Reported Earnings • Aug 01
Second quarter 2026 earnings released: EPS: NT$1.15 (vs NT$0.20 in 2Q 2025) Second quarter 2026 results: EPS: NT$1.15 (up from NT$0.20 in 2Q 2025). Revenue: NT$965.4m (up 35% from 2Q 2025). Net income: NT$213.6m (up 488% from 2Q 2025). Profit margin: 22% (up from 5.1% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Semiconductor industry in Taiwan. 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 30% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Jul 31
Now 28% overvalued Over the last 90 days, the stock has fallen 16% to NT$292. The fair value is estimated to be NT$229, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to grow by 88% in 2 years. Earnings are forecast to grow by 216% in the next 2 years. Upcoming Dividend • Jun 19
Upcoming dividend of NT$2.62 per share Eligible shareholders must have bought the stock before 26 June 2026. Payment date: 17 July 2026. Payout ratio is on the higher end at 84%, and the cash payout ratio is above 100%. Trailing yield: 0.6%. Lower than top quartile of Taiwanese dividend payers (4.8%). Lower than average of industry peers (1.0%). Price Target Changed • Jun 18
Price target increased by 11% to NT$399 Up from NT$359, the current price target is an average from 10 analysts. New target price is approximately in line with last closing price of NT$416. Stock is up 243% over the past year. The company is forecast to post earnings per share of NT$5.44 for next year compared to NT$2.97 last year. Declared Dividend • Jun 01
Dividend reduced to NT$2.65 Dividend of NT$2.65 is 18% lower than last year. Ex-date: 26th June 2026 Payment date: 17th July 2026 Dividend yield will be 0.6%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (84% earnings payout ratio) but not covered by cash flows (272% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 197% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • May 18
Price target increased by 12% to NT$327 Up from NT$291, the current price target is an average from 9 analysts. New target price is 15% below last closing price of NT$386. Stock is up 266% over the past year. The company is forecast to post earnings per share of NT$5.72 for next year compared to NT$2.97 last year. Reported Earnings • May 05
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$0.85 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00 (up from NT$0.85 in 1Q 2025). Revenue: NT$959.3m (up 21% from 1Q 2025). Net income: NT$195.1m (up 24% from 1Q 2025). Profit margin: 20% (in line with 1Q 2025). Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Semiconductor industry in Taiwan. 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 58% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Apr 28
Price target increased by 14% to NT$282 Up from NT$248, the current price target is an average from 10 analysts. New target price is 11% below last closing price of NT$318. Stock is up 218% over the past year. The company is forecast to post earnings per share of NT$5.23 for next year compared to NT$2.97 last year. Price Target Changed • Apr 14
Price target increased by 11% to NT$262 Up from NT$236, the current price target is an average from 10 analysts. New target price is 6.5% below last closing price of NT$281. Stock is up 186% over the past year. The company is forecast to post earnings per share of NT$5.23 for next year compared to NT$2.97 last year. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$196, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 153% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$133 per share. Annuncio • Mar 02
Visual Photonics Epitaxy Co., Ltd., Annual General Meeting, May 29, 2026 Visual Photonics Epitaxy Co., Ltd., Annual General Meeting, May 29, 2026. Location: no,15, kung yeh 1st rd., pingjhen district, taoyuan city Taiwan Price Target Changed • Mar 02
Price target increased by 8.4% to NT$207 Up from NT$191, the current price target is an average from 10 analysts. New target price is 13% below last closing price of NT$239. Stock is up 71% over the past year. The company is forecast to post earnings per share of NT$5.41 for next year compared to NT$2.97 last year. Reported Earnings • Feb 28
Full year 2025 earnings released: EPS: NT$2.97 (vs NT$3.63 in FY 2024) Full year 2025 results: EPS: NT$2.97 (down from NT$3.63 in FY 2024). Revenue: NT$3.38b (up 4.3% from FY 2024). Net income: NT$547.9m (down 18% from FY 2024). Profit margin: 16% (down from 21% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Feb 11
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 9.1% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$170, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 24x in the Semiconductor industry in Taiwan. Total returns to shareholders of 126% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$181 per share. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$153, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 133% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$182 per share. New Risk • Dec 04
