View Future GrowthRaydium Semiconductor 過去の業績過去 基準チェック /06Raydium Semiconductorの収益は年間平均-20.2%の割合で減少していますが、 Semiconductor業界の収益は年間 減少しています。収益は年間5.2% 0.8%割合で 増加しています。 Raydium Semiconductorの自己資本利益率は11.3%であり、純利益率は5.5%です。主要情報-20.15%収益成長率-23.11%EPS成長率Semiconductor 業界の成長19.89%収益成長率0.84%株主資本利益率11.29%ネット・マージン5.52%前回の決算情報31 Mar 2026最近の業績更新Reported Earnings • May 06First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behindFirst quarter 2026 results: EPS: NT$3.00 (down from NT$6.05 in 1Q 2025). Revenue: NT$5.44b (down 6.7% from 1Q 2025). Net income: NT$289.6m (down 37% from 1Q 2025). Profit margin: 5.3% (down from 7.9% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 4.3%. Earnings per share (EPS) missed analyst estimates by 34%. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 13% per year.Reported Earnings • Feb 25Full year 2025 earnings released: EPS: NT$18.24 (vs NT$27.67 in FY 2024)Full year 2025 results: EPS: NT$18.24 (down from NT$27.67 in FY 2024). Revenue: NT$22.4b (down 8.1% from FY 2024). Net income: NT$1.38b (down 34% from FY 2024). Profit margin: 6.2% (down from 8.6% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 17% per year.Reported Earnings • Nov 06Third quarter 2025 earnings: EPS and revenues exceed analyst expectationsThird quarter 2025 results: EPS: NT$4.53 (down from NT$7.08 in 3Q 2024). Revenue: NT$5.43b (down 13% from 3Q 2024). Net income: NT$343.6m (down 36% from 3Q 2024). Profit margin: 6.3% (down from 8.7% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 108%. Revenue is forecast to grow 6.4% p.a. on average during the next 2 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 29% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings.Reported Earnings • Aug 07Second quarter 2025 earnings released: EPS: NT$3.50 (vs NT$7.80 in 2Q 2024)Second quarter 2025 results: EPS: NT$3.50 (down from NT$7.80 in 2Q 2024). Revenue: NT$5.85b (down 9.3% from 2Q 2024). Net income: NT$265.9m (down 55% from 2Q 2024). Profit margin: 4.5% (down from 9.2% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings.Reported Earnings • May 07First quarter 2025 earnings: EPS exceeds analyst expectationsFirst quarter 2025 results: EPS: NT$6.05 (down from NT$7.28 in 1Q 2024). Revenue: NT$5.83b (down 3.5% from 1Q 2024). Net income: NT$459.1m (down 17% from 1Q 2024). Profit margin: 7.9% (down from 9.2% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 28%. Revenue is forecast to grow 9.0% p.a. on average during the next 2 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 45% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings.Reported Earnings • Feb 27Full year 2024 earnings: EPS and revenues miss analyst expectationsFull year 2024 results: EPS: NT$27.67 (up from NT$19.02 in FY 2023). Revenue: NT$24.4b (up 33% from FY 2023). Net income: NT$2.10b (up 46% from FY 2023). Profit margin: 8.6% (up from 7.9% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates by 4.3%. Revenue is forecast to grow 7.9% p.a. on average during the next 2 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 46% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings.すべての更新を表示Recent updatesDeclared Dividend • Jun 18Dividend reduced to NT$14.60Dividend of NT$14.60 is 34% lower than last year. Ex-date: 2nd July 2026 Payment date: 30th July 2026 Dividend yield will be 5.3%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is not adequately covered by earnings (91% earnings payout ratio) nor is it covered by cash flows (314% cash payout ratio). The dividend has increased by an average of 9.3% 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 1.4% to bring the payout ratio under control. However, EPS has declined by 6.4% over the last 5 years so the company would need to reverse this trend.New Risk • May 06New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 5.5% Last year net profit margin: 8.3% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 20% per year over the past 5 years. High level of non-cash earnings (20% accrual ratio). Minor Risks Dividend is not well covered by cash flows (314% cash payout ratio). Profit margins are more than 30% lower than last year (5.5% net profit margin).Reported Earnings • May 06First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behindFirst quarter 2026 results: EPS: NT$3.00 (down from NT$6.05 in 1Q 2025). Revenue: NT$5.44b (down 6.7% from 1Q 2025). Net income: NT$289.6m (down 37% from 1Q 2025). Profit margin: 5.3% (down from 7.9% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 4.3%. Earnings per share (EPS) missed analyst estimates by 34%. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 13% per year.New Risk • Mar 09New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 31% 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 14% per year over the past 5 years. High level of non-cash earnings (31% accrual ratio). Minor Risk Dividend is not well covered by cash flows (216% cash payout ratio).お知らせ • Feb 25Raydium Semiconductor Corporation, Annual General Meeting, May 27, 2026Raydium Semiconductor Corporation, Annual General Meeting, May 27, 2026, at 09:00 Taipei Standard Time. Location: no,1, kung yeh tung 2nd rd., east district hsinchu science park, hsinchu city TaiwanNew Risk • Feb 25New major risk - Revenue and earnings growthEarnings have declined by 14% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 113% Cash payout ratio: 328% Earnings have declined by 14% per year over the past 5 years.Reported Earnings • Feb 25Full year 2025 earnings released: EPS: NT$18.24 (vs NT$27.67 in FY 2024)Full year 2025 results: EPS: NT$18.24 (down from NT$27.67 in FY 2024). Revenue: NT$22.4b (down 8.1% from FY 2024). Net income: NT$1.38b (down 34% from FY 2024). Profit margin: 6.2% (down from 8.6% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 17% per year.Price Target Changed • Jan 13Price target decreased by 8.9% to NT$292Down from NT$320, the current price target is an average from 2 analysts. New target price is 32% above last closing price of NT$221. Stock is down 43% over the past year. The company is forecast to post earnings per share of NT$18.57 for next year compared to NT$27.67 last year.Reported Earnings • Nov 06Third quarter 2025 earnings: EPS and revenues exceed analyst expectationsThird quarter 2025 results: EPS: NT$4.53 (down from NT$7.08 in 3Q 2024). Revenue: NT$5.43b (down 13% from 3Q 2024). Net income: NT$343.6m (down 36% from 3Q 2024). Profit margin: 6.3% (down from 8.7% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 108%. Revenue is forecast to grow 6.4% p.a. on average during the next 2 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 29% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings.New Risk • Nov 05New major risk - Revenue and earnings growthEarnings have declined by 5.9% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 100% Cash payout ratio: 98% Earnings have declined by 5.9% per year over the past 5 years.Major Estimate Revision • Aug 11Consensus 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$24.0b to NT$23.2b. EPS estimate also fell from NT$23.32 per share to NT$19.83 per share. Net income forecast to grow 4.8% next year vs 14% growth forecast for Semiconductor industry in Taiwan. Consensus price target broadly unchanged at NT$315. Share price fell 11% to NT$308 over the past week.Reported Earnings • Aug 07Second quarter 2025 earnings released: EPS: NT$3.50 (vs NT$7.80 in 2Q 2024)Second quarter 2025 results: EPS: NT$3.50 (down from NT$7.80 in 2Q 2024). Revenue: NT$5.85b (down 9.3% from 2Q 2024). Net income: NT$265.9m (down 55% from 2Q 2024). Profit margin: 4.5% (down from 9.2% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings.Declared Dividend • Jun 19Dividend increased to NT$22.20Dividend of NT$22.20 is 46% higher than last year. Ex-date: 3rd July 2025 Payment date: 30th July 2025 Dividend yield will be 6.0%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (84% earnings payout ratio) and cash flows (73% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 27% over the next 3 years, which should provide support to the dividend and adequate earnings cover.お知らせ • May 29Raydium Semiconductor Corporation Approves Cash Dividend for 2024Raydium Semiconductor Corporation at its 2025 Annual Shareholders' Meeting held on May 28, 2025, approved the proposal for distribution of 2024 profits, and the cash dividends distributed in the amount of TWD 22.2 per share.Major Estimate Revision • May 12Consensus EPS estimates fall by 16%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$26.3b to NT$24.2b. EPS estimate also fell from NT$28.74 per share to NT$24.01 per share. Net income forecast to shrink 3.9% next year vs 17% growth forecast for Semiconductor industry in Taiwan . Consensus price target down from NT$370 to NT$328. Share price rose 3.6% to NT$333 over the past week.Price Target Changed • May 09Price target decreased by 8.3% to NT$339Down from NT$370, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of NT$326. Stock is down 22% over the past year. The company is forecast to post earnings per share of NT$28.32 for next year compared to NT$27.67 last year.Reported Earnings • May 07First quarter 2025 earnings: EPS exceeds analyst expectationsFirst quarter 2025 results: EPS: NT$6.05 (down from NT$7.28 in 1Q 2024). Revenue: NT$5.83b (down 3.5% from 1Q 2024). Net income: NT$459.1m (down 17% from 1Q 2024). Profit margin: 7.9% (down from 9.2% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 28%. Revenue is forecast to grow 9.0% p.a. on average during the next 2 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 45% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings.Valuation Update With 7 Day Price Move • Apr 09Investor sentiment deteriorates as stock falls 21%After last week's 21% share price decline to NT$278, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 16x in the Semiconductor industry in Taiwan. Total loss to shareholders of 22% over the past three years.