New Risk • May 14
New major risk - Negative shareholders equity The company has negative equity. Total equity: -NT$51m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-NT$629m free cash flow). Negative equity (-NT$51m). Earnings have declined by 16% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (NT$1.08b market cap, or US$35.6m). Reported Earnings • May 14
First quarter 2025 earnings released: NT$1.06 loss per share (vs NT$0.86 loss in 1Q 2024) First quarter 2025 results: NT$1.06 loss per share (further deteriorated from NT$0.86 loss in 1Q 2024). Revenue: NT$268.1m (up 25% from 1Q 2024). Net loss: NT$128.8m (loss widened 37% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Annuncio • May 13
Taiwan Fu Lei Electronic Co., Ltd. proposed to acquire an unknown minority stake in Advanced Microelectronic Products,Inc. (TPEX:6287) in a Tender Offer transaction. Taiwan Fu Lei Electronic Co., Ltd. proposed to acquire an unknown minority stake in Advanced Microelectronic Products,Inc. (TPEX:6287) in a Tender Offer transaction on May 12, 2025. Annuncio • Apr 24
Advanced Microelectronic Products,Inc. to Report Q1, 2025 Results on Apr 30, 2025 Advanced Microelectronic Products,Inc. announced that they will report Q1, 2025 results on Apr 30, 2025 Reported Earnings • Mar 09
Full year 2024 earnings released: NT$2.93 loss per share (vs NT$2.10 loss in FY 2023) Full year 2024 results: NT$2.93 loss per share (further deteriorated from NT$2.10 loss in FY 2023). Revenue: NT$976.8m (down 1.1% from FY 2023). Net loss: NT$329.7m (loss widened 43% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Annuncio • Feb 24
Advanced Microelectronic Products,Inc., Annual General Meeting, Jun 17, 2025 Advanced Microelectronic Products,Inc., Annual General Meeting, Jun 17, 2025. Location: no,1, kung yeh tung 2nd rd., east district hsinchu science park, hsinchu city Taiwan Annuncio • Feb 13
Advanced Microelectronic Products,Inc. to Report Q4, 2024 Results on Feb 21, 2025 Advanced Microelectronic Products,Inc. announced that they will report Q4, 2024 results on Feb 21, 2025 Board Change • Feb 06
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 not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Chih-Ming Chen was the last independent director to join the board, commencing their role in 2020. 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 17
Third quarter 2024 earnings released: NT$0.94 loss per share (vs NT$0.61 loss in 3Q 2023) Third quarter 2024 results: NT$0.94 loss per share (further deteriorated from NT$0.61 loss in 3Q 2023). Revenue: NT$240.9m (up 9.7% from 3Q 2023). Net loss: NT$102.9m (loss widened 53% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Annuncio • Oct 24
Advanced Microelectronic Products,Inc. to Report Q3, 2024 Results on Nov 01, 2024 Advanced Microelectronic Products,Inc. announced that they will report Q3, 2024 results on Nov 01, 2024 New Risk • Oct 22
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 11% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Shareholders have been diluted in the past year (11% increase in shares outstanding). Market cap is less than US$100m (NT$1.66b market cap, or US$51.9m). Board Change • Oct 04
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. 4 experienced directors. 3 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Chih-Ming Chen was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. New Risk • Sep 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 9.3% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.3% average weekly change). Minor Risk Market cap is less than US$100m (NT$1.73b market cap, or US$53.7m). Reported Earnings • Aug 17
Second quarter 2024 earnings released: NT$1.01 loss per share (vs NT$0.45 loss in 2Q 2023) Second quarter 2024 results: NT$1.01 loss per share (further deteriorated from NT$0.45 loss in 2Q 2023). Revenue: NT$285.8m (up 12% from 2Q 2023). Net loss: NT$110.8m (loss widened 125% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 45 percentage points per year, which is a significant difference in performance. Annuncio • Aug 01
Advanced Microelectronic Products,Inc. to Report Q2, 2024 Results on Aug 09, 2024 Advanced Microelectronic Products,Inc. announced that they will report Q2, 2024 results on Aug 09, 2024 Reported Earnings • May 19
First quarter 2024 earnings released: NT$0.86 loss per share (vs NT$0.038 loss in 1Q 2023) First quarter 2024 results: NT$0.86 loss per share (further deteriorated from NT$0.038 loss in 1Q 2023). Revenue: NT$215.3m (down 20% from 1Q 2023). Net loss: NT$94.1m (loss widened NT$90.0m from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Annuncio • Apr 27