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 6.4% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 122% Cash payout ratio: 144% Minor Risk Share price has been volatile over the past 3 months (6.4% average weekly change). Reported Earnings • Nov 04
Third quarter 2025 earnings released: EPS: NT$0.86 (vs NT$0.78 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.86 (up from NT$0.78 in 3Q 2024). Revenue: NT$912.8m (up 13% from 3Q 2024). Net income: NT$160.5m (up 11% from 3Q 2024). Profit margin: 18% (in line with 3Q 2024). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Sep 04
Price target increased by 7.1% to NT$170 Up from NT$159, the current price target is an average from 10 analysts. New target price is 11% above last closing price of NT$153. Stock is up 13% over the past year. The company is forecast to post earnings per share of NT$3.32 for next year compared to NT$3.63 last year. Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$159, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 120% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$139 per share. Price Target Changed • Jul 30
Price target increased by 9.8% to NT$159 Up from NT$144, the current price target is an average from 10 analysts. New target price is 9.8% above last closing price of NT$145. Stock is down 3.7% over the past year. The company is forecast to post earnings per share of NT$3.17 for next year compared to NT$3.63 last year. Reported Earnings • Jul 26
Second quarter 2025 earnings released: EPS: NT$0.20 (vs NT$1.09 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.20 (down from NT$1.09 in 2Q 2024). Revenue: NT$714.1m (down 18% from 2Q 2024). Net income: NT$36.3m (down 82% from 2Q 2024). Profit margin: 5.1% (down from 23% in 2Q 2024). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 15
Upcoming dividend of NT$3.22 per share Eligible shareholders must have bought the stock before 20 June 2025. Payment date: 11 July 2025. Payout ratio is on the higher end at 93%, however this is supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (2.3%). Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$122, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 17x in the Semiconductor industry in Taiwan. Total returns to shareholders of 46% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$142 per share. Declared Dividend • May 31
Dividend increased to NT$3.22 Dividend of NT$3.22 is 46% higher than last year. Ex-date: 20th June 2025 Payment date: 11th July 2025 Dividend yield will be 3.1%, which is about the same as the industry average. Sustainability & Growth Dividend is not adequately covered by earnings (93% earnings payout ratio). However, it is covered by cash flows (73% cash payout ratio). The dividend has increased by an average of 1.8% 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 3.5% to bring the payout ratio under control. EPS is expected to grow by 117% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Apr 29
First quarter 2025 earnings released: EPS: NT$0.85 (vs NT$1.04 in 1Q 2024) First quarter 2025 results: EPS: NT$0.85 (down from NT$1.04 in 1Q 2024). Revenue: NT$793.7m (down 5.2% from 1Q 2024). Net income: NT$157.3m (down 19% from 1Q 2024). Profit margin: 20% (down from 23% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Price Target Changed • Apr 23
Price target decreased by 7.5% to NT$162 Down from NT$175, the current price target is an average from 9 analysts. New target price is 73% above last closing price of NT$93.40. Stock is down 38% over the past year. The company is forecast to post earnings per share of NT$4.71 for next year compared to NT$3.63 last year. Annuncio • Apr 17
Visual Photonics Epitaxy Co., Ltd. to Report Q1, 2025 Results on Apr 24, 2025 Visual Photonics Epitaxy Co., Ltd. announced that they will report Q1, 2025 results on Apr 24, 2025 Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$114, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 9.5% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$211 per share. New Risk • Mar 11
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.7% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.1% average weekly change). Annuncio • Mar 03
Visual Photonics Epitaxy Co., Ltd., Annual General Meeting, May 28, 2025 Visual Photonics Epitaxy Co., Ltd., Annual General Meeting, May 28, 2025. Location: no,15, kung yeh 1st rd., pingjhen district, taoyuan city Taiwan Buy Or Sell Opportunity • Mar 03