分析記事 • Mar 31We Think Raydium Semiconductor (TWSE:3592) Can Manage Its Debt With EaseSome say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...分析記事 • Mar 15Raydium Semiconductor Corporation (TWSE:3592) Shares Could Be 39% Below Their Intrinsic Value EstimateKey Insights The projected fair value for Raydium Semiconductor is NT$612 based on 2 Stage Free Cash Flow to Equity...Reported Earnings • Feb 27Full year 2024 earnings: EPS and revenues miss analyst expectationsFull year 2024 results: EPS: NT$27.67 (up from NT$19.02 in FY 2023). Revenue: NT$24.4b (up 33% from FY 2023). Net income: NT$2.10b (up 46% from FY 2023). Profit margin: 8.6% (up from 7.9% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates by 4.3%. Revenue is forecast to grow 7.9% p.a. on average during the next 2 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 46% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings.お知らせ • Feb 26Raydium Semiconductor Corporation, Annual General Meeting, May 28, 2025Raydium Semiconductor Corporation, Annual General Meeting, May 28, 2025, at 09:00 Taipei Standard Time. Location: no,1, kung yeh tung 2nd rd., east district hsinchu science park, hsinchu city Taiwanお知らせ • Feb 18Raydium Semiconductor Corporation to Report Fiscal Year 2024 Results on Feb 25, 2025Raydium Semiconductor Corporation announced that they will report fiscal year 2024 results on Feb 25, 2025分析記事 • Jan 17Raydium Semiconductor (TWSE:3592) Hasn't Managed To Accelerate Its ReturnsIf we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...分析記事 • Nov 18Raydium Semiconductor's (TWSE:3592) Strong Earnings Are Of Good QualityRaydium Semiconductor Corporation ( TWSE:3592 ) just reported healthy earnings but the stock price didn't move much. We...分析記事 • Nov 10Raydium Semiconductor Corporation (TWSE:3592) Third-Quarter Results: Here's What Analysts Are Forecasting For Next YearLast week saw the newest quarterly earnings release from Raydium Semiconductor Corporation ( TWSE:3592 ), an important...Reported Earnings • Nov 07Third quarter 2024 earnings: EPS in line with expectations, revenues disappointThird quarter 2024 results: EPS: NT$7.08 (up from NT$5.82 in 3Q 2023). Revenue: NT$6.20b (up 24% from 3Q 2023). Net income: NT$537.2m (up 22% from 3Q 2023). Profit margin: 8.7% (down from 8.8% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 11% 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 44% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings.お知らせ • Oct 29Raydium Semiconductor Corporation to Report Q3, 2024 Results on Nov 05, 2024Raydium Semiconductor Corporation announced that they will report Q3, 2024 results on Nov 05, 2024分析記事 • Sep 04Raydium Semiconductor (TWSE:3592) Could Easily Take On More DebtLegendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...分析記事 • Aug 12Raydium Semiconductor Corporation Just Recorded A 8.6% EPS Beat: Here's What Analysts Are Forecasting NextLast week, you might have seen that Raydium Semiconductor Corporation ( TWSE:3592 ) released its quarterly result to...Reported Earnings • Aug 10Second quarter 2024 earnings: EPS and revenues exceed analyst expectationsSecond quarter 2024 results: EPS: NT$7.80 (up from NT$5.55 in 2Q 2023). Revenue: NT$6.45b (up 36% from 2Q 2023). Net income: NT$591.4m (up 41% from 2Q 2023). Profit margin: 9.2% (up from 8.9% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 8.6%. Revenue is forecast to grow 12% 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 36% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings.Price Target Changed • Aug 09Price target decreased by 7.3% to NT$446Down from NT$481, the current price target is an average from 5 analysts. New target price is 31% above last closing price of NT$342. Stock is up 5.9% over the past year. The company is forecast to post earnings per share of NT$29.64 for next year compared to NT$19.02 last year.分析記事 • Aug 07Why Raydium Semiconductor Corporation (TWSE:3592) Could Be Worth WatchingWhile Raydium Semiconductor Corporation ( TWSE:3592 ) might not have the largest market cap around , it received a lot...お知らせ • Jul 30Raydium Semiconductor Corporation to Report Q2, 2024 Results on Aug 06, 2024Raydium Semiconductor Corporation announced that they will report Q2, 2024 results on Aug 06, 2024分析記事 • Jun 15Raydium Semiconductor (TWSE:3592) Is Reducing Its Dividend To NT$15.20Raydium Semiconductor Corporation ( TWSE:3592 ) has announced that on 29th of July, it will be paying a dividend...Declared Dividend • Jun 14Dividend reduced to NT$15.20Dividend of NT$15.20 is 63% lower than last year. Ex-date: 1st July 2024 Payment date: 29th July 2024 Dividend yield will be 3.6%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (63% earnings payout ratio) but not covered by cash flows (109% cash payout ratio). The dividend has increased by an average of 6.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 59% over the next 3 years, which should provide support to the dividend and adequate earnings cover.お知らせ • Jun 14Raydium Semiconductor Corporation Announces Cash Dividend, Payable on July 29, 2024Raydium Semiconductor Corporation announced the total amount of Cash dividend of TWD 1,152,999,435 or TWD 15.2 per share. Ex-rights (ex-dividend) trading date is July 1, 2024. Ex-rights (ex-dividend) record date is July 7, 2024. Payment date of common stock cash dividend distribution is July 29, 2024. Date of the resolution by the board of directors or shareholders meeting or decision by the Company: June 12, 2024.Reported Earnings • May 11First quarter 2024 earnings: EPS and revenues exceed analyst expectationsFirst quarter 2024 results: EPS: NT$7.28 (up from NT$2.21 in 1Q 2023). Revenue: NT$6.04b (up 65% from 1Q 2023). Net income: NT$552.5m (up 229% from 1Q 2023). Profit margin: 9.2% (up from 4.6% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 8.8%. Earnings per share (EPS) also surpassed analyst estimates by 4.6%. Revenue is forecast to grow 14% 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 24% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings.分析記事 • May 08Raydium Semiconductor Corporation's (TWSE:3592) Intrinsic Value Is Potentially 22% Below Its Share PriceKey Insights Raydium Semiconductor's estimated fair value is NT$355 based on 2 Stage Free Cash Flow to Equity Current...お知らせ • May 01Raydium Semiconductor Corporation to Report Q1, 2024 Results on May 07, 2024Raydium Semiconductor Corporation announced that they will report Q1, 2024 results on May 07, 2024Buy Or Sell Opportunity • Apr 29Now 21% overvalued after recent price riseOver the last 90 days, the stock has risen 15% to NT$432. The fair value is estimated to be NT$357, 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 7.9%. Revenue is forecast to grow by 47% in 2 years. Earnings are forecast to grow by 84% in the next 2 years.Buy Or Sell Opportunity • Apr 24Now 21% overvalued after recent price riseOver the last 90 days, the stock has risen 12% to NT$432. The fair value is estimated to be NT$358, 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 7.9%. Revenue is forecast to grow by 47% in 2 years. Earnings are forecast to grow by 84% in the next 2 years.分析記事 • Mar 04Raydium Semiconductor Corporation's (TWSE:3592) 25% Jump Shows Its Popularity With InvestorsRaydium Semiconductor Corporation ( TWSE:3592 ) shares have had a really impressive month, gaining 25% after a shaky...分析記事 • Mar 03News Flash: Analysts Just Made A Substantial Upgrade To Their Raydium Semiconductor Corporation (TWSE:3592) ForecastsRaydium Semiconductor Corporation ( TWSE:3592 ) shareholders will have a reason to smile today, with the analysts...分析記事 • Mar 02Earnings Update: Raydium Semiconductor Corporation (TWSE:3592) Just Reported And Analysts Are Boosting Their EstimatesInvestors in Raydium Semiconductor Corporation ( TWSE:3592 ) had a good week, as its shares rose 3.6% to close at...Buy Or Sell Opportunity • Mar 01Now 22% overvalued after recent price riseOver the last 90 days, the stock has risen 19% to NT$477. The fair value is estimated to be NT$391, 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 7.9%. Revenue is forecast to grow by 47% in 2 years. Earnings are forecast to grow by 90% in the next 2 years.Reported Earnings • Feb 28Full year 2023 earnings: Revenues and EPS in line with analyst expectationsFull year 2023 results: EPS: NT$19.02 (down from NT$51.23 in FY 2022). Revenue: NT$18.3b (down 20% from FY 2022). Net income: NT$1.44b (down 63% from FY 2022). Profit margin: 7.9% (down from 17% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 16% p.a. on average during the next 2 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 8% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings.お知らせ • Feb 27Raydium Semiconductor Corporation, Annual General Meeting, May 29, 2024Raydium Semiconductor Corporation, Annual General Meeting, May 29, 2024. Location: Conference Room, No. 1, Gongye E. 2nd Rd., East Dist Hsinchu Science Park Hsinchu City Taiwan Agenda: To consider the 2023 Business Report; to consider the 2023 Audit Committee's Review Report; to consider the 2023 Distribution of Employee Compensation and Director remuneration; to consider the 2023 Earnings Distribution of Cash Dividends; to consider the cause for convening the meeting (2)Acknowledged matters: 2023 Business Report and Financial Statements and 2023 Earnings Distribution; Cause for convening the meeting Matters for Discussion: Amendment to the Procedures for Acquisition or Disposal of Assets; and to consider the other resolutions.Valuation Update With 7 Day Price Move • Feb 16Investor sentiment improves as stock rises 15%After last week's 15% share price gain to NT$436, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 45% over the past three years.