Advanced Microelectronic Products,Inc. to Report Q1, 2024 Results on May 07, 2024 Advanced Microelectronic Products,Inc. announced that they will report Q1, 2024 results at 2:30 PM, Taipei Standard Time on May 07, 2024 Reported Earnings • Apr 13
Full year 2023 earnings released: NT$2.10 loss per share (vs NT$2.23 profit in FY 2022) Full year 2023 results: NT$2.10 loss per share (down from NT$2.23 profit in FY 2022). Revenue: NT$987.6m (down 45% from FY 2022). Net loss: NT$230.0m (down 194% from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Annuncio • Feb 24
Advanced Microelectronic Products,Inc., Annual General Meeting, May 15, 2024 Advanced Microelectronic Products,Inc., Annual General Meeting, May 15, 2024. Location: No.1,Gongye E.2nd Rd.,East Dist Hsinchu City Taiwan Agenda: To consider 2023 business report; to consider Audit Committee's review of the 2023 annual final accounting ledgers and statements; to 2023 annual accumulated loss exceeds half of the Paid-In Capital; to 2023 Annual General Shareholders' Meeting passed the report on the implementation of private placements; and to discuss other matters. New Risk • Nov 15
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 7.3% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (7.3% average weekly change). Minor Risk Market cap is less than US$100m (NT$1.38b market cap, or US$43.0m). Reported Earnings • Nov 08
Third quarter 2023 earnings released: NT$0.62 loss per share (vs NT$0.74 profit in 3Q 2022) Third quarter 2023 results: NT$0.62 loss per share (down from NT$0.74 profit in 3Q 2022). Revenue: NT$219.7m (down 54% from 3Q 2022). Net loss: NT$67.4m (down 183% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. New Risk • Oct 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.2x net interest cover). Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Profit margins are more than 30% lower than last year (3.8% net profit margin). Market cap is less than US$100m (NT$1.85b market cap, or US$57.4m). New Risk • Aug 12
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: 3.8% Last year net profit margin: 13% 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: Major Risk Interest payments are not well covered by earnings (2.2x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.8% net profit margin). Market cap is less than US$100m (NT$2.20b market cap, or US$68.9m). Reported Earnings • Aug 11
Second quarter 2023 earnings released: NT$0.45 loss per share (vs NT$0.65 profit in 2Q 2022) Second quarter 2023 results: NT$0.45 loss per share (down from NT$0.65 profit in 2Q 2022). Revenue: NT$254.1m (down 48% from 2Q 2022). Net loss: NT$49.3m (down 169% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Board Change • Mar 15
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. 3 experienced directors. 3 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Chih-Ming Chen was the last independent director to join the board, commencing their role in 2020. 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 • Mar 09
Full year 2022 earnings released: EPS: NT$2.23 (vs NT$0.95 in FY 2021) Full year 2022 results: EPS: NT$2.23 (up from NT$0.95 in FY 2021). Revenue: NT$1.79b (up 12% from FY 2021). Net income: NT$244.1m (up 135% from FY 2021). Profit margin: 14% (up from 6.5% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 116% per year but the company’s share price has only increased by 62% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improved over the past week After last week's 15% share price gain to NT$27.45, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 12x in the Semiconductor industry in Taiwan. Total returns to shareholders of 361% over the past three years. Board Change • Nov 16
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. 3 experienced directors. 3 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Chih-Ming Chen was the last independent director to join the board, commencing their role in 2020. 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 11
Third quarter 2022 earnings released: EPS: NT$0.74 (vs NT$0.66 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.74 (up from NT$0.66 in 3Q 2021). Revenue: NT$476.1m (up 4.0% from 3Q 2021). Net income: NT$81.2m (up 12% from 3Q 2021). Profit margin: 17% (up from 16% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improved over the past week After last week's 18% share price gain to NT$27.85, the stock trades at a trailing P/E ratio of 12.3x. Average trailing P/E is 11x in the Semiconductor industry in Taiwan. Total returns to shareholders of 263% over the past three years. Valuation Update With 7 Day Price Move • Oct 24