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to NT$140. The fair value is estimated to be NT$179, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.1% over the last 3 years. Earnings per share has declined by 15%. Revenue is forecast to grow by 30% in 2 years. Earnings are forecast to grow by 56% in the next 2 years. Annuncio • Feb 20
Visual Photonics Epitaxy Co., Ltd. to Report Fiscal Year 2024 Results on Feb 27, 2025 Visual Photonics Epitaxy Co., Ltd. announced that they will report fiscal year 2024 results on Feb 27, 2025 Buy Or Sell Opportunity • Feb 04
Now 24% undervalued Over the last 90 days, the stock has risen 2.1% to NT$147. The fair value is estimated to be NT$192, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.1% over the last 3 years. Earnings per share has declined by 15%. Revenue is forecast to grow by 30% in 2 years. Earnings are forecast to grow by 56% in the next 2 years. Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$169, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 19% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$159 per share. New Risk • Nov 14
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 8.0% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Oct 27
Third quarter 2024 earnings released: EPS: NT$0.78 (vs NT$0.78 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.78 (up from NT$0.78 in 3Q 2023). Revenue: NT$805.7m (up 4.9% from 3Q 2023). Net income: NT$144.4m (flat on 3Q 2023). Profit margin: 18% (in line with 3Q 2023). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Annuncio • Oct 17
Visual Photonics Epitaxy Co., Ltd. to Report Q3, 2024 Results on Oct 24, 2024 Visual Photonics Epitaxy Co., Ltd. announced that they will report Q3, 2024 results on Oct 24, 2024 Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to NT$171, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 23x in the Semiconductor industry in Taiwan. Total returns to shareholders of 59% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$165 per share. Price Target Changed • Sep 03
Price target decreased by 7.1% to NT$185 Down from NT$199, the current price target is an average from 8 analysts. New target price is 27% above last closing price of NT$146. Stock is down 3.6% over the past year. The company is forecast to post earnings per share of NT$4.06 for next year compared to NT$2.43 last year. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$126, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 7.8% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$189 per share. Buy Or Sell Opportunity • Aug 02
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.4% to NT$141. The fair value is estimated to be NT$189, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.5% over the last 3 years. Earnings per share has declined by 20%. Revenue is forecast to grow by 40% in 2 years. Earnings are forecast to grow by 69% in the next 2 years. Reported Earnings • Jul 31
Second quarter 2024 earnings released: EPS: NT$1.09 (vs NT$0.57 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.09 (up from NT$0.57 in 2Q 2023). Revenue: NT$875.6m (up 47% from 2Q 2023). Net income: NT$200.8m (up 89% from 2Q 2023). Profit margin: 23% (up from 18% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Semiconductor 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 3% per year, which means it is well ahead of earnings. Annuncio • Jul 19
Visual Photonics Epitaxy Co., Ltd. to Report Q2, 2024 Results on Jul 25, 2024 Visual Photonics Epitaxy Co., Ltd. announced that they will report Q2, 2024 results on Jul 25, 2024 Price Target Changed • Jul 13
Price target increased by 7.2% to NT$191 Up from NT$178, the current price target is an average from 8 analysts. New target price is 6.3% above last closing price of NT$180. Stock is up 55% over the past year. The company is forecast to post earnings per share of NT$4.56 for next year compared to NT$2.43 last year. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$188, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 24x in the Semiconductor industry in Taiwan. Total returns to shareholders of 41% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$165 per share. Buy Or Sell Opportunity • Jul 01
Now 5.0% overvalued Over the last 90 days, the stock has fallen 7.2% to NT$160. The fair value is estimated to be NT$152, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Earnings per share has declined by 23%. Revenue is forecast to grow by 45% in 2 years. Earnings are forecast to grow by 78% in the next 2 years. Buy Or Sell Opportunity • Jun 24