お知らせ • Jan 06Raydium Semiconductor Corporation Appoints Alex Yuan as Information Technology Principal, Effective January 8, 2024Raydium Semiconductor Corporation appointed Alex Yuan as Information Technology Principal, effective January 8, 2024.New Risk • Nov 18New major risk - Earnings qualityThe 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 218% Cash payout ratio: 377% High level of non-cash earnings (33% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (8.1% net profit margin).Major Estimate Revision • Nov 10Consensus EPS estimates increase by 11%The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from NT$16.56 to NT$18.36. Revenue forecast steady at NT$18.2b. Net income forecast to grow 1.2% next year vs 11% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$300 to NT$330. Share price rose 5.2% to NT$393 over the past week.Price Target Changed • Aug 19Price target decreased by 9.1% to NT$300Down from NT$330, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of NT$297. Stock is up 4.2% over the past year. The company is forecast to post earnings per share of NT$16.56 for next year compared to NT$51.23 last year.Major Estimate Revision • Aug 15Consensus EPS estimates fall by 24%The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$18.5b to NT$18.2b. EPS estimate also fell from NT$21.53 per share to NT$16.26 per share. Net income forecast to shrink 1.4% next year vs 0.7% decline forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$330 to NT$320. Share price fell 3.1% to NT$314 over the past week.Reported Earnings • Aug 09Second quarter 2023 earnings: EPS and revenues exceed analyst expectationsSecond quarter 2023 results: EPS: NT$5.55 (down from NT$17.85 in 2Q 2022). Revenue: NT$4.75b (down 32% from 2Q 2022). Net income: NT$420.8m (down 69% from 2Q 2022). Profit margin: 8.9% (down from 19% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 8.9%. Revenue is forecast to grow 14% 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 increased by 31% per year but the company’s share price has increased by 53% per year, which means it is tracking significantly ahead of earnings growth.New Risk • Jul 28New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 0.03% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 126% Cash payout ratio: 119% Earnings are forecast to decline by an average of 0.03% per year for the foreseeable future. Minor Risk Profit margins are more than 30% lower than last year (13% net profit margin).Upcoming Dividend • Jun 22Upcoming dividend of NT$41.00 per share at 11% yieldEligible shareholders must have bought the stock before 29 June 2023. Payment date: 28 July 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 11%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.2%).Price Target Changed • May 13Price target decreased by 7.4% to NT$343Down from NT$370, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of NT$337. Stock is down 33% over the past year. The company is forecast to post earnings per share of NT$21.17 for next year compared to NT$51.23 last year.Valuation Update With 7 Day Price Move • Apr 25Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to NT$374, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 18x in the Semiconductor industry in Taiwan. Total returns to shareholders of 426% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$242 per share.Price Target Changed • Mar 03Price target increased by 13% to NT$340Up from NT$300, the current price target is an average from 2 analysts. New target price is 17% below last closing price of NT$412. Stock is down 30% over the past year. The company is forecast to post earnings per share of NT$23.10 for next year compared to NT$51.23 last year.Reported Earnings • Feb 26Full year 2022 earnings: EPS misses analyst expectationsFull year 2022 results: EPS: NT$51.23 (down from NT$65.09 in FY 2021). Revenue: NT$22.8b (down 8.1% from FY 2021). Net income: NT$3.86b (down 10.0% from FY 2021). Profit margin: 17% (in line with FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.5%. Revenue is expected to decline by 3.8% p.a. on average during the next 2 years, while revenues in the Semiconductor industry in Taiwan are expected to grow by 8.2%. Over the last 3 years on average, earnings per share has increased by 65% per year and the company’s share price has also increased by 65% per year.Board Change • Nov 16Less than half of directors are independentNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Reported Earnings • Nov 11Third quarter 2022 earnings: EPS exceeds analyst expectationsThird quarter 2022 results: EPS: NT$7.28 (down from NT$19.04 in 3Q 2021). Revenue: NT$3.90b (down 42% from 3Q 2021). Net income: NT$550.5m (down 56% from 3Q 2021). Profit margin: 14% (down from 19% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 102%. Revenue is expected to decline by 2.2% p.a. on average during the next 3 years, while revenues in the Semiconductor industry in Taiwan are expected to grow by 9.7%. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth.Valuation Update With 7 Day Price Move • Oct 21Investor sentiment improved over the past weekAfter last week's 24% share price gain to NT$246, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Semiconductor industry in Taiwan. Total returns to shareholders of 238% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$232 per share.Price Target Changed • Sep 29Price target decreased to NT$255Down from NT$433, the current price target is an average from 2 analysts. New target price is 20% above last closing price of NT$213. Stock is down 43% over the past year. The company is forecast to post earnings per share of NT$47.16 for next year compared to NT$65.09 last year.Buying Opportunity • Sep 01Now 21% undervalued after recent price dropOver the last 90 days, the stock is down 47%. The fair value is estimated to be NT$338, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 80%. Revenue is forecast to decline by 2.2% in 2 years. Earnings is forecast to decline by 30% in the next 2 years.Reported Earnings • Aug 13Second quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behindSecond quarter 2022 results: EPS: NT$17.84 (up from NT$16.77 in 2Q 2021). Revenue: NT$7.02b (up 13% from 2Q 2021). Net income: NT$1.34b (up 22% from 2Q 2021). Profit margin: 19% (up from 18% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) exceeded analyst estimates by 13%. Over the next year, revenue is expected to shrink by 8.1% compared to a 20% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth.Major Estimate Revision • Aug 12Consensus revenue estimates fall by 12%The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from NT$28.0b to NT$24.7b. EPS estimate fell from NT$57.96 to NT$46.10 per share. Net income forecast to shrink 31% next year vs 2.0% growth forecast for Semiconductor industry in Taiwan . Consensus price target down from NT$485 to NT$433. Share price rose 7.0% to NT$274 over the past week.Price Target Changed • Aug 12Price target decreased to NT$433Down from NT$485, the current price target is an average from 3 analysts. New target price is 58% above last closing price of NT$274. Stock is down 32% over the past year. The company is forecast to post earnings per share of NT$46.10 for next year compared to NT$65.09 last year.Valuation Update With 7 Day Price Move • Jul 06Investor sentiment deteriorated over the past weekAfter last week's 22% share price decline to NT$280, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Semiconductor industry in Taiwan. Total returns to shareholders of 312% over the past three years.Major Estimate Revision • Jul 04Consensus EPS estimates fall by 14%The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from NT$29.9b to NT$28.6b. EPS estimate also fell from NT$70.29 per share to NT$60.80 per share. Net income forecast to shrink 11% next year vs 12% growth forecast for Semiconductor industry in Taiwan . Consensus price target down from NT$720 to NT$527. Share price fell 23% to NT$296 over the past week.Price Target Changed • Jun 28Price target decreased to NT$657Down from NT$733, the current price target is an average from 3 analysts. New target price is 77% above last closing price of NT$371. Stock is up 3.6% over the past year. The company is forecast to post earnings per share of NT$67.57 for next year compared to NT$65.09 last year.Upcoming Dividend • Jun 27Upcoming dividend of NT$45.00 per shareEligible shareholders must have bought the stock before 04 July 2022. Payment date: 29 July 2022. Payout ratio is a comfortable 60% and this is well supported by cash flows. Trailing yield: 12%. Within top quartile of Taiwanese dividend payers (6.3%). Higher than average of industry peers (3.6%).Valuation Update With 7 Day Price Move • Jun 22Investor sentiment deteriorated over the past weekAfter last week's 18% share price decline to NT$380, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 10x in the Semiconductor industry in Taiwan. Total returns to shareholders of 405% over the past three years.Reported Earnings • May 17First quarter 2022 earnings: EPS exceeds analyst expectationsFirst quarter 2022 results: EPS: NT$21.05 (up from NT$13.96 in 1Q 2021). Revenue: NT$7.70b (up 35% from 1Q 2021). Net income: NT$1.58b (up 72% from 1Q 2021). Profit margin: 21% (up from 16% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.3%. Over the next year, revenue is forecast to grow 12%, compared to a 23% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 79% per year whereas the company’s share price has increased by 81% per year.Price Target Changed • Apr 27Price target decreased to NT$733Down from NT$792, the current price target is an average from 3 analysts. New target price is 54% above last closing price of NT$475. Stock is up 2.4% over the past year. The company is forecast to post earnings per share of NT$70.56 for next year compared to NT$65.09 last year.Board Change • Apr 27Less than half of directors are independentNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Price Target Changed • Apr 21Price target decreased to NT$733Down from NT$792, the current price target is an average from 3 analysts. New target price is 53% above last closing price of NT$480. Stock is up 7.9% over the past year. The company is forecast to post earnings per share of NT$70.56 for next year compared to NT$65.09 last year.Reported Earnings • Mar 01Full year 2021 earnings: EPS misses analyst expectationsFull year 2021 results: EPS: NT$65.09 (up from NT$13.12 in FY 2020). Revenue: NT$24.8b (up 72% from FY 2020). Net income: NT$4.29b (up 401% from FY 2020). Profit margin: 17% (up from 5.9% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.9%. Over the next year, revenue is forecast to grow 16%, compared to a 24% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has increased by 91% per year, which means it is tracking significantly ahead of earnings growth.お知らせ • Feb 26Raydium Semiconductor Corporation, Annual General Meeting, May 30, 2022Raydium Semiconductor Corporation, Annual General Meeting, May 30, 2022.Valuation Update With 7 Day Price Move • Jan 21Investor sentiment improved over the past weekAfter last week's 15% share price gain to NT$655, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 15x in the Semiconductor industry in Taiwan. Total returns to shareholders of 968% over the past three years.Valuation Update With 7 Day Price Move • Dec 03Investor sentiment improved over the past weekAfter last week's 17% share price gain to NT$545, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 994% over the past three years.Valuation Update With 7 Day Price Move • Nov 18Investor sentiment improved over the past weekAfter last week's 22% share price gain to NT$494, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 911% over the past three years.Reported Earnings • Nov 15Third quarter 2021 earnings released: EPS NT$19.04 (vs NT$4.53 in 3Q 2020)The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$6.74b (up 67% from 3Q 2020). Net income: NT$1.26b (up 323% from 3Q 2020). Profit margin: 19% (up from 7.3% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has increased by 92% per year, which means it is tracking significantly ahead of earnings growth.Upcoming Dividend • Jun 28Upcoming dividend of NT$10.50 per shareEligible shareholders must have bought the stock before 05 July 2021. Payment date: 30 July 2021. Trailing yield: 2.9%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (2.2%).Valuation Update With 7 Day Price Move • May 06Investor sentiment deteriorated over the past weekAfter last week's 15% share price decline to NT$390, the stock trades at a trailing P/E ratio of 29.7x. Average trailing P/E is 26x in the Semiconductor industry in Taiwan. Total returns to shareholders of 775% over the past three years.分析記事 • Apr 23Why The 23% Return On Capital At Raydium Semiconductor (GTSM:3592) Should Have Your AttentionThere are a few key trends to look for if we want to identify the next multi-bagger. Ideally, a business will show two...Valuation Update With 7 Day Price Move • Apr 10Investor sentiment improved over the past weekAfter last week's 21% share price gain to NT$487, the stock trades at a trailing P/E ratio of 37.1x. Average trailing P/E is 29x in the Semiconductor industry in Taiwan. Total returns to shareholders of 998% over the past three years.Reported Earnings • Mar 24Full year 2020 earnings released: EPS NT$13.12 (vs NT$10.34 in FY 2019)The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$14.4b (up 3.5% from FY 2019). Net income: NT$856.6m (up 27% from FY 2019). Profit margin: 5.9% (up from 4.8% 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 20% per year but the company’s share price has increased by 88% per year, which means it is tracking significantly ahead of earnings growth.Valuation Update With 7 Day Price Move • Mar 16Investor sentiment improved over the past weekAfter last week's 17% share price gain to NT$400, the stock trades at a trailing P/E ratio of 45.9x, up from the previous P/E ratio of 39.2x. Average P/E is 26x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past three years are 791%.分析記事 • Mar 12Factors Income Investors Should Consider Before Adding Raydium Semiconductor Corporation (GTSM:3592) To Their PortfolioCould Raydium Semiconductor Corporation ( GTSM:3592 ) be an attractive dividend share to own for the long haul...お知らせ • Mar 11Raydium Semiconductor Corporation, Annual General Meeting, May 31, 2021Raydium Semiconductor Corporation, Annual General Meeting, May 31, 2021.Valuation Update With 7 Day Price Move • Feb 18Investor sentiment improved over the past weekAfter last week's 61% share price gain to NT$388, the stock is trading at a trailing P/E ratio of 44.5x, up from the previous P/E ratio of 27.7x. 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 767%.Valuation Update With 7 Day Price Move • Feb 01Investor sentiment improved over the past weekAfter last week's 18% share price gain to NT$210, the stock is trading at a trailing P/E ratio of 24.1x, up from the previous P/E ratio of 20.4x. This compares to an average P/E of 25x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past three years are 374%.Is New 90 Day High Low • Jan 25New 90-day high: NT$179The company is up 102% from its price of NT$88.20 on 28 October 2020. The Taiwanese market is up 23% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 43% over the same period.分析記事 • Jan 24Raydium Semiconductor (GTSM:3592) Has Rewarded Shareholders With An Exceptional 581% Total Return On Their InvestmentWe think all investors should try to buy and hold high quality multi-year winners. While the best companies are hard to...Valuation Update With 7 Day Price Move • Jan 06Investor sentiment improved over the past weekAfter last week's 17% share price gain to NT$164, the stock is trading at a trailing P/E ratio of 18.8x, up from the previous P/E ratio of 16.1x. This compares to an average P/E of 26x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past three years are 261%.分析記事 • Jan 02Returns On Capital - An Important Metric For Raydium Semiconductor (GTSM:3592)If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'll...収支内訳Raydium Semiconductor の稼ぎ方とお金の使い方。LTMベースの直近の報告された収益に基づく。収益と収入の歴史TWSE:3592 収益、費用、利益 ( )TWD Millions日付収益収益G+A経費研究開発費31 Mar 2622,0081,2141,0853,78831 Dec 2522,3971,3831,0113,85230 Sep 2522,7921,4879883,91630 Jun 2523,5641,6801,0183,95731 Mar 2524,1672,0061,1484,07031 Dec 2424,3772,0991,2273,95830 Sep 2423,6042,0941,1873,66830 Jun 2422,4231,9981,1583,48831 Mar 2420,7191,8271,0143,31931 Dec 2318,3471,4438833,04930 Sep 2317,6271,4249712,79230 Jun 2316,5121,5339632,74631 Mar 2318,7882,4551,1493,33731 Dec 2222,8223,8621,4424,15730 Sep 2225,2864,6701,4604,90230 Jun 2228,1205,3761,5595,42231 Mar 2227,3265,1351,4814,96431 Dec 2124,8344,2911,2154,27430 Sep 2122,4273,5001,0253,60630 Jun 2119,5212,4278682,83431 Mar 2116,4611,4577072,30531 Dec 2014,4258576631,98630 Sep 2013,7595986771,92830 Jun 2013,5135666531,91231 Mar 2013,7226196621,93131 Dec 1913,9316726711,94930 Sep 1913,6127166721,82530 Jun 1913,2927606731,70231 Mar 1912,1276616061,53331 Dec 1810,9635625401,36430 Sep 1810,0744835001,26130 Jun 189,1854044601,15831 Mar 189,2603984521,15131 Dec 179,3353924451,14530 Sep 179,2154084431,13330 Jun 179,0954244421,12231 Mar 178,8614294311,06831 Dec 168,6274334201,01430 Sep 168,24143340197630 Jun 167,85643338293731 Mar 167,57741936392931 Dec 157,29840634492130 Sep 157,43940233390230 Jun 157,580399322884質の高い収益: 3592 非現金収入 のレベルが高いです。利益率の向上: 3592の現在の純利益率 (5.5%)は、昨年(8.3%)よりも低くなっています。フリー・キャッシュフローと収益の比較過去の収益成長分析収益動向: 3592の収益は過去 5 年間で年間20.2%減少しました。成長の加速: 3592は過去 1 年間の収益成長がマイナスであったため、5 年間の平均と比較することはできません。収益対業界: 3592は過去 1 年間で収益成長率がマイナス ( -39.5% ) となったため、 Semiconductor業界平均 ( 3.4% ) と比較することが困難です。株主資本利益率高いROE: 3592の 自己資本利益率 ( 11.3% ) は 低い とみなされます。総資産利益率使用総資本利益率過去の好業績企業の発掘7D1Y7D1Y7D1YSemiconductors 、過去の業績が好調な企業。View Financial Health企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/06/23 19:36終値2026/06/23 00:00収益2026/03/31年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレークこのレポートを生成するために使用した分析モデルの詳細は、当社の Github ページ でご覧いただけます。また、レポートの使い方に関する ガイド や YouTube の チュートリアル もご用意しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋Raydium Semiconductor Corporation 1 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。3 アナリスト機関null nullKGI Securities Co. Ltd.Yucheng LiuKGI Securities Co. Ltd.Chun-Yao FeiSinoPac Securities Investment Service
Reported Earnings • May 06First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behindFirst quarter 2026 results: EPS: NT$3.00 (down from NT$6.05 in 1Q 2025). Revenue: NT$5.44b (down 6.7% from 1Q 2025). Net income: NT$289.6m (down 37% from 1Q 2025). Profit margin: 5.3% (down from 7.9% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 4.3%. Earnings per share (EPS) missed analyst estimates by 34%. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 13% per year.
