Reported Earnings • May 07
First quarter 2026 earnings released: EPS: NT$3.00 (vs NT$2.40 in 1Q 2025) First quarter 2026 results: EPS: NT$3.00 (up from NT$2.40 in 1Q 2025). Revenue: NT$720.1m (up 15% from 1Q 2025). Net income: NT$136.2m (up 37% from 1Q 2025). Profit margin: 19% (up from 16% in 1Q 2025). The increase in margin was driven by higher revenue. New Risk • May 07
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 33% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 11% per year over the past 5 years. High level of non-cash earnings (33% accrual ratio). Minor Risk Dividend is not well covered by cash flows (101% cash payout ratio). Upcoming Dividend • Apr 16
Upcoming dividend of NT$10.00 per share Eligible shareholders must have bought the stock before 23 April 2026. Payment date: 29 May 2026. Payout ratio and cash payout ratio are on the higher end at 82% and 95% respectively. Trailing yield: 5.4%. Within top quartile of Taiwanese dividend payers (5.1%). Higher than average of industry peers (1.3%). Declared Dividend • Mar 06
Dividend reduced to NT$10.00 Dividend of NT$10.00 is 21% lower than last year. Ex-date: 23rd April 2026 Payment date: 29th May 2026 Dividend yield will be 6.0%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is not covered by earnings (119% earnings payout ratio) nor is it covered by cash flows (121% cash payout ratio). The dividend has increased by an average of 11% per year over the past 2 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 32% to bring the payout ratio under control, which is more than the 29% EPS growth achieved over the last 5 years. Buy Or Sell Opportunity • Mar 05
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 15% to NT$168. The fair value is estimated to be NT$133, 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 5.0%. Reported Earnings • Mar 05
Full year 2025 earnings released: EPS: NT$12.15 (vs NT$15.38 in FY 2024) Full year 2025 results: EPS: NT$12.15 (down from NT$15.38 in FY 2024). Revenue: NT$2.69b (down 9.4% from FY 2024). Net income: NT$506.0m (down 14% from FY 2024). Profit margin: 19% (down from 20% in FY 2024). The decrease in margin was driven by lower revenue. Buy Or Sell Opportunity • Dec 26
Now 20% overvalued Over the last 90 days, the stock has fallen 1.0% to NT$147. The fair value is estimated to be NT$122, 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 4.7%. Buy Or Sell Opportunity • Dec 09
Now 20% overvalued Over the last 90 days, the stock has fallen 5.4% to NT$148. The fair value is estimated to be NT$123, 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 4.7%. Buy Or Sell Opportunity • Nov 10
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 3.5% to NT$148. The fair value is estimated to be NT$122, 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 4.7%. Reported Earnings • Oct 31
Third quarter 2025 earnings released: EPS: NT$2.92 (vs NT$4.34 in 3Q 2024) Third quarter 2025 results: EPS: NT$2.92 (down from NT$4.34 in 3Q 2024). Revenue: NT$658.5m (down 16% from 3Q 2024). Net income: NT$121.5m (down 26% from 3Q 2024). Profit margin: 19% (down from 21% in 3Q 2024). The decrease in margin was driven by lower revenue. Buy Or Sell Opportunity • Aug 01
Now 24% overvalued Over the last 90 days, the stock has fallen 14% to NT$145. The fair value is estimated to be NT$117, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.2% over the last year. Earnings per share has declined by 19%. Reported Earnings • May 05
First quarter 2025 earnings released: EPS: NT$2.40 (vs NT$3.58 in 1Q 2024) First quarter 2025 results: EPS: NT$2.40 (down from NT$3.58 in 1Q 2024). Revenue: NT$624.3m (down 8.5% from 1Q 2024). Net income: NT$99.8m (down 27% from 1Q 2024). Profit margin: 16% (down from 20% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Semiconductor industry in Taiwan. Upcoming Dividend • Apr 17
Upcoming dividend of NT$12.65 per share Eligible shareholders must have bought the stock before 24 April 2025. Payment date: 27 May 2025. Payout ratio and cash payout ratio are on the higher end at 82% and 90% respectively. Trailing yield: 7.3%. Within top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (2.6%). 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$155, the stock trades at a trailing P/E ratio of 11x. Average forward P/E is 18x in the Semiconductor industry in Taiwan. Total loss to shareholders of 42% over the past year. Reported Earnings • Mar 15
