Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Committee Member & Independent Director Yong-Ren Fang was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 09
Third quarter 2022 earnings released: NT$0.11 loss per share (vs NT$0.088 profit in 3Q 2021) Third quarter 2022 results: NT$0.11 loss per share (down from NT$0.088 profit in 3Q 2021). Revenue: NT$74.7m (down 24% from 3Q 2021). Net loss: NT$3.18m (down 252% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorated over the past week After last week's 19% share price decline to NT$23.20, the stock trades at a trailing P/E ratio of 16.4x. Average trailing P/E is 10x in the Semiconductor industry in Taiwan. Total returns to shareholders of 42% over the past three years. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$24.60, the stock trades at a trailing P/E ratio of 17.4x. Average trailing P/E is 12x in the Semiconductor industry in Taiwan. Total returns to shareholders of 44% over the past three years. Reported Earnings • Aug 05
Second quarter 2022 earnings released: EPS: NT$0.54 (vs NT$0.32 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.54 (up from NT$0.32 in 2Q 2021). Revenue: NT$140.0m (up 30% from 2Q 2021). Net income: NT$15.3m (up 125% from 2Q 2021). Profit margin: 11% (up from 6.3% 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 7% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 29
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 06 July 2022. Payment date: 02 August 2022. Payout ratio is on the higher end at 81%, and the cash payout ratio is above 100%. Trailing yield: 2.9%. Lower than top quartile of Taiwanese dividend payers (6.3%). Lower than average of industry peers (3.6%). Reported Earnings • May 12
First quarter 2022 earnings released: EPS: NT$0.36 (vs NT$0.19 in 1Q 2021) First quarter 2022 results: EPS: NT$0.36 (up from NT$0.19 in 1Q 2021). Revenue: NT$149.9m (up 47% from 1Q 2021). Net income: NT$10.1m (up 149% from 1Q 2021). Profit margin: 6.7% (up from 3.9% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. CEO & Director Jason Fan was the last director to join the board, commencing their role in 2019. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$36.65, the stock trades at a trailing P/E ratio of 23x. Average trailing P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 96% over the past three years. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$0.34 (vs NT$0.46 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$107.6m (down 6.7% from 2Q 2020). Net income: NT$6.81m (down 26% from 2Q 2020). Profit margin: 6.3% (down from 8.0% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improved over the past week After last week's 17% share price gain to NT$56.50, the stock trades at a trailing P/E ratio of 31.1x. Average trailing P/E is 28x in the Semiconductor industry in Taiwan. Total returns to shareholders of 153% over the past three years. Upcoming Dividend • Aug 03
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 10 August 2021. Payment date: 14 September 2021. Trailing yield: 1.9%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (2.2%). Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improved over the past week After last week's 25% share price gain to NT$55.10, the stock trades at a trailing P/E ratio of 30.3x. Average trailing P/E is 26x in the Semiconductor industry in Taiwan. Total returns to shareholders of 143% over the past three years. Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment improved over the past week After last week's 24% share price gain to NT$49.60, the stock trades at a trailing P/E ratio of 27.1x. Average trailing P/E is 23x in the Semiconductor industry in Taiwan. Total returns to shareholders of 113% over the past three years. Reported Earnings • May 09
First quarter 2021 earnings released: EPS NT$0.20 (vs NT$0.083 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$102.3m (up 28% from 1Q 2020). Net income: NT$4.04m (up 143% from 1Q 2020). Profit margin: 3.9% (up from 2.1% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 19% per year. Valuation Update With 7 Day Price Move • May 06
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$45.00, the stock trades at a trailing P/E ratio of 26.6x. Average trailing P/E is 26x in the Semiconductor industry in Taiwan. Total returns to shareholders of 94% over the past three years. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment deteriorated over the past week After last week's 19% share price decline to NT$49.25, the stock trades at a trailing P/E ratio of 29.1x. Average trailing P/E is 30x in the Semiconductor industry in Taiwan. Total returns to shareholders of 106% over the past three years. Reported Earnings • Mar 24
Full year 2020 earnings released: EPS NT$1.69 (vs NT$1.22 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$466.3m (up 15% from FY 2019). Net income: NT$33.7m (up 38% from FY 2019). Profit margin: 7.2% (up from 6.0% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improved over the past week After last week's 19% share price gain to NT$37.95, the stock is trading at a trailing P/E ratio of 25.2x, up from the previous P/E ratio of 21.1x. This compares to an average P/E of 27x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past three years are 61%. Is New 90 Day High Low • Mar 04
New 90-day high: NT$34.60 The company is up 4.0% from its price of NT$33.25 on 04 December 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 24% over the same period. Is New 90 Day High Low • Jan 20
New 90-day low: NT$27.10 The company is down 3.0% from its price of NT$27.85 on 23 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 37% over the same period. Reported Earnings • Nov 10
Third quarter 2020 earnings released: EPS NT$0.59 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$132.8m (up 25% from 3Q 2019). Net income: NT$11.7m (up 96% from 3Q 2019). Profit margin: 8.8% (up from 5.6% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings.