Declared Dividend • Jul 08
Dividend reduced to NT$0.30 Dividend of NT$0.30 is 52% lower than last year. Ex-date: 21st July 2026 Payment date: 17th August 2026 Dividend yield will be 1.1%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Reported Earnings • May 09
First quarter 2026 earnings released: NT$0.64 loss per share (vs NT$0.15 profit in 1Q 2025) First quarter 2026 results: NT$0.64 loss per share (down from NT$0.15 profit in 1Q 2025). Revenue: NT$4.55b (flat on 1Q 2025). Net loss: NT$204.3m (down NT$252.9m from profit in 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. New Risk • Mar 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 8.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (3.9% operating cash flow to total debt). Earnings have declined by 32% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.1% average weekly change). Annonce • Feb 25
BenQ Materials Corporation, Annual General Meeting, May 27, 2026 BenQ Materials Corporation, Annual General Meeting, May 27, 2026. Location: no,398, t`ao ying rd., taoyuan district, taoyuan city Taiwan Reported Earnings • Feb 25
Full year 2025 earnings released: NT$1.14 loss per share (vs NT$0.62 profit in FY 2024) Full year 2025 results: NT$1.14 loss per share (down from NT$0.62 profit in FY 2024). Revenue: NT$17.8b (down 4.0% from FY 2024). Net loss: NT$364.5m (down 283% from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. New Risk • Nov 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 493% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.08x net interest cover). Dividend is not well covered by earnings and cash flows. Dividend per share is over 28x earnings per share. Paying a dividend despite having no free cash flows. Earnings have declined by 21% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.04% net profit margin). Reported Earnings • Oct 31
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: NT$0.28 loss per share (down from NT$0.14 profit in 3Q 2024). Revenue: NT$4.52b (flat on 3Q 2024). Net loss: NT$88.3m (down 299% from profit in 3Q 2024). Revenue missed analyst estimates by 10%. Earnings per share (EPS) were also behind analyst expectations. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. New Risk • Aug 04
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 59% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.9x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 142% Paying a dividend despite having no free cash flows. Earnings have declined by 12% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.8% net profit margin). Reported Earnings • Aug 03
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: NT$0.006 (down from NT$0.23 in 2Q 2024). Revenue: NT$4.42b (down 3.7% from 2Q 2024). Net income: NT$2.05m (down 97% from 2Q 2024). Profit margin: 0% (down from 1.6% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 7.5%. Earnings per share (EPS) also missed analyst estimates by 96%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. Declared Dividend • Jul 04
Dividend reduced to NT$0.62 Dividend of NT$0.62 is 48% lower than last year. Ex-date: 17th July 2025 Payment date: 15th August 2025 Dividend yield will be 2.7%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is not adequately covered by earnings (94% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 4.5% to bring the payout ratio under control. However, EPS has remained steady over the last 5 years so the company would need to improve on their historical growth rates. Price Target Changed • Jun 16
Price target decreased by 31% to NT$25.00 Down from NT$36.00, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of NT$24.10. Stock is down 27% over the past year. The company is forecast to post earnings per share of NT$1.09 for next year compared to NT$0.62 last year. Reported Earnings • May 01
First quarter 2025 earnings: EPS misses analyst expectations First quarter 2025 results: EPS: NT$0.15 (up from NT$0.11 in 1Q 2024). Revenue: NT$4.58b (flat on 1Q 2024). Net income: NT$48.6m (up 34% from 1Q 2024). Profit margin: 1.1% (up from 0.8% in 1Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 40%. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Annonce • Apr 23
BenQ Materials Corporation to Report Q1, 2025 Results on Apr 30, 2025 BenQ Materials Corporation announced that they will report Q1, 2025 results on Apr 30, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$21.10, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 13x in the Electronic industry in Taiwan. Total loss to shareholders of 28% over the past three years. Major Estimate Revision • Feb 27
Consensus EPS estimates fall by 13%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from NT$19.4b to NT$20.4b. EPS estimate fell from NT$1.56 to NT$1.35 per share. Net income forecast to grow 101% next year vs 23% growth forecast for Electronic industry in Taiwan. Consensus price target down from NT$36.00 to NT$34.00. Share price fell 3.0% to NT$29.10 over the past week. Annonce • Feb 25
BenQ Materials Corporation, Annual General Meeting, May 28, 2025 BenQ Materials Corporation, Annual General Meeting, May 28, 2025. Location: no,398, t`ao ying rd., taoyuan district, taoyuan city Taiwan Annonce • Feb 15
BenQ Materials Corporation to Report Q4, 2024 Results on Feb 24, 2025 BenQ Materials Corporation announced that they will report Q4, 2024 results on Feb 24, 2025 Annonce • Jan 25
BenQ Materials Corporation Announces the Change of Juristic-Person Director BenQ Materials Corporation announced the change of juristic-person director. Name of legal person: BenQ Corporation; Name of the previous position holder: Conway Lee; Resume of the previous position holder: President of Wellell Inc. Name of the new position holder: Michael Tseng; Resume of the new position holder: Chairman of BenQ Corporation. Reason for the change: Assigned a new representative to serve as a juristic-person director. Original term: June 16, 2022 to June 15, 2025. Effective date of the new appointment: January 24, 2025. Major Estimate Revision • Nov 11
Consensus EPS estimates fall by 55%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from NT$18.1b to NT$18.3b. EPS estimate fell from NT$1.54 to NT$0.69 per share. Net income forecast to grow 187% next year vs 25% growth forecast for Electronic industry in Taiwan. Consensus price target broadly unchanged at NT$35.00. Share price rose 6.1% to NT$34.15 over the past week. Reported Earnings • Nov 05
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: EPS: NT$0.14 (down from NT$0.58 in 3Q 2023). Revenue: NT$4.49b (down 2.5% from 3Q 2023). Net income: NT$44.5m (down 76% from 3Q 2023). Profit margin: 1.0% (down from 4.1% in 3Q 2023). Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) missed analyst estimates by 39%. Revenue is forecast to grow 9.3% 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 38% 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 • Oct 24
BenQ Materials Corporation to Report Q3, 2024 Results on Oct 31, 2024 BenQ Materials Corporation announced that they will report Q3, 2024 results on Oct 31, 2024 Major Estimate Revision • Aug 09
Consensus EPS estimates fall by 18% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from NT$0.99 to NT$0.81 per share. Revenue forecast steady at NT$18.1b. Net income forecast to grow 55% next year vs 25% growth forecast for Electronic industry in Taiwan. Consensus price target of NT$34.50 unchanged from last update. Share price fell 8.3% to NT$28.55 over the past week. Reported Earnings • Aug 03
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: NT$0.23 (down from NT$0.45 in 2Q 2023). Revenue: NT$4.59b (down 1.0% from 2Q 2023). Net income: NT$73.7m (down 49% from 2Q 2023). Profit margin: 1.6% (down from 3.1% in 2Q 2023). Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 2.2%. Revenue is forecast to grow 10% 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 only fallen by 8% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Aug 01
Now 21% overvalued Over the last 90 days, the stock has fallen 5.8% to NT$32.40. The fair value is estimated to be NT$26.81, 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 8.8%. Revenue is forecast to grow by 5.8% in a year. Earnings are forecast to grow by 18% in the next year. Annonce • Jul 25
BenQ Materials Corporation to Report Q2, 2024 Results on Aug 01, 2024 BenQ Materials Corporation announced that they will report Q2, 2024 results on Aug 01, 2024 Major Estimate Revision • Jul 24
Consensus EPS estimates fall by 22% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from NT$1.27 to NT$0.99 per share. Revenue forecast steady at NT$18.0b. Net income forecast to grow 18% next year vs 22% growth forecast for Electronic industry in Taiwan. Consensus price target of NT$34.50 unchanged from last update. Share price fell 6.9% to NT$32.60 over the past week. Declared Dividend • Jul 05
Dividend reduced to NT$1.20 Dividend of NT$1.20 is 40% lower than last year. Ex-date: 18th July 2024 Payment date: 15th August 2024 Dividend yield will be 3.5%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is not adequately covered by earnings (96% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 6.7% to bring the payout ratio under control. EPS is expected to grow by 56% over the next year, which is sufficient to bring the dividend into a sustainable range. Annonce • May 31
BenQ Materials Corporation Approves Cash Dividend for the Year 2023 BenQ Materials Corporation at its AGM held on May 30, 2023 approved cash dividend is TWD 1.2 per share for the year 2023. Major Estimate Revision • May 13
Consensus EPS estimates fall by 31% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from NT$1.83 to NT$1.27 per share. Revenue forecast steady at NT$17.9b. Net income forecast to grow 35% next year vs 33% growth forecast for Electronic industry in Taiwan. Consensus price target down from NT$40.50 to NT$34.50. Share price fell 4.4% to NT$32.55 over the past week. Price Target Changed • May 09
Price target decreased by 15% to NT$34.50 Down from NT$40.50, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of NT$33.25. The company is forecast to post earnings per share of NT$1.27 for next year compared to NT$1.29 last year. Reported Earnings • May 07
First quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2024 results: EPS: NT$0.11 (down from NT$0.15 in 1Q 2023). Revenue: NT$4.59b (up 13% from 1Q 2023). Net income: NT$36.4m (down 27% from 1Q 2023). Profit margin: 0.8% (down from 1.2% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 19%. Earnings per share (EPS) missed analyst estimates by 8.3%. Revenue is forecast to grow 8.6% 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 9% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Annonce • Apr 28
BenQ Materials Corporation to Report Q1, 2024 Results on May 06, 2024 BenQ Materials Corporation announced that they will report Q1, 2024 results on May 06, 2024 Major Estimate Revision • Mar 19
Consensus EPS estimates fall by 20% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from NT$2.29 to NT$1.83 per share. Revenue forecast steady at NT$17.9b. Net income forecast to grow 42% next year vs 33% growth forecast for Electronic industry in Taiwan. Consensus price target of NT$40.50 unchanged from last update. Share price was steady at NT$33.75 over the past week. Buy Or Sell Opportunity • Feb 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.4% to NT$34.35. The fair value is estimated to be NT$43.26, 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 grown by 6.7%. Revenue is forecast to grow by 5.0% in a year. Earnings are forecast to grow by 78% in the next year. Reported Earnings • Feb 26
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: NT$1.29 (down from NT$4.04 in FY 2022). Revenue: NT$17.1b (up 10% from FY 2022). Net income: NT$414.4m (down 68% from FY 2022). Profit margin: 2.4% (down from 8.3% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.5%. Earnings per share (EPS) also missed analyst estimates by 24%. Revenue is forecast to grow 9.6% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 5% per year. Price Target Changed • Nov 06
Price target decreased by 11% to NT$41.65 Down from NT$47.00, the current price target is an average from 2 analysts. New target price is 18% above last closing price of NT$35.20. Stock is up 13% over the past year. The company is forecast to post earnings per share of NT$1.60 for next year compared to NT$4.04 last year. Reported Earnings • Nov 03
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: NT$0.58 (down from NT$1.67 in 3Q 2022). Revenue: NT$4.60b (up 26% from 3Q 2022). Net income: NT$186.8m (down 65% from 3Q 2022). Profit margin: 4.1% (down from 15% in 3Q 2022). Revenue missed analyst estimates by 2.9%. Earnings per share (EPS) exceeded analyst estimates by 8.1%. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 8.7% 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 15% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 23
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$18.6b to NT$18.4b. EPS estimate also fell from NT$1.94 per share to NT$1.72 per share. Net income forecast to shrink 25% next year vs 5.2% growth forecast for Electronic industry in Taiwan . Consensus price target down from NT$47.00 to NT$45.50. Share price was steady at NT$35.45 over the past week. Major Estimate Revision • Aug 12
Consensus EPS estimates fall by 27% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from NT$2.65 to NT$1.94 per share. Revenue forecast steady at NT$18.6b. Net income forecast to shrink 11% next year vs 0.9% decline forecast for Electronic industry in Taiwan. Consensus price target up from NT$45.00 to NT$47.00. Share price fell 5.3% to NT$36.70 over the past week. New Risk • Aug 04
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 13% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Reported Earnings • Aug 03
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: EPS: NT$0.45 (down from NT$0.82 in 2Q 2022). Revenue: NT$4.64b (up 13% from 2Q 2022). Net income: NT$143.8m (down 45% from 2Q 2022). Profit margin: 3.1% (down from 6.4% in 2Q 2022). Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) missed analyst estimates by 31%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 7.8% growth forecast for the Electronic 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 33% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 11
