Reported Earnings • 2h
First quarter 2026 earnings released: EPS: NT$4.00 (vs NT$2.04 in 1Q 2025) First quarter 2026 results: EPS: NT$4.00 (up from NT$2.04 in 1Q 2025). Revenue: NT$2.10b (up 115% from 1Q 2025). Net income: NT$676.2m (up 104% from 1Q 2025). Profit margin: 32% (down from 34% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 40% 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 fallen by 5% per year but the company’s share price has increased by 45% per year, which means it is well ahead of earnings. Price Target Changed • Apr 21
Price target increased by 11% to NT$839 Up from NT$754, the current price target is an average from 2 analysts. New target price is 16% above last closing price of NT$721. Stock is up 230% over the past year. The company is forecast to post earnings per share of NT$13.11 for next year compared to NT$7.74 last year. Buy Or Sell Opportunity • Apr 17
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 34% to NT$644. The fair value is estimated to be NT$536, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.1% over the last 3 years. Earnings per share has declined by 13%. For the next 3 years, revenue is forecast to grow by 36% per annum. Earnings are also forecast to grow by 44% per annum over the same time period. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$517, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 23x in the Semiconductor 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$536 per share. Price Target Changed • Mar 18
Price target increased by 24% to NT$728 Up from NT$588, the current price target is an average from 2 analysts. New target price is 27% above last closing price of NT$572. Stock is up 98% over the past year. The company is forecast to post earnings per share of NT$13.11 for next year compared to NT$7.74 last year. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$532, 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 87% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$216 per share. New Risk • Mar 12
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 7.9% 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 Share price has been volatile over the past 3 months (7.9% average weekly change). Profit margins are more than 30% lower than last year (22% net profit margin). Reported Earnings • Mar 04
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: NT$7.74 (down from NT$9.73 in FY 2024). Revenue: NT$5.67b (up 35% from FY 2024). Net income: NT$1.26b (down 20% from FY 2024). Profit margin: 22% (down from 38% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 38%. Revenue is forecast to grow 32% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Annuncio • Feb 15
AP Memory Technology Corporation to Report Fiscal Year 2025 Results on Feb 26, 2026 AP Memory Technology Corporation announced that they will report fiscal year 2025 results on Feb 26, 2026 Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$479, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 173% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$225 per share. Annuncio • Dec 29
AP Memory Technology Corporation, Annual General Meeting, May 08, 2026 AP Memory Technology Corporation, Annual General Meeting, May 08, 2026. Location: 2 floor no,3, t`ai yuan 1st st., jhubei city, hsinchu county Taiwan Annuncio • Dec 18
AP Memory Broadens S-SiCap™? Technology Deployment to Support Evolving Ai and Hpc Needs AP Memory announced further advancements in its S-SiCapTM (Stack Silicon Capacitor) product line to address the increasing integration demands of AI servers and high-performance computing (HPC) systems. The S-SiCapTM portfolio includes two product categories --disc discrete silicon capacitors and interposers with silicon capacitors -- designed to support different system architectures and diverse application requirements. The discrete silicon capacitors, S-SiCapTM Gen4, achieves a capacitance density of 3.8 mF/mm2, an increase of more than 50% over the previous generation. To meet the growing demand for higher performance and power efficiency in AI servers and HPC systems, S-SiCapTMGen4 is the first to adopt embedded substrate packaging and is currently in the sampling and process validation stage. Mass production will be introduced progressively starting in 2026. Meanwhile, the S-SiCapTM Interposer utilizes a silicon wafer as its substrate, embedding high-density silicon capacitors within the interposer. This significantly enhances signal integrity and power stability for high-speed I/O applications such as die-to-die, SerDes, and HBM. In collaboration with supply-chain partners, AP Memory has introduced a reticle-stitching technology to enlarge interposer die area allowing more IC chiplets to meet the growing demand for higher-integration advanced packaging solutions. The S-SiCap™? Interposer has completed customer packaging and reliability validation, entering four-reticle mass production at the end of Third Quarter'25. Additional development projects are currently underway. Reported Earnings • Nov 04
