by 12% to NT$61.50 Up from NT$55.00, the current price target is an average from 2 analysts. New target price is 5.8% below last closing price of NT$65.30. Stock is up 16% over the past year. The company is forecast to post earnings per share of NT$4.33 for next year compared to NT$9.44 last year. New Risk • Aug 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 13% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 13% per year for the foreseeable future. Minor Risks High level of debt (56% net debt to equity). 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 • Aug 08
Second quarter 2023 earnings released: EPS: NT$1.02 (vs NT$1.43 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.02 (down from NT$1.43 in 2Q 2022). Revenue: NT$94.9b (down 8.1% from 2Q 2022). Net income: NT$1.70b (down 29% from 2Q 2022). Profit margin: 1.8% (down from 2.3% in 2Q 2022). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 31
Upcoming dividend of NT$3.50 per share at 5.5% yield Eligible shareholders must have bought the stock before 07 June 2023. Payment date: 06 July 2023. Payout ratio is a comfortable 39% but the company is paying out more than the cash it is generating. Trailing yield: 5.5%. Lower than top quartile of Taiwanese dividend payers (5.6%). Higher than average of industry peers (4.4%). Reported Earnings • May 10
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: NT$1.04 (down from NT$1.53 in 1Q 2022). Revenue: NT$88.6b (down 12% from 1Q 2022). Net income: NT$1.73b (down 32% from 1Q 2022). Profit margin: 2.0% (down from 2.5% in 1Q 2022). Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) also missed analyst estimates by 2.8%. Revenue is forecast to grow 5.1% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Electronic industry in Taiwan. 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 15% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Mar 15
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$440.4b to NT$430.7b. EPS estimate also fell from NT$5.82 per share to NT$5.15 per share. Net income forecast to shrink 45% next year vs 3.5% growth forecast for Electronic industry in Taiwan . Consensus price target down from NT$57.00 to NT$54.00. Share price fell 5.0% to NT$61.10 over the past week. Reported Earnings • Mar 10
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: NT$9.44 (down from NT$10.36 in FY 2021). Revenue: NT$424.6b (up 3.8% from FY 2021). Net income: NT$15.7b (down 8.8% from FY 2021). Profit margin: 3.7% (down from 4.2% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.4%. Revenue is forecast to grow 4.6% p.a. on average during the next 2 years, compared to a 6.1% growth forecast for the Electronic 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 22% per year, which means it is significantly lagging earnings growth. Price Target Changed • Feb 23
Price target decreased by 8.1% to NT$57.00 Down from NT$62.00, the current price target is provided by 1 analyst. New target price is 10% below last closing price of NT$63.60. Stock is down 12% over the past year. The company is forecast to post earnings per share of NT$9.31 for next year compared to NT$10.35 last year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Chien-Shen Hsuan 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 05
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: NT$5.01 (up from NT$5.01 in 3Q 2021). Revenue: NT$108.8b (up 7.1% from 3Q 2021). Net income: NT$8.36b (flat on 3Q 2021). Profit margin: 7.7% (down from 8.2% in 3Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 11
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from NT$438.4b to NT$424.3b. EPS estimate rose from NT$6.74 to NT$9.73. Net income forecast to shrink 16% next year vs 7.7% growth forecast for Electronic industry in Taiwan . Consensus price target down from NT$79.50 to NT$68.50. Share price was steady at NT$55.00 over the past week. Price Target Changed • Aug 09
Price target decreased to NT$68.50 Down from NT$74.50, the current price target is provided by 1 analyst. New target price is 24% above last closing price of NT$55.20. Stock is up 4.7% over the past year. The company is forecast to post earnings per share of NT$9.73 for next year compared to NT$10.35 last year. Reported Earnings • Aug 07
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: NT$1.43 (down from NT$2.00 in 2Q 2021). Revenue: NT$103.4b (up 7.0% from 2Q 2021). Net income: NT$2.38b (down 29% from 2Q 2021). Profit margin: 2.3% (down from 3.5% in 2Q 2021). Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) also missed analyst estimates by 9.5%. Over the next year, revenue is forecast to grow 6.5%, compared to a 8.7% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$58.50, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 11x in the Electronic industry in Taiwan. Total returns to shareholders of 95% over the past three years. Upcoming Dividend • Jun 02
Upcoming dividend of NT$5.00 per share Eligible shareholders must have bought the stock before 09 June 2022. Payment date: 06 July 2022. Payout ratio is a comfortable 48% but the company is not cash flow positive. Trailing yield: 7.2%. Within top quartile of Taiwanese dividend payers (6.0%). Higher than average of industry peers (4.2%). Reported Earnings • May 06
First quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat First quarter 2022 results: EPS: NT$1.53 (up from NT$1.52 in 1Q 2021). Revenue: NT$100.9b (up 16% from 1Q 2021). Net income: NT$2.54b (flat on 1Q 2021). Profit margin: 2.5% (down from 2.9% in 1Q 2021). Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 6.3%, compared to a 10% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Chien-Shen Hsuan 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 • Mar 09