Now 21% overvalued Over the last 90 days, the stock has fallen 1.7% to NT$174. The fair value is estimated to be NT$144, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Earnings per share has declined by 23%. Revenue is forecast to grow by 45% in 2 years. Earnings are forecast to grow by 78% in the next 2 years. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improves as stock rises 13% After last week's 13% share price gain to NT$159, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 42% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$144 per share. Upcoming Dividend • Jun 17
Upcoming dividend of NT$2.20 per share Eligible shareholders must have bought the stock before 24 June 2024. Payment date: 12 July 2024. Payout ratio is a comfortable 64% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (2.1%). Declared Dividend • Jun 01
Dividend reduced to NT$2.20 Dividend of NT$2.20 is 4.3% lower than last year. Ex-date: 24th June 2024 Payment date: 12th July 2024 Dividend yield will be 1.6%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (64% earnings payout ratio) and cash flows (57% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 101% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annuncio • May 31
Visual Photonics Epitaxy Co., Ltd. Approves Cash Dividend, Payable on July 12, 2024 Visual Photonics Epitaxy Co., Ltd. at the shareholders meeting held on May 30, 2024 approved cash dividend of TWD 406,793,020 or TWD 2.20 per share. Ex-rights (ex-dividend) trading date is June 24, 2024. Ex-rights (ex-dividend) record date is June 30, 2024. Payment date of common stock cash dividend distribution is July 12, 2024. Buy Or Sell Opportunity • Apr 30
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 15% to NT$155. The fair value is estimated to be NT$128, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Earnings per share has declined by 23%. Revenue is forecast to grow by 24% in a year. Earnings are forecast to grow by 35% in the next year. Reported Earnings • Apr 27
First quarter 2024 earnings released: EPS: NT$1.04 (vs NT$0.064 in 1Q 2023) First quarter 2024 results: EPS: NT$1.04 (up from NT$0.064 in 1Q 2023). Revenue: NT$837.4m (up 112% from 1Q 2023). Net income: NT$193.0m (up NT$181.2m from 1Q 2023). Profit margin: 23% (up from 3.0% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Semiconductor 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 7% per year, which means it is well ahead of earnings. Annuncio • Apr 19
Visual Photonics Epitaxy Co., Ltd. to Report Q1, 2024 Results on Apr 25, 2024 Visual Photonics Epitaxy Co., Ltd. announced that they will report Q1, 2024 results on Apr 25, 2024 Price Target Changed • Mar 06
Price target increased by 11% to NT$174 Up from NT$156, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of NT$180. Stock is up 111% over the past year. The company is forecast to post earnings per share of NT$4.40 for next year compared to NT$2.43 last year. Annuncio • Mar 01
Visual Photonics Epitaxy Co., Ltd., Annual General Meeting, May 30, 2024 Visual Photonics Epitaxy Co., Ltd., Annual General Meeting, May 30, 2024. Location: No. 15, Gongye 1st Rd., Pingzhen Dist., Taoyuan City 324 , Taiwan Taoyuan City Taiwan Agenda: To report the business of 2023; to report the 2023 Audit Committee's review report; to report 2023 employees' profit sharing and directors' compensation; to accept 2023 Business Report and Financial Statements; to report 2023 earnings distribution; and to consider other matters. Reported Earnings • Nov 02
Third quarter 2023 earnings released: EPS: NT$0.78 (vs NT$0.57 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.78 (up from NT$0.57 in 3Q 2022). Revenue: NT$768.4m (up 47% from 3Q 2022). Net income: NT$143.9m (up 36% from 3Q 2022). Profit margin: 19% (down from 20% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Price Target Changed • Aug 30
Price target increased by 8.4% to NT$130 Up from NT$120, the current price target is an average from 8 analysts. New target price is 12% below last closing price of NT$147. Stock is up 93% over the past year. The company is forecast to post earnings per share of NT$2.13 for next year compared to NT$2.95 last year. Buying Opportunity • Aug 15
Now 20% undervalued Over the last 90 days, the stock is up 28%. The fair value is estimated to be NT$152, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.4% over the last 3 years. Earnings per share has declined by 7.4%. Revenue is forecast to grow by 83% in 2 years. Earnings is forecast to grow by 223% in the next 2 years. Reported Earnings • Jul 31
Second quarter 2023 earnings released: EPS: NT$0.57 (vs NT$1.00 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.57 (down from NT$1.00 in 2Q 2022). Revenue: NT$594.3m (down 19% from 2Q 2022). Net income: NT$106.2m (down 42% from 2Q 2022). Profit margin: 18% (down from 25% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Price Target Changed • Jul 28