Third quarter 2025 earnings released: EPS: NT$4.34 (vs NT$2.08 in 3Q 2024) Third quarter 2025 results: EPS: NT$4.34 (up from NT$2.08 in 3Q 2024). Revenue: NT$1.49b (up 17% from 3Q 2024). Net income: NT$706.3m (up 110% from 3Q 2024). Profit margin: 47% (up from 26% in 3Q 2024). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 32% 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 32% per year, which means it is well ahead of earnings. Major Estimate Revision • Oct 31
Consensus EPS estimates increase by 82% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from NT$5.43b to NT$5.50b. EPS estimate increased from NT$2.50 to NT$4.55 per share. Net income forecast to grow 126% next year vs 27% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$423 to NT$468. Share price rose 5.3% to NT$405 over the past week. Price Target Changed • Oct 30
Price target increased by 11% to NT$468 Up from NT$423, the current price target is an average from 2 analysts. New target price is 21% above last closing price of NT$388. Stock is up 29% over the past year. The company is forecast to post earnings per share of NT$4.55 for next year compared to NT$9.73 last year. Price Target Changed • Oct 27
Price target increased by 7.3% to NT$443 Up from NT$413, the current price target is an average from 2 analysts. New target price is 12% above last closing price of NT$397. Stock is up 28% over the past year. The company is forecast to post earnings per share of NT$2.50 for next year compared to NT$9.73 last year. Buy Or Sell Opportunity • Oct 15
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 9.0% to NT$352. The fair value is estimated to be NT$286, 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 22%. Revenue is forecast to grow by 69% in 2 years. Earnings are forecast to grow by 267% in the next 2 years. Buy Or Sell Opportunity • Sep 18
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to NT$354. The fair value is estimated to be NT$291, 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 22%. Revenue is forecast to grow by 64% in 2 years. Earnings are forecast to grow by 267% in the next 2 years. Annuncio • Sep 10
AP Memory Technology Corp. Launches ApSRAM - A New Low-Power and High-Performance PSRAM AP Memory announced that its next-generation PSRAM--ApSRAM (Attached-pSRAM)-- has successfully passed customer validation and is scheduled to begin mass production by the end of the year. ApSRAMTM is an advanced version of AP Memory's PSRAM (Pseudo Static Random Access Memory), featuring a new architecture optimized for edge computing and IoT applications. ApSRAMTM delivers a powerful combination of low power consumption, low latency, and high performance. ApSRAMTM adopts a more intuitive control interface that eliminates the need for complex signal calibration, while still effectively supporting higher bandwidth requirements. Compared with conventional PSRAM, ApSRAMTM delivers up to four times the bandwidth and reduces dynamic power consumption to just one-fifth, making it particularly suitable for battery-sensitive devices such as wearables and edge computing applications, where both low power consumption and real-time data exchange are essential. ApSRAMTM enables SoCs to scale memory capacity without requiring redesign, offering density options from 128Mb to 2Gb. It supports I/O voltages from 0.6V to 1.1V, ensuring compatibility with a wide range of logic processes and simplifying system integration. The first ApSRAMTM product is now sampling and will enter mass production by year-end. AP Memory also plans to roll out additional density options to meet the evolving requirements of emerging applications and diverse market needs. Major Estimate Revision • Aug 10
Consensus EPS estimates fall by 47%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from NT$5.17b to NT$5.38b. EPS estimate fell from NT$4.76 to NT$2.50 per share. Net income forecast to grow 90% next year vs 14% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$380 to NT$413. Share price fell 14% to NT$302 over the past week. New Risk • Aug 05