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: NT$10.35 (up from NT$4.89 in FY 2020). Revenue: NT$408.8b (up 22% from FY 2020). Net income: NT$17.3b (up 112% from FY 2020). Profit margin: 4.2% (up from 2.4% 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 2.2%. Over the next year, revenue is forecast to grow 7.2%, compared to a 9.0% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Price Target Changed • Feb 20
Price target increased to NT$74.50 Up from NT$68.00, the current price target is provided by 1 analyst. New target price is 6.9% above last closing price of NT$69.70. Stock is up 46% over the past year. The company is forecast to post earnings per share of NT$10.13 for next year compared to NT$4.89 last year. Price Target Changed • Nov 24
Price target increased to NT$72.00 Up from NT$66.00, the current price target is an average from 2 analysts. New target price is 23% above last closing price of NT$58.70. Stock is up 35% over the past year. The company is forecast to post earnings per share of NT$10.01 for next year compared to NT$4.89 last year. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$5.00 (vs NT$1.26 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$101.6b (up 13% from 3Q 2020). Net income: NT$8.35b (up 298% from 3Q 2020). Profit margin: 8.2% (up from 2.3% 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 27% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS NT$2.00 (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$96.6b (up 27% from 2Q 2020). Net income: NT$3.34b (up 87% from 2Q 2020). Profit margin: 3.5% (up from 2.3% 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 12% per year whereas the company’s share price has increased by 8% per year. Price Target Changed • Jun 11
Price target increased to NT$67.50 Up from NT$60.17, the current price target is provided by 1 analyst. New target price is 26% above last closing price of NT$53.70. Stock is up 17% over the past year. Upcoming Dividend • Jun 01
Upcoming dividend of NT$3.30 per share Eligible shareholders must have bought the stock before 08 June 2021. Payment date: 06 July 2021. Trailing yield: 5.5%. Within top quartile of Taiwanese dividend payers (5.1%). Higher than average of industry peers (3.1%). Major Estimate Revision • May 18
Consensus EPS estimates increase to NT$6.04 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from NT$373.7b to NT$392.6b. EPS estimate increased from NT$5.46 to NT$6.04 per share. Net income forecast to grow 16% next year vs 21% growth forecast for Electronic industry in Taiwan. Consensus price target broadly unchanged at NT$61.17. Share price rose 3.7% to NT$58.20 over the past week. Reported Earnings • May 13
First quarter 2021 earnings released: EPS NT$1.52 (vs NT$1.08 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$86.7b (up 26% from 1Q 2020). Net income: NT$2.54b (up 41% from 1Q 2020). Profit margin: 2.9% (up from 2.6% 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 6% per year and the company’s share price has also increased by 6% per year. Price Target Changed • Mar 17
Price target increased to NT$57.75 Up from NT$50.88, the current price target is provided by 1 analyst. New target price is 5.2% above last closing price of NT$54.90. Stock is up 59% over the past year. Reported Earnings • Mar 16
Full year 2020 earnings released: EPS NT$4.89 (vs NT$4.09 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: NT$334.2b (down 1.7% from FY 2019). Net income: NT$8.16b (up 20% from FY 2019). Profit margin: 2.4% (up from 2.0% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 8% per year. Is New 90 Day High Low • Feb 22
New 90-day high: NT$47.85 The company is up 10.0% from its price of NT$43.50 on 24 November 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 23% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$44.51 per share. Is New 90 Day High Low • Jan 05
New 90-day high: NT$47.70 The company is up 18% from its price of NT$40.50 on 07 October 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electronic industry, which is up 20% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$45.00 per share. Is New 90 Day High Low • Dec 16
New 90-day high: NT$45.80 The company is up 8.0% from its price of NT$42.35 on 17 September 2020. The Taiwanese market is also up 8.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Electronic industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$50.68 per share. Is New 90 Day High Low • Nov 27
New 90-day high: NT$44.95 The company is up 2.0% from its price of NT$44.25 on 28 August 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic 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$43.92 per share. Analyst Estimate Surprise Post Earnings • Nov 18
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 0.8%. Earnings per share (EPS) also surpassed analyst estimates by 2.0%. Over the next year, revenue is forecast to grow 5.4%, compared to a 11% growth forecast for the Electronic industry in Taiwan. Reported Earnings • Nov 18
Third quarter 2020 earnings released: EPS NT$1.26 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$89.6b (up 2.5% from 3Q 2019). Net income: NT$2.10b (up 29% from 3Q 2019). Profit margin: 2.3% (up from 1.9% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 4% per year and the company’s share price has also increased by 4% per year. Reported Earnings • Nov 11
Third quarter 2020 earnings released: EPS NT$1.26 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$89.6b (up 2.5% from 3Q 2019). Net income: NT$2.10b (up 29% from 3Q 2019). Profit margin: 2.3% (up from 1.9% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 5% per year. Analyst Estimate Surprise Post Earnings • Nov 11
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 0.8%. Earnings per share (EPS) also surpassed analyst estimates by 2.0%. Over the next year, revenue is forecast to grow 4.0%, compared to a 11% growth forecast for the Electronic industry in Taiwan.