Reported Earnings • Feb 25Full year 2025 earnings released: EPS: NT$18.24 (vs NT$27.67 in FY 2024)Full year 2025 results: EPS: NT$18.24 (down from NT$27.67 in FY 2024). Revenue: NT$22.4b (down 8.1% from FY 2024). Net income: NT$1.38b (down 34% from FY 2024). Profit margin: 6.2% (down from 8.6% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 17% per year.
Reported Earnings • Nov 06Third quarter 2025 earnings: EPS and revenues exceed analyst expectationsThird quarter 2025 results: EPS: NT$4.53 (down from NT$7.08 in 3Q 2024). Revenue: NT$5.43b (down 13% from 3Q 2024). Net income: NT$343.6m (down 36% from 3Q 2024). Profit margin: 6.3% (down from 8.7% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 108%. Revenue is forecast to grow 6.4% p.a. on average during the next 2 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 29% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings.
Reported Earnings • Aug 07Second quarter 2025 earnings released: EPS: NT$3.50 (vs NT$7.80 in 2Q 2024)Second quarter 2025 results: EPS: NT$3.50 (down from NT$7.80 in 2Q 2024). Revenue: NT$5.85b (down 9.3% from 2Q 2024). Net income: NT$265.9m (down 55% from 2Q 2024). Profit margin: 4.5% (down from 9.2% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings.
Reported Earnings • May 07First quarter 2025 earnings: EPS exceeds analyst expectationsFirst quarter 2025 results: EPS: NT$6.05 (down from NT$7.28 in 1Q 2024). Revenue: NT$5.83b (down 3.5% from 1Q 2024). Net income: NT$459.1m (down 17% from 1Q 2024). Profit margin: 7.9% (down from 9.2% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 28%. Revenue is forecast to grow 9.0% p.a. on average during the next 2 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 45% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings.
Reported Earnings • Feb 27Full year 2024 earnings: EPS and revenues miss analyst expectationsFull year 2024 results: EPS: NT$27.67 (up from NT$19.02 in FY 2023). Revenue: NT$24.4b (up 33% from FY 2023). Net income: NT$2.10b (up 46% from FY 2023). Profit margin: 8.6% (up from 7.9% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates by 4.3%. Revenue is forecast to grow 7.9% p.a. on average during the next 2 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 46% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings.
Declared Dividend • Jun 18Dividend reduced to NT$14.60Dividend of NT$14.60 is 34% lower than last year. Ex-date: 2nd July 2026 Payment date: 30th July 2026 Dividend yield will be 5.3%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is not adequately covered by earnings (91% earnings payout ratio) nor is it covered by cash flows (314% cash payout ratio). The dividend has increased by an average of 9.3% 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 1.4% to bring the payout ratio under control. However, EPS has declined by 6.4% over the last 5 years so the company would need to reverse this trend.
New Risk • May 06New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 5.5% Last year net profit margin: 8.3% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 20% per year over the past 5 years. High level of non-cash earnings (20% accrual ratio). Minor Risks Dividend is not well covered by cash flows (314% cash payout ratio). Profit margins are more than 30% lower than last year (5.5% net profit margin).
Reported Earnings • May 06First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behindFirst quarter 2026 results: EPS: NT$3.00 (down from NT$6.05 in 1Q 2025). Revenue: NT$5.44b (down 6.7% from 1Q 2025). Net income: NT$289.6m (down 37% from 1Q 2025). Profit margin: 5.3% (down from 7.9% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 4.3%. Earnings per share (EPS) missed analyst estimates by 34%. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 13% per year.
New Risk • Mar 09New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 31% 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 14% per year over the past 5 years. High level of non-cash earnings (31% accrual ratio). Minor Risk Dividend is not well covered by cash flows (216% cash payout ratio).
お知らせ • Feb 25Raydium Semiconductor Corporation, Annual General Meeting, May 27, 2026Raydium Semiconductor Corporation, Annual General Meeting, May 27, 2026, at 09:00 Taipei Standard Time. Location: no,1, kung yeh tung 2nd rd., east district hsinchu science park, hsinchu city Taiwan
New Risk • Feb 25New major risk - Revenue and earnings growthEarnings have declined by 14% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 113% Cash payout ratio: 328% Earnings have declined by 14% per year over the past 5 years.
Reported Earnings • Feb 25Full year 2025 earnings released: EPS: NT$18.24 (vs NT$27.67 in FY 2024)Full year 2025 results: EPS: NT$18.24 (down from NT$27.67 in FY 2024). Revenue: NT$22.4b (down 8.1% from FY 2024). Net income: NT$1.38b (down 34% from FY 2024). Profit margin: 6.2% (down from 8.6% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 17% per year.
Price Target Changed • Jan 13Price target decreased by 8.9% to NT$292Down from NT$320, the current price target is an average from 2 analysts. New target price is 32% above last closing price of NT$221. Stock is down 43% over the past year. The company is forecast to post earnings per share of NT$18.57 for next year compared to NT$27.67 last year.
Reported Earnings • Nov 06Third quarter 2025 earnings: EPS and revenues exceed analyst expectationsThird quarter 2025 results: EPS: NT$4.53 (down from NT$7.08 in 3Q 2024). Revenue: NT$5.43b (down 13% from 3Q 2024). Net income: NT$343.6m (down 36% from 3Q 2024). Profit margin: 6.3% (down from 8.7% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 108%. Revenue is forecast to grow 6.4% p.a. on average during the next 2 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 29% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings.
New Risk • Nov 05New major risk - Revenue and earnings growthEarnings have declined by 5.9% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 100% Cash payout ratio: 98% Earnings have declined by 5.9% per year over the past 5 years.
Major Estimate Revision • Aug 11Consensus 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$24.0b to NT$23.2b. EPS estimate also fell from NT$23.32 per share to NT$19.83 per share. Net income forecast to grow 4.8% next year vs 14% growth forecast for Semiconductor industry in Taiwan. Consensus price target broadly unchanged at NT$315. Share price fell 11% to NT$308 over the past week.
Reported Earnings • Aug 07Second quarter 2025 earnings released: EPS: NT$3.50 (vs NT$7.80 in 2Q 2024)Second quarter 2025 results: EPS: NT$3.50 (down from NT$7.80 in 2Q 2024). Revenue: NT$5.85b (down 9.3% from 2Q 2024). Net income: NT$265.9m (down 55% from 2Q 2024). Profit margin: 4.5% (down from 9.2% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings.