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: 13% Last year net profit margin: 40% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (182% payout ratio). Share price has been volatile over the past 3 months (7.2% average weekly change). Profit margins are more than 30% lower than last year (13% net profit margin). Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$325, the stock trades at a forward P/E ratio of 49x. Average forward P/E is 18x in the Semiconductor industry in Taiwan. Total returns to shareholders of 66% over the past three years. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$311, the stock trades at a forward P/E ratio of 47x. Average forward P/E is 17x in the Semiconductor industry in Taiwan. Total returns to shareholders of 22% over the past three years. Major Estimate Revision • Jun 02
Consensus EPS estimates fall by 45% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from NT$8.63 to NT$4.76 per share. Revenue forecast steady at NT$5.42b. Net income forecast to shrink 30% next year vs 16% growth forecast for Semiconductor industry in Taiwan . Consensus price target of NT$303 unchanged from last update. Share price was steady at NT$273 over the past week. Board Change • Jun 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 2 highly experienced directors. Independent Director Ken Chen was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • May 29
Dividend increased to NT$7.00 Dividend of NT$7.00 is 0.03% higher than last year. Ex-date: 18th June 2025 Payment date: 11th July 2025 Dividend yield will be 2.5%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (72% earnings payout ratio) and cash flows (65% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 17% over the next year, which should provide support to the dividend and adequate earnings cover. New Risk • May 23
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 8.8% 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 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 (8.8% average weekly change). Major Estimate Revision • May 23
Consensus EPS estimates fall by 12%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from NT$5.06b to NT$5.41b. EPS estimate fell from NT$9.77 to NT$8.63 per share. Net income forecast to grow 0.5% next year vs 16% growth forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$345 to NT$303. Share price rose 11% to NT$282 over the past week. Price Target Changed • May 22
Price target decreased by 15% to NT$303 Down from NT$358, the current price target is an average from 2 analysts. New target price is 18% above last closing price of NT$256. Stock is down 24% over the past year. The company is forecast to post earnings per share of NT$8.63 for next year compared to NT$9.73 last year. Major Estimate Revision • May 10
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$5.25b to NT$5.06b. EPS estimate also fell from NT$11.52 per share to NT$9.77 per share. Net income forecast to grow 8.7% next year vs 18% growth forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$358 to NT$345. Share price was steady at NT$243 over the past week. Reported Earnings • May 05
First quarter 2025 earnings released: EPS: NT$2.04 (vs NT$2.27 in 1Q 2024) First quarter 2025 results: EPS: NT$2.04 (down from NT$2.27 in 1Q 2024). Revenue: NT$975.0m (up 30% from 1Q 2024). Net income: NT$331.9m (down 9.9% from 1Q 2024). Profit margin: 34% (down from 49% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 17% 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 18% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Annuncio • Apr 25
AP Memory Technology Corporation to Report Q1, 2025 Results on May 02, 2025 AP Memory Technology Corporation announced that they will report Q1, 2025 results on May 02, 2025 New Risk • Apr 10
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 8.0% 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 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 (8.0% average weekly change). Buy Or Sell Opportunity • Apr 10
Now 25% overvalued Over the last 90 days, the stock has fallen 28% to NT$212. The fair value is estimated to be NT$170, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 21% over the last 3 years. Earnings per share has declined by 19%. Revenue is forecast to grow by 69% in 2 years. Earnings are forecast to grow by 30% in the next 2 years. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$214, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 18x in the Semiconductor industry in Taiwan. Total loss to shareholders of 20% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$170 per share. Reported Earnings • Mar 04