Investor sentiment improved over the past week After last week's 16% share price gain to NT$22.30, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 10x in the Semiconductor industry in Taiwan. Total returns to shareholders of 179% over the past three years. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment deteriorated over the past week After last week's 19% share price decline to NT$26.20, the stock trades at a trailing P/E ratio of 11.5x. Average trailing P/E is 11x in the Semiconductor industry in Taiwan. Total returns to shareholders of 218% over the past three years. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improved over the past week After last week's 24% share price gain to NT$9.19, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 13x in the Semiconductor industry in Taiwan. Total returns to shareholders of 329% over the past three years. Reported Earnings • Aug 07
Second quarter 2022 earnings released: EPS: NT$0.16 (vs NT$0.041 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.16 (up from NT$0.041 in 2Q 2021). Revenue: NT$485.3m (up 27% from 2Q 2021). Net income: NT$71.7m (up 303% from 2Q 2021). Profit margin: 15% (up from 4.7% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 44% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 08
First quarter 2022 earnings released: EPS: NT$0.15 (vs NT$0.055 loss in 1Q 2021) First quarter 2022 results: EPS: NT$0.15 (up from NT$0.055 loss in 1Q 2021). Revenue: NT$454.1m (up 44% from 1Q 2021). Net income: NT$67.0m (up NT$91.0m from 1Q 2021). Profit margin: 15% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Mar 03
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 35%. The fair value is estimated to be NT$11.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.1% per annum over the last 3 years. The company has become profitable over the last year. Reported Earnings • Mar 01
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$0.24 (up from NT$0.34 loss in FY 2020). Revenue: NT$1.60b (up 29% from FY 2020). Net income: NT$103.8m (up NT$252.8m from FY 2020). Profit margin: 6.5% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 37% per year whereas the company’s share price has increased by 39% per year. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment deteriorated over the past week After last week's 32% share price decline to NT$7.74, the stock trades at a trailing P/E ratio of 76.3x. Average trailing P/E is 18x in the Semiconductor industry in Taiwan. Total returns to shareholders of 150% over the past three years. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS NT$0.16 (vs NT$0.035 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$457.6m (up 36% from 3Q 2020). Net income: NT$72.5m (up NT$87.9m from 3Q 2020). Profit margin: 16% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. 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 61% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 04
Second quarter 2021 earnings released: EPS NT$0.04 (vs NT$0.13 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$381.5m (up 23% from 2Q 2020). Net income: NT$17.8m (up NT$73.2m from 2Q 2020). Profit margin: 4.7% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 58% per year, which means it is well ahead of earnings. Annuncio • Mar 19
Advanced Microelectronic Products Inc., Annual General Meeting, Jun 18, 2021 Advanced Microelectronic Products Inc., Annual General Meeting, Jun 18, 2021. Is New 90 Day High Low • Dec 10
New 90-day high: NT$5.35 The company is up 34% from its price of NT$4.00 on 11 September 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 24% over the same period. Reported Earnings • Nov 12
Third quarter 2020 earnings released: NT$0.04 loss per share The company reported a solid third quarter result with reduced losses and improved revenues and control over expenses. Third quarter 2020 results: Revenue: NT$336.4m (up 26% from 3Q 2019). Net loss: NT$15.4m (loss narrowed 80% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 42% 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. Is New 90 Day High Low • Sep 22
New 90-day high: NT$4.35 The company is up 39% from its price of NT$3.13 on 24 June 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 28% over the same period.