Full year 2024 earnings released: EPS: NT$15.37 (vs NT$11.75 in FY 2023) Full year 2024 results: EPS: NT$15.37 (up from NT$11.75 in FY 2023). Revenue: NT$2.97b (up 12% from FY 2023). Net income: NT$588.6m (up 35% from FY 2023). Profit margin: 20% (up from 16% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Semiconductor industry in Taiwan. Declared Dividend • Mar 07
Dividend increased to NT$12.65 Dividend of NT$12.65 is 23% higher than last year. Ex-date: 24th April 2025 Payment date: 27th May 2025 Dividend yield will be 5.8%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (66% earnings payout ratio) and cash flows (74% cash payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. Earnings per share has grown by 33% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 19
Third quarter 2024 earnings released: EPS: NT$4.34 (vs NT$3.36 in 3Q 2023) Third quarter 2024 results: EPS: NT$4.34 (up from NT$3.36 in 3Q 2023). Revenue: NT$784.2m (up 11% from 3Q 2023). Net income: NT$165.0m (up 29% from 3Q 2023). Profit margin: 21% (up from 18% in 3Q 2023). The increase in margin was driven by higher revenue. Reported Earnings • Aug 13
Second quarter 2024 earnings released: EPS: NT$4.56 (vs NT$2.60 in 2Q 2023) Second quarter 2024 results: EPS: NT$4.56 (up from NT$2.60 in 2Q 2023). Revenue: NT$778.7m (up 21% from 2Q 2023). Net income: NT$173.5m (up 77% from 2Q 2023). Profit margin: 22% (up from 15% in 2Q 2023). The increase in margin was driven by higher revenue. New Risk • Jun 05
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 47% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 3.2% per year over the past 5 years. High level of non-cash earnings (47% accrual ratio). Minor Risk Short dividend paying track record (less than a year of continuous dividend payments). Reported Earnings • Jun 04
First quarter 2024 earnings released: EPS: NT$3.58 (vs NT$2.43 in 1Q 2023) First quarter 2024 results: EPS: NT$3.58 (up from NT$2.43 in 1Q 2023). Revenue: NT$682.5m (up 13% from 1Q 2023). Net income: NT$136.0m (up 63% from 1Q 2023). Profit margin: 20% (up from 14% in 1Q 2023). The increase in margin was driven by higher revenue. Annuncio • Apr 12
Forcelead Technology Corp., Annual General Meeting, Jun 26, 2024 Forcelead Technology Corp., Annual General Meeting, Jun 26, 2024. New Risk • Mar 30
New minor risk - Dividend sustainability The company has a short dividend paying track record. Less than a year of continuous dividend payments. Dividend yield: 3.7% This is considered a minor risk. For dividend focussed investors, companies that have not established a long-term track record of consistently maintaining or growing dividends are less attractive than those companies that have a long track record. Those that have a long track record have proven their underlying business is stable enough to consistently maintain or grow the dividend and that the company considers maintaining the dividend to be one of its priorities. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Revenue has declined by 5.4% over the past year. Minor Risk Short dividend paying track record (less than a year of continuous dividend payments). Reported Earnings • Mar 28
Full year 2023 earnings released: EPS: NT$11.74 (vs NT$18.20 in FY 2022) Full year 2023 results: EPS: NT$11.74 (down from NT$18.20 in FY 2022). Revenue: NT$2.66b (down 5.4% from FY 2022). Net income: NT$436.9m (down 24% from FY 2022). Profit margin: 16% (down from 21% in FY 2022). Buy Or Sell Opportunity • Feb 19
Now 22% undervalued The stock has been flat over the last 90 days, currently trading at NT$299. The fair value is estimated to be NT$385, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last year. Earnings per share has declined by 58%. Buying Opportunity • Jan 17
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be NT$364, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last year. Earnings per share has declined by 58%.