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: NT$9.73 (up from NT$8.93 in FY 2023). Revenue: NT$4.19b (flat on FY 2023). Net income: NT$1.58b (up 9.2% from FY 2023). Profit margin: 38% (up from 34% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 31% 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 19% 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. Annuncio • Mar 02
AP Memory Technology Corporation Announces Cash Dividend for the Year Ended December 31, 2024 AP Memory Technology Corporation announced cash dividend of TWD 7 per share for the year ended December 31, 2024. Total amount of cash distributed to shareholders is TWD 1,137,179,624. Par value of common stock is TWD 5 per share. Annuncio • Feb 20
AP Memory Technology Corporation to Report Fiscal Year 2024 Results on Feb 27, 2025 AP Memory Technology Corporation announced that they will report fiscal year 2024 results on Feb 27, 2025 Annuncio • Dec 30
AP Memory Technology Corporation, Annual General Meeting, Apr 30, 2025 AP Memory Technology Corporation, Annual General Meeting, Apr 30, 2025. Location: 2 floor no,3, t`ai yuan 1st st., jhubei city, hsinchu county Taiwan Annuncio • Dec 28
Ap Memory Technology Corporation Announces Compensation Committee Changes AP Memory Technology Corporation announced Compensation Committee Changes. Name of the previous position holder: Lan, Ching-Yao. Resume of the previous position holder: Supervisor of President Co. Ltd. Name of the new position holder: Ken Chen. Resume of the new position holder: Brillnics (Taiwan) Inc., Business Director, Global Unichip Corporation, General Manager Taiwan Semiconductor Manufacturing Company Limited, Senior Director. Effective date of the new member is January 1,2025. The resignation will be effective on December 31, 2024. The term of appointment for the new member will begin on the date of appointment and continue until the expiration of the current Board of Directors' term. Reported Earnings • Nov 06
Third quarter 2024 earnings released: EPS: NT$2.08 (vs NT$3.27 in 3Q 2023) Third quarter 2024 results: EPS: NT$2.08 (down from NT$3.27 in 3Q 2023). Revenue: NT$1.27b (up 2.8% from 3Q 2023). Net income: NT$336.9m (down 36% from 3Q 2023). Profit margin: 26% (down from 43% in 3Q 2023). Revenue is forecast to grow 30% 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 20% per year whereas the company’s share price has fallen by 16% per year. Board Change • Oct 24
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. 5 experienced directors. 1 highly experienced director. 3 independent directors (4 non-independent directors). Independent Director Elizabeth Sun was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Annuncio • Oct 23
AP Memory Technology Corporation to Report Q3, 2024 Results on Oct 30, 2024 AP Memory Technology Corporation announced that they will report Q3, 2024 results on Oct 30, 2024 Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: NT$2.28 (vs NT$2.98 in 2Q 2023) Second quarter 2024 results: EPS: NT$2.28 (down from NT$2.98 in 2Q 2023). Revenue: NT$944.8m (down 14% from 2Q 2023). Net income: NT$370.4m (down 23% from 2Q 2023). Profit margin: 39% (down from 44% in 2Q 2023). Revenue is forecast to grow 36% 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 15% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$263, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 19x in the Semiconductor industry in Taiwan. Total loss to shareholders of 19% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$154 per share. New Risk • Aug 05
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 6.8% 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 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 (6.8% average weekly change). Annuncio • Jul 24
AP Memory Technology Corporation to Report Q2, 2024 Results on Jul 31, 2024 AP Memory Technology Corporation announced that they will report Q2, 2024 results on Jul 31, 2024 Declared Dividend • May 29
Dividend increased to NT$7.00 Dividend of NT$7.00 is 0.05% higher than last year. Ex-date: 20th June 2024 Payment date: 11th July 2024 Dividend yield will be 2.0%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (65% earnings payout ratio) and cash flows (48% cash payout ratio). The dividend has increased by an average of 19% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 6.5% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: NT$2.27 (vs NT$0.39 in 1Q 2023) First quarter 2024 results: EPS: NT$2.27 (up from NT$0.39 in 1Q 2023). Revenue: NT$747.9m (up 2.8% from 1Q 2023). Net income: NT$368.5m (up 490% from 1Q 2023). Profit margin: 49% (up from 8.6% in 1Q 2023). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 31% 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 9% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Major Estimate Revision • May 08