Declared Dividend • Jun 19Dividend increased to NT$22.20Dividend of NT$22.20 is 46% higher than last year. Ex-date: 3rd July 2025 Payment date: 30th July 2025 Dividend yield will be 6.0%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (84% earnings payout ratio) and cash flows (73% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 27% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
お知らせ • May 29Raydium Semiconductor Corporation Approves Cash Dividend for 2024Raydium Semiconductor Corporation at its 2025 Annual Shareholders' Meeting held on May 28, 2025, approved the proposal for distribution of 2024 profits, and the cash dividends distributed in the amount of TWD 22.2 per share.
Major Estimate Revision • May 12Consensus EPS estimates fall by 16%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$26.3b to NT$24.2b. EPS estimate also fell from NT$28.74 per share to NT$24.01 per share. Net income forecast to shrink 3.9% next year vs 17% growth forecast for Semiconductor industry in Taiwan . Consensus price target down from NT$370 to NT$328. Share price rose 3.6% to NT$333 over the past week.
Price Target Changed • May 09Price target decreased by 8.3% to NT$339Down from NT$370, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of NT$326. Stock is down 22% over the past year. The company is forecast to post earnings per share of NT$28.32 for next year compared to NT$27.67 last year.
Reported Earnings • May 07First quarter 2025 earnings: EPS exceeds analyst expectationsFirst quarter 2025 results: EPS: NT$6.05 (down from NT$7.28 in 1Q 2024). Revenue: NT$5.83b (down 3.5% from 1Q 2024). Net income: NT$459.1m (down 17% from 1Q 2024). Profit margin: 7.9% (down from 9.2% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 28%. Revenue is forecast to grow 9.0% p.a. on average during the next 2 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 45% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings.
Valuation Update With 7 Day Price Move • Apr 09Investor sentiment deteriorates as stock falls 21%After last week's 21% share price decline to NT$278, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 16x in the Semiconductor industry in Taiwan. Total loss to shareholders of 22% over the past three years.
分析記事 • Mar 31We Think Raydium Semiconductor (TWSE:3592) Can Manage Its Debt With EaseSome say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...
分析記事 • Mar 15Raydium Semiconductor Corporation (TWSE:3592) Shares Could Be 39% Below Their Intrinsic Value EstimateKey Insights The projected fair value for Raydium Semiconductor is NT$612 based on 2 Stage Free Cash Flow to Equity...
Reported Earnings • Feb 27Full year 2024 earnings: EPS and revenues miss analyst expectationsFull year 2024 results: EPS: NT$27.67 (up from NT$19.02 in FY 2023). Revenue: NT$24.4b (up 33% from FY 2023). Net income: NT$2.10b (up 46% from FY 2023). Profit margin: 8.6% (up from 7.9% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates by 4.3%. Revenue is forecast to grow 7.9% p.a. on average during the next 2 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 46% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings.
お知らせ • Feb 26Raydium Semiconductor Corporation, Annual General Meeting, May 28, 2025Raydium Semiconductor Corporation, Annual General Meeting, May 28, 2025, at 09:00 Taipei Standard Time. Location: no,1, kung yeh tung 2nd rd., east district hsinchu science park, hsinchu city Taiwan
お知らせ • Feb 18Raydium Semiconductor Corporation to Report Fiscal Year 2024 Results on Feb 25, 2025Raydium Semiconductor Corporation announced that they will report fiscal year 2024 results on Feb 25, 2025
分析記事 • Jan 17Raydium Semiconductor (TWSE:3592) Hasn't Managed To Accelerate Its ReturnsIf we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...
分析記事 • Nov 18Raydium Semiconductor's (TWSE:3592) Strong Earnings Are Of Good QualityRaydium Semiconductor Corporation ( TWSE:3592 ) just reported healthy earnings but the stock price didn't move much. We...
分析記事 • Nov 10Raydium Semiconductor Corporation (TWSE:3592) Third-Quarter Results: Here's What Analysts Are Forecasting For Next YearLast week saw the newest quarterly earnings release from Raydium Semiconductor Corporation ( TWSE:3592 ), an important...
Reported Earnings • Nov 07Third quarter 2024 earnings: EPS in line with expectations, revenues disappointThird quarter 2024 results: EPS: NT$7.08 (up from NT$5.82 in 3Q 2023). Revenue: NT$6.20b (up 24% from 3Q 2023). Net income: NT$537.2m (up 22% from 3Q 2023). Profit margin: 8.7% (down from 8.8% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 11% 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 44% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings.
お知らせ • Oct 29Raydium Semiconductor Corporation to Report Q3, 2024 Results on Nov 05, 2024Raydium Semiconductor Corporation announced that they will report Q3, 2024 results on Nov 05, 2024
分析記事 • Sep 04Raydium Semiconductor (TWSE:3592) Could Easily Take On More DebtLegendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
分析記事 • Aug 12Raydium Semiconductor Corporation Just Recorded A 8.6% EPS Beat: Here's What Analysts Are Forecasting NextLast week, you might have seen that Raydium Semiconductor Corporation ( TWSE:3592 ) released its quarterly result to...
Reported Earnings • Aug 10Second quarter 2024 earnings: EPS and revenues exceed analyst expectationsSecond quarter 2024 results: EPS: NT$7.80 (up from NT$5.55 in 2Q 2023). Revenue: NT$6.45b (up 36% from 2Q 2023). Net income: NT$591.4m (up 41% from 2Q 2023). Profit margin: 9.2% (up from 8.9% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 8.6%. Revenue is forecast to grow 12% 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 36% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings.
Price Target Changed • Aug 09Price target decreased by 7.3% to NT$446Down from NT$481, the current price target is an average from 5 analysts. New target price is 31% above last closing price of NT$342. Stock is up 5.9% over the past year. The company is forecast to post earnings per share of NT$29.64 for next year compared to NT$19.02 last year.
分析記事 • Aug 07Why Raydium Semiconductor Corporation (TWSE:3592) Could Be Worth WatchingWhile Raydium Semiconductor Corporation ( TWSE:3592 ) might not have the largest market cap around , it received a lot...
お知らせ • Jul 30Raydium Semiconductor Corporation to Report Q2, 2024 Results on Aug 06, 2024Raydium Semiconductor Corporation announced that they will report Q2, 2024 results on Aug 06, 2024
分析記事 • Jun 15Raydium Semiconductor (TWSE:3592) Is Reducing Its Dividend To NT$15.20Raydium Semiconductor Corporation ( TWSE:3592 ) has announced that on 29th of July, it will be paying a dividend...
Declared Dividend • Jun 14Dividend reduced to NT$15.20Dividend of NT$15.20 is 63% lower than last year. Ex-date: 1st July 2024 Payment date: 29th July 2024 Dividend yield will be 3.6%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (63% earnings payout ratio) but not covered by cash flows (109% cash payout ratio). The dividend has increased by an average of 6.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 59% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
お知らせ • Jun 14Raydium Semiconductor Corporation Announces Cash Dividend, Payable on July 29, 2024Raydium Semiconductor Corporation announced the total amount of Cash dividend of TWD 1,152,999,435 or TWD 15.2 per share. Ex-rights (ex-dividend) trading date is July 1, 2024. Ex-rights (ex-dividend) record date is July 7, 2024. Payment date of common stock cash dividend distribution is July 29, 2024. Date of the resolution by the board of directors or shareholders meeting or decision by the Company: June 12, 2024.
Reported Earnings • May 11First quarter 2024 earnings: EPS and revenues exceed analyst expectationsFirst quarter 2024 results: EPS: NT$7.28 (up from NT$2.21 in 1Q 2023). Revenue: NT$6.04b (up 65% from 1Q 2023). Net income: NT$552.5m (up 229% from 1Q 2023). Profit margin: 9.2% (up from 4.6% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 8.8%. Earnings per share (EPS) also surpassed analyst estimates by 4.6%. Revenue is forecast to grow 14% 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 24% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings.
分析記事 • May 08Raydium Semiconductor Corporation's (TWSE:3592) Intrinsic Value Is Potentially 22% Below Its Share PriceKey Insights Raydium Semiconductor's estimated fair value is NT$355 based on 2 Stage Free Cash Flow to Equity Current...