Upcoming dividend of NT$2.00 per share at 4.8% yield Eligible shareholders must have bought the stock before 18 July 2023. Payment date: 15 August 2023. Payout ratio is a comfortable 61% but the company is not cash flow positive. Trailing yield: 4.8%. Lower than top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (4.3%). New Risk • Jul 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 6.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.0% average weekly change). Large one-off items impacting financial results. Annonce • Jul 04
BenQ Materials Corporation Announces Dividend, Payment Date of Cash Dividend Distribution of August 15, 2023 BenQ Materials Corporation announced dividend. Type and monetary amount of dividend distribution: Cash dividends TWD 641,349,028 (TWD 2 per share) of common stock. Ex-rights (ex-dividend) trading date: 2023/07/18, Last date before book closure: July 19, 2023, Book closure starting date: July 20, 2023, Book closure ending date: July 24, 2023. Ex-rights (ex-dividend) record date: July 24, 2023. Payment date of cash dividend distribution of August 15, 2023. Price Target Changed • Mar 04
Price target increased by 14% to NT$41.00 Up from NT$36.00, the current price target is an average from 2 analysts. New target price is 8.8% above last closing price of NT$37.70. Stock is up 11% over the past year. The company is forecast to post earnings per share of NT$2.74 for next year compared to NT$4.04 last year. Major Estimate Revision • Mar 03
Consensus EPS estimates increase by 21% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from NT$2.31 to NT$2.80. Revenue forecast steady at NT$16.7b. Net income forecast to shrink 31% next year vs 3.1% growth forecast for Electronic industry in Taiwan . Consensus price target up from NT$36.00 to NT$38.00. Share price rose 3.6% to NT$37.70 over the past week. Reported Earnings • Feb 27
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: NT$4.04 (up from NT$3.03 in FY 2021). Revenue: NT$15.5b (down 5.7% from FY 2021). Net income: NT$1.30b (up 33% from FY 2021). Profit margin: 8.3% (up from 5.9% in FY 2021). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 8.8%. Revenue is forecast to grow 9.7% p.a. on average during the next 2 years, compared to a 6.2% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 29
Price target increased to NT$36.00 Up from NT$33.50, the current price target is an average from 2 analysts. New target price is 11% above last closing price of NT$32.50. Stock is down 17% over the past year. The company is forecast to post earnings per share of NT$3.71 for next year compared to NT$3.03 last year. Board Change • Nov 16
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. No experienced directors. 8 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Louis Y. Y. Lu was the last independent director to join the board, commencing their role in 2007. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Major Estimate Revision • Nov 09
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from NT$16.1b to NT$15.3b. EPS estimate rose from NT$3.10 to NT$3.64. Net income forecast to shrink 38% next year vs 11% growth forecast for Electronic industry in Taiwan . Consensus price target down from NT$33.50 to NT$32.50. Share price rose 3.6% to NT$31.35 over the past week. Reported Earnings • Nov 04
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: NT$1.67 (up from NT$0.84 in 3Q 2021). Revenue: NT$3.65b (down 9.9% from 3Q 2021). Net income: NT$534.0m (up 99% from 3Q 2021). Profit margin: 15% (up from 6.6% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 6.0%. Earnings per share (EPS) exceeded analyst estimates. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Annonce • Nov 03
BenQ Materials Corporation (TWSE:8215) agreed to acquire 51% stake in Web Pro Corp for TWD 3.2 billion. BenQ Materials Corporation (TWSE:8215) agreed to acquire 51% stake in Web Pro Corp for TWD 3.2 billion on November 1, 2022. The transaction is approved by board of directors of BenQ Materials Corporation. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improved over the past week After last week's 17% share price gain to NT$29.90, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 8x in the Electronic industry in Taiwan. Total returns to shareholders of 69% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$20.41 per share. Annonce • Oct 20
BenQ Materials Corporation Announces Resignation of Tri-Rung Yew as Independent Director BenQ Materials Corporation announced resignation of Tri-Rung Yew as independent director. Resume of the previous position holder is Independent director of BMC. Original term from June 16, 2022 to June 15, 2025. Price Target Changed • Aug 10