Price target increased by 8.1% to NT$117 Up from NT$108, the current price target is an average from 8 analysts. New target price is 9.2% below last closing price of NT$129. Stock is up 75% over the past year. The company is forecast to post earnings per share of NT$2.10 for next year compared to NT$2.95 last year. Upcoming Dividend • Jun 19
Upcoming dividend of NT$2.30 per share at 1.8% yield Eligible shareholders must have bought the stock before 26 June 2023. Payment date: 14 July 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 1.8%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (3.1%). Buying Opportunity • Jun 14
Now 21% undervalued Over the last 90 days, the stock is up 47%. The fair value is estimated to be NT$154, 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 2.6%. Revenue is forecast to grow by 65% in 2 years. Earnings is forecast to grow by 127% in the next 2 years. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$116, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 19x in the Semiconductor industry in Taiwan. Total returns to shareholders of 43% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$153 per share. Reported Earnings • Mar 19
Full year 2022 earnings released: EPS: NT$2.95 (vs NT$4.62 in FY 2021) Full year 2022 results: EPS: NT$2.95 (down from NT$4.62 in FY 2021). Revenue: NT$2.60b (down 28% from FY 2021). Net income: NT$544.7m (down 36% from FY 2021). Profit margin: 21% (down from 24% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 10% per year. Price Target Changed • Feb 21
Price target increased by 8.0% to NT$85.00 Up from NT$78.71, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of NT$87.50. Stock is down 24% over the past year. The company posted earnings per share of NT$4.62 last year. Price Target Changed • Dec 19
Price target decreased to NT$78.50 Down from NT$87.29, the current price target is an average from 6 analysts. New target price is 17% above last closing price of NT$67.00. Stock is down 51% over the past year. The company posted earnings per share of NT$4.62 last year. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improved over the past week After last week's 16% share price gain to NT$79.40, the stock trades at a trailing P/E ratio of 21x. Average trailing P/E is 12x in the Semiconductor industry in Taiwan. Total loss to shareholders of 25% over the past three years. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Director Man-Sheng Huang 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. Lack of board continuity. Reported Earnings • Oct 31
Third quarter 2022 earnings released: EPS: NT$0.57 (vs NT$1.15 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.57 (down from NT$1.15 in 3Q 2021). Revenue: NT$522.1m (down 45% from 3Q 2021). Net income: NT$0 (down NT$211.8m from profit in 3Q 2021). Profit margin: 0% (down from 22% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$53.30, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 11x in the Semiconductor industry in Taiwan. Total loss to shareholders of 46% over the past three years. Buying Opportunity • Aug 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be NT$89.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 24%. Price Target Changed • Aug 02
Price target decreased to NT$95.83 Down from NT$109, the current price target is provided by 1 analyst. New target price is 38% above last closing price of NT$69.50. Stock is down 49% over the past year. The company posted earnings per share of NT$4.62 last year. Buying Opportunity • Aug 01
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be NT$90.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 24%. Reported Earnings • Jul 31
Second quarter 2022 earnings released: EPS: NT$1.00 (vs NT$1.23 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.00 (down from NT$1.23 in 2Q 2021). Revenue: NT$736.3m (down 18% from 2Q 2021). Net income: NT$184.4m (down 19% from 2Q 2021). Profit margin: 25% (in line with 2Q 2021). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Price Target Changed • Jul 29
Price target decreased to NT$108 Down from NT$117, the current price target is provided by 1 analyst. New target price is 47% above last closing price of NT$73.30. Stock is down 46% over the past year. The company posted earnings per share of NT$4.62 last year. Price Target Changed • Jul 06
Price target decreased to NT$103 Down from NT$117, the current price target is provided by 1 analyst. New target price is 53% above last closing price of NT$67.30. Stock is down 54% over the past year. The company posted earnings per share of NT$4.62 last year. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$77.00, the stock trades at a trailing P/E ratio of 16.8x. Average trailing P/E is 13x in the Semiconductor industry in Taiwan. Total returns to shareholders of 7.6% over the past three years.