お知らせ • May 01Raydium Semiconductor Corporation to Report Q1, 2024 Results on May 07, 2024Raydium Semiconductor Corporation announced that they will report Q1, 2024 results on May 07, 2024
Buy Or Sell Opportunity • Apr 29Now 21% overvalued after recent price riseOver the last 90 days, the stock has risen 15% to NT$432. The fair value is estimated to be NT$357, 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 7.9%. Revenue is forecast to grow by 47% in 2 years. Earnings are forecast to grow by 84% in the next 2 years.
Buy Or Sell Opportunity • Apr 24Now 21% overvalued after recent price riseOver the last 90 days, the stock has risen 12% to NT$432. The fair value is estimated to be NT$358, 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 7.9%. Revenue is forecast to grow by 47% in 2 years. Earnings are forecast to grow by 84% in the next 2 years.
分析記事 • Mar 04Raydium Semiconductor Corporation's (TWSE:3592) 25% Jump Shows Its Popularity With InvestorsRaydium Semiconductor Corporation ( TWSE:3592 ) shares have had a really impressive month, gaining 25% after a shaky...
分析記事 • Mar 03News Flash: Analysts Just Made A Substantial Upgrade To Their Raydium Semiconductor Corporation (TWSE:3592) ForecastsRaydium Semiconductor Corporation ( TWSE:3592 ) shareholders will have a reason to smile today, with the analysts...
分析記事 • Mar 02Earnings Update: Raydium Semiconductor Corporation (TWSE:3592) Just Reported And Analysts Are Boosting Their EstimatesInvestors in Raydium Semiconductor Corporation ( TWSE:3592 ) had a good week, as its shares rose 3.6% to close at...
Buy Or Sell Opportunity • Mar 01Now 22% overvalued after recent price riseOver the last 90 days, the stock has risen 19% to NT$477. The fair value is estimated to be NT$391, 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 7.9%. Revenue is forecast to grow by 47% in 2 years. Earnings are forecast to grow by 90% in the next 2 years.
Reported Earnings • Feb 28Full year 2023 earnings: Revenues and EPS in line with analyst expectationsFull year 2023 results: EPS: NT$19.02 (down from NT$51.23 in FY 2022). Revenue: NT$18.3b (down 20% from FY 2022). Net income: NT$1.44b (down 63% from FY 2022). Profit margin: 7.9% (down from 17% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 16% p.a. on average during the next 2 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 8% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings.
お知らせ • Feb 27Raydium Semiconductor Corporation, Annual General Meeting, May 29, 2024Raydium Semiconductor Corporation, Annual General Meeting, May 29, 2024. Location: Conference Room, No. 1, Gongye E. 2nd Rd., East Dist Hsinchu Science Park Hsinchu City Taiwan Agenda: To consider the 2023 Business Report; to consider the 2023 Audit Committee's Review Report; to consider the 2023 Distribution of Employee Compensation and Director remuneration; to consider the 2023 Earnings Distribution of Cash Dividends; to consider the cause for convening the meeting (2)Acknowledged matters: 2023 Business Report and Financial Statements and 2023 Earnings Distribution; Cause for convening the meeting Matters for Discussion: Amendment to the Procedures for Acquisition or Disposal of Assets; and to consider the other resolutions.
Valuation Update With 7 Day Price Move • Feb 16Investor sentiment improves as stock rises 15%After last week's 15% share price gain to NT$436, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 45% over the past three years.
お知らせ • Jan 06Raydium Semiconductor Corporation Appoints Alex Yuan as Information Technology Principal, Effective January 8, 2024Raydium Semiconductor Corporation appointed Alex Yuan as Information Technology Principal, effective January 8, 2024.
New Risk • Nov 18New major risk - Earnings qualityThe 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 218% Cash payout ratio: 377% High level of non-cash earnings (33% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (8.1% net profit margin).
Major Estimate Revision • Nov 10Consensus EPS estimates increase by 11%The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from NT$16.56 to NT$18.36. Revenue forecast steady at NT$18.2b. Net income forecast to grow 1.2% next year vs 11% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$300 to NT$330. Share price rose 5.2% to NT$393 over the past week.
Price Target Changed • Aug 19Price target decreased by 9.1% to NT$300Down from NT$330, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of NT$297. Stock is up 4.2% over the past year. The company is forecast to post earnings per share of NT$16.56 for next year compared to NT$51.23 last year.
Major Estimate Revision • Aug 15Consensus EPS estimates fall by 24%The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$18.5b to NT$18.2b. EPS estimate also fell from NT$21.53 per share to NT$16.26 per share. Net income forecast to shrink 1.4% next year vs 0.7% decline forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$330 to NT$320. Share price fell 3.1% to NT$314 over the past week.
Reported Earnings • Aug 09Second quarter 2023 earnings: EPS and revenues exceed analyst expectationsSecond quarter 2023 results: EPS: NT$5.55 (down from NT$17.85 in 2Q 2022). Revenue: NT$4.75b (down 32% from 2Q 2022). Net income: NT$420.8m (down 69% from 2Q 2022). Profit margin: 8.9% (down from 19% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 8.9%. Revenue is forecast to grow 14% 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 increased by 31% per year but the company’s share price has increased by 53% per year, which means it is tracking significantly ahead of earnings growth.
New Risk • Jul 28New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 0.03% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 126% Cash payout ratio: 119% Earnings are forecast to decline by an average of 0.03% per year for the foreseeable future. Minor Risk Profit margins are more than 30% lower than last year (13% net profit margin).
Upcoming Dividend • Jun 22Upcoming dividend of NT$41.00 per share at 11% yieldEligible shareholders must have bought the stock before 29 June 2023. Payment date: 28 July 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 11%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.2%).
Price Target Changed • May 13Price target decreased by 7.4% to NT$343Down from NT$370, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of NT$337. Stock is down 33% over the past year. The company is forecast to post earnings per share of NT$21.17 for next year compared to NT$51.23 last year.
Valuation Update With 7 Day Price Move • Apr 25Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to NT$374, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 18x in the Semiconductor industry in Taiwan. Total returns to shareholders of 426% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$242 per share.
Price Target Changed • Mar 03Price target increased by 13% to NT$340Up from NT$300, the current price target is an average from 2 analysts. New target price is 17% below last closing price of NT$412. Stock is down 30% over the past year. The company is forecast to post earnings per share of NT$23.10 for next year compared to NT$51.23 last year.
Reported Earnings • Feb 26Full year 2022 earnings: EPS misses analyst expectationsFull year 2022 results: EPS: NT$51.23 (down from NT$65.09 in FY 2021). Revenue: NT$22.8b (down 8.1% from FY 2021). Net income: NT$3.86b (down 10.0% from FY 2021). Profit margin: 17% (in line with FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.5%. Revenue is expected to decline by 3.8% p.a. on average during the next 2 years, while revenues in the Semiconductor industry in Taiwan are expected to grow by 8.2%. Over the last 3 years on average, earnings per share has increased by 65% per year and the company’s share price has also increased by 65% per year.
Board Change • Nov 16Less than half of directors are independentNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Reported Earnings • Nov 11Third quarter 2022 earnings: EPS exceeds analyst expectationsThird quarter 2022 results: EPS: NT$7.28 (down from NT$19.04 in 3Q 2021). Revenue: NT$3.90b (down 42% from 3Q 2021). Net income: NT$550.5m (down 56% from 3Q 2021). Profit margin: 14% (down from 19% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 102%. Revenue is expected to decline by 2.2% p.a. on average during the next 3 years, while revenues in the Semiconductor industry in Taiwan are expected to grow by 9.7%. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth.
Valuation Update With 7 Day Price Move • Oct 21Investor sentiment improved over the past weekAfter last week's 24% share price gain to NT$246, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Semiconductor industry in Taiwan. Total returns to shareholders of 238% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$232 per share.
Price Target Changed • Sep 29Price target decreased to NT$255Down from NT$433, the current price target is an average from 2 analysts. New target price is 20% above last closing price of NT$213. Stock is down 43% over the past year. The company is forecast to post earnings per share of NT$47.16 for next year compared to NT$65.09 last year.
Buying Opportunity • Sep 01Now 21% undervalued after recent price dropOver the last 90 days, the stock is down 47%. The fair value is estimated to be NT$338, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 80%. Revenue is forecast to decline by 2.2% in 2 years. Earnings is forecast to decline by 30% in the next 2 years.
Reported Earnings • Aug 13Second quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behindSecond quarter 2022 results: EPS: NT$17.84 (up from NT$16.77 in 2Q 2021). Revenue: NT$7.02b (up 13% from 2Q 2021). Net income: NT$1.34b (up 22% from 2Q 2021). Profit margin: 19% (up from 18% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) exceeded analyst estimates by 13%. Over the next year, revenue is expected to shrink by 8.1% compared to a 20% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth.