Consensus revenue estimates decrease by 17%, EPS upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from NT$5.22b to NT$4.32b. EPS estimate increased from NT$8.98 to NT$9.91 per share. Net income forecast to grow 11% next year vs 35% growth forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$603 to NT$530. Share price fell 3.8% to NT$366 over the past week. Annuncio • Apr 28
AP Memory Technology Corporation to Report Q1, 2024 Results on May 03, 2024 AP Memory Technology Corporation announced that they will report Q1, 2024 results on May 03, 2024 Reported Earnings • Mar 22
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: NT$8.93 (down from NT$12.09 in FY 2022). Revenue: NT$4.23b (down 17% from FY 2022). Net income: NT$1.44b (down 26% from FY 2022). Profit margin: 34% (down from 38% in FY 2022). Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) exceeded analyst estimates by 12%. Revenue is forecast to grow 25% 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 1% per year whereas the company’s share price has fallen by 2% per year. Annuncio • Mar 16
AP Memory Technology Corporation Announces New Generation Stack Silicon Capacitor (S-Sicap) Gen3 Passed Customer Validation AP Memory Technology Corporation announced that the new generation stack silicon capacitor (S-SiCapTM) Gen3 has passed customer validation. S-SiCapTM is a high capacitance density and very low profile (<100um thin) silicon capacitor that can be integrated with System-on-Chip (SoC) with advanced packaging processes. The product can also be customized to meet the application requirements of high-end smartphones and High-Performance Computing (HPC) chips. AP Memory's S-SiCapTM uses a stacked capacitor, offering higher capacitance density, smaller size and thinner form factor compared to deep trench capacitors. The capacitance density of S-SiCapTM Gen3 can reach 2.5uF/mm2, with a maximum operating voltage of 1.2V and demonstrate excellent temperature and voltage stability. Additionally, it has low equivalent series inductance (ESL) and low equivalent series resistance (ESR), providing outstanding voltage stability during high-frequency operation. S-SiCapTM provides low profile and customizable product dimensions. In advanced packaging processes, it can meet various integration applications and be placed closer to SoC. For example: S-SiCapTM on the landside, S-SiCapTM embedded in package substrate, S-SiCapTM for 2.5D packaging, and S-SiCapTM in an interposer. AP Memory's President, Hong Chih-Hsun, notes that considering the trend of high-end mobile phones and HPC applications, SoCs need to deliver higher performance. However, this may come with increased power consumption and voltage instability. If customers aim for stable voltage operation in these applications, they will need more robust capacitor technology. AP Memory's S-SiCapTM Gen3 surpasses traditional capacitor technology by providing higher capacitance density, lower profile, and greater application versatility; all of which significantly enhance SoC performance in advanced packaging processes. Annuncio • Mar 03
AP Memory Technology Corporation, Annual General Meeting, May 27, 2024 AP Memory Technology Corporation, Annual General Meeting, May 27, 2024. Location: No. 88, Zhuangjing 1st Rd., Hsinchu County 302 Zhubei Taiwan Agenda: To report the business of 2023; to consider the 2023 Audit Committee's Review Report; to consider report 2023 employees' profit sharing bonus and directors' compensation; to consider report 2023 earnings distribution; to accept the 2023 Business Report and Financial Statements; to accept the proposal for distribution of 2023 earnings; to consider amendment to the Company's Procedures for the Election of the Directors; to discuss to approve the lifting of non-competition restrictions for directors and their representatives; and to consider other matters. Major Estimate Revision • Dec 10
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$4.45b to NT$4.30b. EPS estimate also fell from NT$8.92 per share to NT$8.00 per share. Net income forecast to grow 25% next year vs 19% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$478 to NT$508. Share price fell 6.1% to NT$441 over the past week. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$420, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 19x in the Semiconductor industry in Taiwan. Total returns to shareholders of 168% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$221 per share. Reported Earnings • Oct 31
Third quarter 2023 earnings released: EPS: NT$3.27 (vs NT$4.32 in 3Q 2022) Third quarter 2023 results: EPS: NT$3.27 (down from NT$4.32 in 3Q 2022). Revenue: NT$1.24b (up 4.5% from 3Q 2022). Net income: NT$529.6m (down 24% from 3Q 2022). Profit margin: 43% (down from 59% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 34% 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 increased by 13% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Oct 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 7.8% 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. Major Estimate Revision • Aug 07
Consensus revenue estimates increase by 23% The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from NT$4.07b to NT$5.00b. EPS estimate increased from NT$6.42 to NT$8.97 per share. Net income forecast to grow 35% next year vs 9.4% decline forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$300 to NT$358. Share price fell 10% to NT$343 over the past week. Reported Earnings • Aug 03
Second quarter 2023 earnings released: EPS: NT$2.98 (vs NT$3.85 in 2Q 2022) Second quarter 2023 results: EPS: NT$2.98 (down from NT$3.85 in 2Q 2022). Revenue: NT$1.10b (down 29% from 2Q 2022). Net income: NT$482.8m (down 22% from 2Q 2022). Profit margin: 44% (up from 40% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 32% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jun 28
First quarter 2023 earnings released: EPS: NT$0.39 (vs NT$3.53 in 1Q 2022) First quarter 2023 results: EPS: NT$0.39 (down from NT$3.53 in 1Q 2022). Revenue: NT$727.2m (down 53% from 1Q 2022). Net income: NT$62.5m (down 89% from 1Q 2022). Profit margin: 8.6% (down from 36% in 1Q 2022). 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 10% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 13
Upcoming dividend of NT$7.00 per share at 2.1% yield Eligible shareholders must have bought the stock before 20 June 2023. Payment date: 07 July 2023. Payout ratio is on the higher end at 78%, however this is supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (3.2%). Price Target Changed • May 06
Price target decreased by 9.1% to NT$300 Down from NT$330, the current price target is provided by 1 analyst. New target price is 6.0% above last closing price of NT$283. Stock is up 16% over the past year. The company is forecast to post earnings per share of NT$6.42 for next year compared to NT$12.09 last year. Reported Earnings • Mar 17
Full year 2022 earnings: Revenues and EPS in line with analyst expectations Full year 2022 results: EPS: NT$12.09 (down from NT$13.67 in FY 2021). Revenue: NT$5.09b (down 23% from FY 2021). Net income: NT$1.94b (down 4.1% from FY 2021). Profit margin: 38% (up from 31% in FY 2021). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 8.3% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has increased by 95% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$219, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 14x in the Semiconductor industry in Taiwan. Total returns to shareholders of 283% over the past three years. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improved over the past week After last week's 15% share price gain to NT$207, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 12x in the Semiconductor industry in Taiwan. Total returns to shareholders of 839% over the past three years. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Elizabeth Sun was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Nov 06
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from NT$5.94b to NT$5.12b. EPS estimate increased from NT$10.94 to NT$12.87 per share. Net income forecast to shrink 20% next year vs 6.3% decline forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$365 to NT$300. Share price rose 14% to NT$158 over the past week. Reported Earnings • Nov 01
Third quarter 2022 earnings released: EPS: NT$4.32 (vs NT$4.56 in 3Q 2021) Third quarter 2022 results: EPS: NT$4.32. Revenue: NT$1.19b (down 41% from 3Q 2021). Net income: NT$698.0m (up 3.3% from 3Q 2021). Profit margin: 59% (up from 34% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 28% p.a. on average during the next 2 years, compared to a 9.8% growth forecast for the Semiconductor industry in Taiwan. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$171, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 11x in the Semiconductor industry in Taiwan. Total returns to shareholders of 769% over the past three years. Annuncio • Aug 06