Price target decreased to NT$36.33 Down from NT$40.50, the current price target is an average from 3 analysts. New target price is 20% above last closing price of NT$30.35. Stock is down 18% over the past year. The company is forecast to post earnings per share of NT$3.13 for next year compared to NT$3.03 last year. Reported Earnings • Aug 07
Second quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2022 results: EPS: NT$0.82 (down from NT$0.86 in 2Q 2021). Revenue: NT$4.11b (down 4.0% from 2Q 2021). Net income: NT$259.5m (down 5.6% from 2Q 2021). Profit margin: 6.3% (down from 6.4% in 2Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) exceeded analyst estimates by 23%. Over the next year, revenue is forecast to grow 6.1%, 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 57% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 08
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 15 July 2022. Payment date: 12 August 2022. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of Taiwanese dividend payers (6.8%). In line with average of industry peers (4.9%). Annonce • Jul 01
BenQ Materials Corporation Announces Cash Dividend, Payable on August 12, 2022 BenQ Materials Corporation announced cash dividend of TWD 481,011,771 or TWD 1.5 per share. Ex-rights (ex-dividend) trading date is July 15, 2022. Ex-rights (ex-dividend) record date is July 23, 2022. Cash dividend will be paid on August 12, 2022. Annonce • Jun 17
BenQ Materials Corporation Approves the Cash Dividend for 2021 BenQ Materials Corporation approved the cash dividend is TWD 1.5 per share for 2021, at its AGM, held on June 16, 2022. Major Estimate Revision • Jun 09
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from NT$3.11 to NT$3.63. Revenue forecast steady at NT$17.0b. Net income forecast to grow 2.4% next year vs 12% growth forecast for Electronic industry in Taiwan. Consensus price target broadly unchanged at NT$40.60. Share price was steady at NT$36.35 over the past week. Reported Earnings • May 04
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: NT$0.91 (up from NT$0.52 in 1Q 2021). Revenue: NT$4.16b (up 2.2% from 1Q 2021). Net income: NT$292.8m (up 76% from 1Q 2021). Profit margin: 7.0% (up from 4.1% in 1Q 2021). Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 31%. Over the next year, revenue is forecast to grow 4.6%, compared to a 10% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. 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. No experienced directors. 8 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Louis Y. Y. Lu was the last independent director to join the board, commencing their role in 2007. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Buying Opportunity • Apr 07
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 5.9%. The fair value is estimated to be NT$44.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.4% over the last 3 years. Earnings per share has grown by 46%. Revenue is forecast to grow by 10% in 2 years. Earnings is forecast to grow by 3.8% in the next 2 years. Reported Earnings • Feb 27
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: NT$3.03 (up from NT$1.24 in FY 2020). Revenue: NT$16.5b (up 9.5% from FY 2020). Net income: NT$971.6m (up 145% from FY 2020). Profit margin: 5.9% (up from 2.6% 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 2.5%. Over the next year, revenue is forecast to grow 1.5%, compared to a 9.3% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 01
Third quarter 2021 earnings released: EPS NT$0.84 (vs NT$0.36 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$4.05b (up 5.8% from 3Q 2020). Net income: NT$268.0m (up 131% from 3Q 2020). Profit margin: 6.6% (up from 3.0% 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 34% per year whereas the company’s share price has increased by 38% per year. Valuation Update With 7 Day Price Move • Oct 29
Investor sentiment improved over the past week After last week's 24% share price gain to NT$39.35, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Electronic industry in Taiwan. Total returns to shareholders of 183% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$33.32 per share. Price Target Changed • Aug 20
Price target increased to NT$36.25 Up from NT$33.00, the current price target is an average from 2 analysts. New target price is 7.8% below last closing price of NT$39.30. Stock is up 114% over the past year. Major Estimate Revision • Aug 20