Major Estimate Revision • Aug 12Consensus revenue estimates fall by 12%The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from NT$28.0b to NT$24.7b. EPS estimate fell from NT$57.96 to NT$46.10 per share. Net income forecast to shrink 31% next year vs 2.0% growth forecast for Semiconductor industry in Taiwan . Consensus price target down from NT$485 to NT$433. Share price rose 7.0% to NT$274 over the past week.
Price Target Changed • Aug 12Price target decreased to NT$433Down from NT$485, the current price target is an average from 3 analysts. New target price is 58% above last closing price of NT$274. Stock is down 32% over the past year. The company is forecast to post earnings per share of NT$46.10 for next year compared to NT$65.09 last year.
Valuation Update With 7 Day Price Move • Jul 06Investor sentiment deteriorated over the past weekAfter last week's 22% share price decline to NT$280, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Semiconductor industry in Taiwan. Total returns to shareholders of 312% over the past three years.
Major Estimate Revision • Jul 04Consensus EPS estimates fall by 14%The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from NT$29.9b to NT$28.6b. EPS estimate also fell from NT$70.29 per share to NT$60.80 per share. Net income forecast to shrink 11% next year vs 12% growth forecast for Semiconductor industry in Taiwan . Consensus price target down from NT$720 to NT$527. Share price fell 23% to NT$296 over the past week.
Price Target Changed • Jun 28Price target decreased to NT$657Down from NT$733, the current price target is an average from 3 analysts. New target price is 77% above last closing price of NT$371. Stock is up 3.6% over the past year. The company is forecast to post earnings per share of NT$67.57 for next year compared to NT$65.09 last year.
Upcoming Dividend • Jun 27Upcoming dividend of NT$45.00 per shareEligible shareholders must have bought the stock before 04 July 2022. Payment date: 29 July 2022. Payout ratio is a comfortable 60% and this is well supported by cash flows. Trailing yield: 12%. Within top quartile of Taiwanese dividend payers (6.3%). Higher than average of industry peers (3.6%).
Valuation Update With 7 Day Price Move • Jun 22Investor sentiment deteriorated over the past weekAfter last week's 18% share price decline to NT$380, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 10x in the Semiconductor industry in Taiwan. Total returns to shareholders of 405% over the past three years.
Reported Earnings • May 17First quarter 2022 earnings: EPS exceeds analyst expectationsFirst quarter 2022 results: EPS: NT$21.05 (up from NT$13.96 in 1Q 2021). Revenue: NT$7.70b (up 35% from 1Q 2021). Net income: NT$1.58b (up 72% from 1Q 2021). Profit margin: 21% (up from 16% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.3%. Over the next year, revenue is forecast to grow 12%, compared to a 23% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 79% per year whereas the company’s share price has increased by 81% per year.
Price Target Changed • Apr 27Price target decreased to NT$733Down from NT$792, the current price target is an average from 3 analysts. New target price is 54% above last closing price of NT$475. Stock is up 2.4% over the past year. The company is forecast to post earnings per share of NT$70.56 for next year compared to NT$65.09 last year.
Board Change • Apr 27Less than half of directors are independentNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Price Target Changed • Apr 21Price target decreased to NT$733Down from NT$792, the current price target is an average from 3 analysts. New target price is 53% above last closing price of NT$480. Stock is up 7.9% over the past year. The company is forecast to post earnings per share of NT$70.56 for next year compared to NT$65.09 last year.
Reported Earnings • Mar 01Full year 2021 earnings: EPS misses analyst expectationsFull year 2021 results: EPS: NT$65.09 (up from NT$13.12 in FY 2020). Revenue: NT$24.8b (up 72% from FY 2020). Net income: NT$4.29b (up 401% from FY 2020). Profit margin: 17% (up from 5.9% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.9%. Over the next year, revenue is forecast to grow 16%, compared to a 24% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has increased by 91% per year, which means it is tracking significantly ahead of earnings growth.
お知らせ • Feb 26Raydium Semiconductor Corporation, Annual General Meeting, May 30, 2022Raydium Semiconductor Corporation, Annual General Meeting, May 30, 2022.
Valuation Update With 7 Day Price Move • Jan 21Investor sentiment improved over the past weekAfter last week's 15% share price gain to NT$655, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 15x in the Semiconductor industry in Taiwan. Total returns to shareholders of 968% over the past three years.
Valuation Update With 7 Day Price Move • Dec 03Investor sentiment improved over the past weekAfter last week's 17% share price gain to NT$545, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 994% over the past three years.
Valuation Update With 7 Day Price Move • Nov 18Investor sentiment improved over the past weekAfter last week's 22% share price gain to NT$494, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 911% over the past three years.
Reported Earnings • Nov 15Third quarter 2021 earnings released: EPS NT$19.04 (vs NT$4.53 in 3Q 2020)The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$6.74b (up 67% from 3Q 2020). Net income: NT$1.26b (up 323% from 3Q 2020). Profit margin: 19% (up from 7.3% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has increased by 92% per year, which means it is tracking significantly ahead of earnings growth.
Upcoming Dividend • Jun 28Upcoming dividend of NT$10.50 per shareEligible shareholders must have bought the stock before 05 July 2021. Payment date: 30 July 2021. Trailing yield: 2.9%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (2.2%).
Valuation Update With 7 Day Price Move • May 06Investor sentiment deteriorated over the past weekAfter last week's 15% share price decline to NT$390, the stock trades at a trailing P/E ratio of 29.7x. Average trailing P/E is 26x in the Semiconductor industry in Taiwan. Total returns to shareholders of 775% over the past three years.
分析記事 • Apr 23Why The 23% Return On Capital At Raydium Semiconductor (GTSM:3592) Should Have Your AttentionThere are a few key trends to look for if we want to identify the next multi-bagger. Ideally, a business will show two...
Valuation Update With 7 Day Price Move • Apr 10Investor sentiment improved over the past weekAfter last week's 21% share price gain to NT$487, the stock trades at a trailing P/E ratio of 37.1x. Average trailing P/E is 29x in the Semiconductor industry in Taiwan. Total returns to shareholders of 998% over the past three years.
Reported Earnings • Mar 24Full year 2020 earnings released: EPS NT$13.12 (vs NT$10.34 in FY 2019)The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$14.4b (up 3.5% from FY 2019). Net income: NT$856.6m (up 27% from FY 2019). Profit margin: 5.9% (up from 4.8% 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 20% per year but the company’s share price has increased by 88% per year, which means it is tracking significantly ahead of earnings growth.
Valuation Update With 7 Day Price Move • Mar 16Investor sentiment improved over the past weekAfter last week's 17% share price gain to NT$400, the stock trades at a trailing P/E ratio of 45.9x, up from the previous P/E ratio of 39.2x. Average P/E is 26x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past three years are 791%.
分析記事 • Mar 12Factors Income Investors Should Consider Before Adding Raydium Semiconductor Corporation (GTSM:3592) To Their PortfolioCould Raydium Semiconductor Corporation ( GTSM:3592 ) be an attractive dividend share to own for the long haul...
お知らせ • Mar 11Raydium Semiconductor Corporation, Annual General Meeting, May 31, 2021Raydium Semiconductor Corporation, Annual General Meeting, May 31, 2021.
Valuation Update With 7 Day Price Move • Feb 18Investor sentiment improved over the past weekAfter last week's 61% share price gain to NT$388, the stock is trading at a trailing P/E ratio of 44.5x, up from the previous P/E ratio of 27.7x. 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 767%.
Valuation Update With 7 Day Price Move • Feb 01Investor sentiment improved over the past weekAfter last week's 18% share price gain to NT$210, the stock is trading at a trailing P/E ratio of 24.1x, up from the previous P/E ratio of 20.4x. This compares to an average P/E of 25x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past three years are 374%.
Is New 90 Day High Low • Jan 25New 90-day high: NT$179The company is up 102% from its price of NT$88.20 on 28 October 2020. The Taiwanese market is up 23% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 43% over the same period.
分析記事 • Jan 24Raydium Semiconductor (GTSM:3592) Has Rewarded Shareholders With An Exceptional 581% Total Return On Their InvestmentWe think all investors should try to buy and hold high quality multi-year winners. While the best companies are hard to...
Valuation Update With 7 Day Price Move • Jan 06Investor sentiment improved over the past weekAfter last week's 17% share price gain to NT$164, the stock is trading at a trailing P/E ratio of 18.8x, up from the previous P/E ratio of 16.1x. This compares to an average P/E of 26x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past three years are 261%.
分析記事 • Jan 02Returns On Capital - An Important Metric For Raydium Semiconductor (GTSM:3592)If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'll...