AP Memory Technology Corporation Octal-SPI PSRAM validated by Renesas RZ/A3UL MPU AP Memory Technology Corporation has announced that its PSRAM solution up to 512Mb density is supported by Renesas RZ/A3UL MPUs. The Renesas RZ/A3UL is a new product in the RZ/A series with significant enhancements in performance and specifications including the operating frequency of up to 1 GHz. Despite its high operating frequency, the RZ/A3UL is also an entry-class 64-bit MPU that provides a cost-effective solution, while providing the performance customers need. The RZ/A3UL provides an Octal-SPI memory interface that facilitates simpler and more compact board designs for industrial equipment, home appliances and office automation equipment with liquid crystal displays or control panels, as well as audio equipment and POS terminals. Reported Earnings • Aug 02
Second quarter 2022 earnings released: EPS: NT$3.85 (vs NT$3.08 in 2Q 2021) Second quarter 2022 results: EPS: NT$3.85 (up from NT$3.08 in 2Q 2021). Revenue: NT$1.54b (down 5.8% from 2Q 2021). Net income: NT$622.1m (up 36% from 2Q 2021). Profit margin: 40% (up from 28% in 2Q 2021). The increase in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 2.8%, compared to a 21% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has increased by 114% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Jul 20
Consensus revenue estimates fall by 16% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from NT$7.05b to NT$5.94b. EPS estimate fell from NT$14.18 to NT$10.94 per share. Net income forecast to shrink 15% next year vs 12% growth forecast for Semiconductor industry in Taiwan . Consensus price target down from NT$450 to NT$365. Share price rose 9.3% to NT$213 over the past week. Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment deteriorated over the past week After last week's 20% share price decline to NT$217, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 10x in the Semiconductor industry in Taiwan. Total returns to shareholders of 1,080% over the past three years. Buying Opportunity • Jun 17
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 23%. The fair value is estimated to be NT$320, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 9.9% in a year. Earnings is forecast to grow by 8.7% in the next year. Upcoming Dividend • Jun 14
Upcoming dividend of NT$6.00 per share Eligible shareholders must have bought the stock before 21 June 2022. Payment date: 08 July 2022. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (6.0%). Lower than average of industry peers (3.1%). Annuncio • Jun 07
AP Memory Launches Brand-New Product Series of 512Mb Ultra-High-Speed (UHS) and 32Mb Ultra-Low-Swing (ULS) PSRAM AP Memory has announced the launch of its new Ultra High Speed (UHS) and Ultra Low Swing (ULS) PSRAM. AP Memory rolls out AP351216C/AP351208, to further expand the density of AP Memory's UHS products series to 512Mb, and AP43208B, the industry's first ultra-low power 32Mb ULS product. AP Memory's new UHS/ULS products serve as memory solutions that support high density and low power consumption, meeting the needs of modern IoT applications such as new generation edge computing, smart home, smart wearable device, 5G communication, Timing Controller (TCON), etc.AP Memory is the first in the industry to introduce UHS/ULS PSRAM memory. Compared to traditional PSRAM and DRAM memory solution, UHS/ULS product series provides advanced memory features such as high transfer rate (5x more bandwidth compare to PSRAM), low power consumption (3x less compare to DRAM) and low pin count (3x less compare to DRAM). AP Memory's UHS/ULS product series enable design simplification while meeting form factor constraints and upgrade system and function performance of compacted IoT applications. When operating at the frequency at 1066Mhz, the power consumption of UHS product can save power consumption up to 40% comparing to LPDRAM, with power consumption at a very low level of 62mW, which significantly improves wearable devices' battery life. Furthermore, the newly released ULS products uses lower I/O voltages compare to traditional PSRAMs, further reducing memory power consumption, making ULS a new advantageous option for ultra-low-power memory solution. On top of this, as System on Chip (SoC) continues to migrate to advanced node process, the I/O voltage of SoC is gradually decreasing. UHS/ULS products can interconnect with SoC without a voltage converter, and due to its low pin count feature, it further reduces the complexity and cost of IoT product design. Board Change • Jun 07
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Elizabeth Sun was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improved over the past week After last week's 18% share price gain to NT$322, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 12x in the Semiconductor industry in Taiwan. Total returns to shareholders of 1,701% over the past three years.