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from NT$17.4b to NT$17.1b. EPS estimate rose from NT$2.37 to NT$3.10. Net income forecast to grow 29% next year vs 25% growth forecast for Electronic industry in Taiwan. Consensus price target up from NT$33.00 to NT$36.25. Share price rose 11% to NT$39.30 over the past week. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$33.65, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Electronic industry in Taiwan. Total returns to shareholders of 116% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$33.39 per share. Reported Earnings • Aug 06
Second quarter 2021 earnings released: EPS NT$0.86 (vs NT$0.24 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$4.28b (up 15% from 2Q 2020). Net income: NT$274.9m (up 258% from 2Q 2020). Profit margin: 6.4% (up from 2.1% 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 15% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improved over the past week After last week's 16% share price gain to NT$30.90, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 14x in the Electronic industry in Taiwan. Total returns to shareholders of 73% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$22.54 per share. Upcoming Dividend • Jul 15
Upcoming dividend of NT$0.70 per share Eligible shareholders must have bought the stock before 22 July 2021. Payment date: 17 August 2021. Trailing yield: 2.6%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (2.9%). Reported Earnings • May 08
First quarter 2021 earnings released: EPS NT$0.52 (vs NT$0.10 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$4.08b (up 18% from 1Q 2020). Net income: NT$166.3m (up 411% from 1Q 2020). Profit margin: 4.1% (up from 0.9% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 05
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$28.15, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Electronic industry in Taiwan. Total returns to shareholders of 76% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$24.68 per share. Analyst Estimate Surprise Post Earnings • Feb 27
Revenue beats expectations Revenue exceeded analyst estimates by 0.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 9.6%, compared to a 16% growth forecast for the Electronic industry in Taiwan. Reported Earnings • Feb 26
Full year 2020 earnings released: EPS NT$1.23 (vs NT$0.80 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$15.0b (up 7.9% from FY 2019). Net income: NT$396.0m (up 54% from FY 2019). Profit margin: 2.6% (up from 1.8% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Jan 28
New 90-day high: NT$31.00 The company is up 40% from its price of NT$22.20 on 30 October 2020. The Taiwanese market is up 23% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 30% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$6.11 per share. Major Estimate Revision • Jan 19
Analysts update estimates The 2020 consensus earning per share (EPS) estimate increased from NT$1.06 to NT$1.22. Revenue estimate for the same period was approximately flat at NT$15.0b. Net income is expected to grow by 163% next year compared to 27% growth forecast for the Electronic industry in Taiwan. The consensus price target increased from NT$28.23 to NT$32.33. Share price is up 3.3% to NT$27.80 over the past week. Is New 90 Day High Low • Dec 28
New 90-day high: NT$28.50 The company is up 33% from its price of NT$21.40 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 Electronic industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$13.07 per share. Is New 90 Day High Low • Dec 01
New 90-day high: NT$26.00 The company is up 13% from its price of NT$22.95 on 02 September 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$11.51 per share. Analyst Estimate Surprise Post Earnings • Nov 11
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 0.004%. Earnings per share (EPS) exceeded analyst estimates by 26%. Over the next year, revenue is forecast to grow 8.1%, compared to a 11% growth forecast for the Electronic industry in Taiwan. Reported Earnings • Nov 11
Third quarter 2020 earnings released: EPS NT$0.36 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$3.83b (up 8.5% from 3Q 2019). Net income: NT$116.3m (up 70% from 3Q 2019). Profit margin: 3.0% (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 fallen by 28% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Reported Earnings • Nov 05
Third quarter 2020 earnings released: EPS NT$0.36 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$3.83b (up 8.5% from 3Q 2019). Net income: NT$116.3m (up 70% from 3Q 2019). Profit margin: 3.0% (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 fallen by 28% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Nov 05
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 0.004%. Earnings per share (EPS) exceeded analyst estimates by 26%. Over the next year, revenue is forecast to grow 8.1%, compared to a 11% growth forecast for the Electronic industry in Taiwan.