View Future GrowthTSEC 過去の業績過去 基準チェック /06TSECの収益は年間平均-69.2%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4% 14%割合で 減少しています。主要情報-69.16%収益成長率-68.14%EPS成長率Semiconductor 業界の成長19.89%収益成長率-14.04%株主資本利益率-89.77%ネット・マージン-213.57%前回の決算情報31 Mar 2026最近の業績更新Reported Earnings • May 15First quarter 2026 earnings released: NT$0.20 loss per share (vs NT$0.23 loss in 1Q 2025)First quarter 2026 results: NT$0.20 loss per share (improved from NT$0.23 loss in 1Q 2025). Revenue: NT$406.1m (down 45% from 1Q 2025). Net loss: NT$100.6m (loss narrowed 15% from 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 125 percentage points per year, which is a significant difference in performance.Reported Earnings • Mar 13Full year 2025 earnings released: NT$6.24 loss per share (vs NT$1.17 loss in FY 2024)Full year 2025 results: NT$6.24 loss per share (further deteriorated from NT$1.17 loss in FY 2024). Revenue: NT$1.83b (down 60% from FY 2024). Net loss: NT$3.20b (loss widened 433% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 129 percentage points per year, which is a significant difference in performance.Reported Earnings • Nov 12Third quarter 2025 earnings released: NT$1.21 loss per share (vs NT$0.036 profit in 3Q 2024)Third quarter 2025 results: NT$1.21 loss per share (down from NT$0.036 profit in 3Q 2024). Revenue: NT$341.3m (down 72% from 3Q 2024). Net loss: NT$620.2m (down NT$638.6m from profit in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance.Reported Earnings • Aug 14Second quarter 2025 earnings released: NT$0.46 loss per share (vs NT$0.059 profit in 2Q 2024)Second quarter 2025 results: NT$0.46 loss per share (down from NT$0.059 profit in 2Q 2024). Revenue: NT$369.5m (down 73% from 2Q 2024). Net loss: NT$237.7m (down NT$268.0m from profit in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance.Reported Earnings • May 13First quarter 2025 earnings released: NT$0.23 loss per share (vs NT$0.043 profit in 1Q 2024)First quarter 2025 results: NT$0.23 loss per share (down from NT$0.043 profit in 1Q 2024). Revenue: NT$741.6m (down 37% from 1Q 2024). Net loss: NT$118.2m (down NT$140.1m from profit in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings.お知らせ • May 01TSEC Corporation to Report Q1, 2025 Results on May 08, 2025TSEC Corporation announced that they will report Q1, 2025 results on May 08, 2025すべての更新を表示Recent updatesReported Earnings • May 15First quarter 2026 earnings released: NT$0.20 loss per share (vs NT$0.23 loss in 1Q 2025)First quarter 2026 results: NT$0.20 loss per share (improved from NT$0.23 loss in 1Q 2025). Revenue: NT$406.1m (down 45% from 1Q 2025). Net loss: NT$100.6m (loss narrowed 15% from 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 125 percentage points per year, which is a significant difference in performance.Reported Earnings • Mar 13Full year 2025 earnings released: NT$6.24 loss per share (vs NT$1.17 loss in FY 2024)Full year 2025 results: NT$6.24 loss per share (further deteriorated from NT$1.17 loss in FY 2024). Revenue: NT$1.83b (down 60% from FY 2024). Net loss: NT$3.20b (loss widened 433% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 129 percentage points per year, which is a significant difference in performance.お知らせ • Mar 05TSEC Corporation, Annual General Meeting, May 22, 2026TSEC Corporation, Annual General Meeting, May 22, 2026. Location: no,335-12, ta hsi rd., pingtung city, pingtung county TaiwanNew Risk • Dec 12New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 31% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.8% average weekly change).Reported Earnings • Nov 12Third quarter 2025 earnings released: NT$1.21 loss per share (vs NT$0.036 profit in 3Q 2024)Third quarter 2025 results: NT$1.21 loss per share (down from NT$0.036 profit in 3Q 2024). Revenue: NT$341.3m (down 72% from 3Q 2024). Net loss: NT$620.2m (down NT$638.6m from profit in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance.New Risk • Aug 14New major risk - Revenue and earnings growthEarnings have declined by 2.1% 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: 124% Cash payout ratio: 92% Earnings have declined by 2.1% per year over the past 5 years.Reported Earnings • Aug 14Second quarter 2025 earnings released: NT$0.46 loss per share (vs NT$0.059 profit in 2Q 2024)Second quarter 2025 results: NT$0.46 loss per share (down from NT$0.059 profit in 2Q 2024). Revenue: NT$369.5m (down 73% from 2Q 2024). Net loss: NT$237.7m (down NT$268.0m from profit in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance.New Risk • May 24New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risk Dividend is not well covered by earnings (124% payout ratio).Reported Earnings • May 13First quarter 2025 earnings released: NT$0.23 loss per share (vs NT$0.043 profit in 1Q 2024)First quarter 2025 results: NT$0.23 loss per share (down from NT$0.043 profit in 1Q 2024). Revenue: NT$741.6m (down 37% from 1Q 2024). Net loss: NT$118.2m (down NT$140.1m from profit in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings.お知らせ • May 01TSEC Corporation to Report Q1, 2025 Results on May 08, 2025TSEC Corporation announced that they will report Q1, 2025 results on May 08, 2025Reported Earnings • Mar 20Full year 2024 earnings released: NT$1.17 loss per share (vs NT$1.07 profit in FY 2023)Full year 2024 results: NT$1.17 loss per share (down from NT$1.07 profit in FY 2023). Revenue: NT$4.51b (down 45% from FY 2023). Net loss: NT$600.3m (down 214% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings.お知らせ • Mar 06TSEC Corporation, Annual General Meeting, May 23, 2025TSEC Corporation, Annual General Meeting, May 23, 2025. Location: no,335-12, ta hsi rd., pingtung city, pingtung county TaiwanNew Risk • Mar 02New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 124% Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (6.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.0% net profit margin).分析記事 • Jan 13Returns Are Gaining Momentum At TSEC (TWSE:6443)If you're looking for a multi-bagger, there's a few things to keep an eye out for. Ideally, a business will show two...分析記事 • Nov 19We Think You Can Look Beyond TSEC's (TWSE:6443) Lackluster EarningsThe most recent earnings report from TSEC Corporation ( TWSE:6443 ) was disappointing for shareholders. Despite the...Reported Earnings • Nov 15Third quarter 2024 earnings released: EPS: NT$0.04 (vs NT$0.23 in 3Q 2023)Third quarter 2024 results: EPS: NT$0.04 (down from NT$0.23 in 3Q 2023). Revenue: NT$1.21b (down 35% from 3Q 2023). Net income: NT$18.3m (down 84% from 3Q 2023). Profit margin: 1.5% (down from 6.1% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings.分析記事 • Nov 13We Think TSEC (TWSE:6443) Can Stay On Top Of Its DebtHoward Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...お知らせ • Oct 26TSEC Corporation to Report Q3, 2024 Results on Nov 06, 2024TSEC Corporation announced that they will report Q3, 2024 results on Nov 06, 2024New Risk • Sep 04New minor risk - Dividend sustainabilityThe dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.8% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Shareholders have been diluted in the past year (7.7% increase in shares outstanding).Reported Earnings • Aug 14Second quarter 2024 earnings released: EPS: NT$0.06 (vs NT$0.30 in 2Q 2023)Second quarter 2024 results: EPS: NT$0.06 (down from NT$0.30 in 2Q 2023). Revenue: NT$1.39b (down 41% from 2Q 2023). Net income: NT$30.2m (down 79% from 2Q 2023). Profit margin: 2.2% (down from 6.0% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings.Upcoming Dividend • Aug 12Upcoming dividend of NT$0.40 per shareEligible shareholders must have bought the stock before 19 August 2024. Payment date: 10 September 2024. Payout ratio is a comfortable 54% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (4.5%). Lower than average of industry peers (2.2%).Valuation Update With 7 Day Price Move • Aug 06Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to NT$22.95, the stock trades at a trailing P/E ratio of 31.5x. Average trailing P/E is 26x in the Semiconductor industry in Taiwan. Total loss to shareholders of 24% over the past three years.分析記事 • Aug 06TSEC Corporation's (TWSE:6443) 25% Share Price Plunge Could Signal Some RiskTSEC Corporation ( TWSE:6443 ) shares have had a horrible month, losing 25% after a relatively good period beforehand...お知らせ • Jul 30TSEC Corporation to Report Q2, 2024 Results on Aug 07, 2024TSEC Corporation announced that they will report Q2, 2024 results on Aug 07, 2024Valuation Update With 7 Day Price Move • Jul 02Investor sentiment improves as stock rises 15%After last week's 15% share price gain to NT$31.35, the stock trades at a trailing P/E ratio of 43.1x. Average trailing P/E is 32x in the Semiconductor industry in Taiwan. Total loss to shareholders of 4.1% over the past three years.分析記事 • Jun 27TSEC (TWSE:6443) Seems To Use Debt Quite SensiblyHoward Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Reported Earnings • May 18First quarter 2024 earnings released: EPS: NT$0.04 (vs NT$0.37 in 1Q 2023)First quarter 2024 results: EPS: NT$0.04 (down from NT$0.37 in 1Q 2023). Revenue: NT$1.17b (down 46% from 1Q 2023). Net income: NT$22.0m (down 88% from 1Q 2023). Profit margin: 1.9% (down from 8.1% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings.お知らせ • Apr 28TSEC Corporation to Report Q1, 2024 Results on May 06, 2024TSEC Corporation announced that they will report Q1, 2024 results on May 06, 2024分析記事 • Mar 20TSEC's (TWSE:6443) Solid Earnings Have Been Accounted For ConservativelyThe market seemed underwhelmed by last week's earnings announcement from TSEC Corporation ( TWSE:6443 ) despite the...New Risk • Mar 16New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 38% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (2.1% increase in shares outstanding).Reported Earnings • Mar 13Full year 2023 earnings released: EPS: NT$1.07 (vs NT$0.41 in FY 2022)Full year 2023 results: EPS: NT$1.07 (up from NT$0.41 in FY 2022). Revenue: NT$8.26b (down 8.3% from FY 2022). Net income: NT$527.3m (up 178% from FY 2022). Profit margin: 6.4% (up from 2.1% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings.お知らせ • Mar 07TSEC Corporation, Annual General Meeting, May 24, 2024TSEC Corporation, Annual General Meeting, May 24, 2024. Location: No. 335-12, Daxi Road, Pingtung City, Pingtung Pingtung City Taiwan Agenda: To consider 2023 annual business report; to The Audit Committee reviewed the 2023 final accounts report; to Report on the distribution of remuneration to employees and directors in 2023; to Directors' Remuneration Policy Report; to Revised report on the rules of procedure of the board of directors; to The company's 2023 annual business report and various financial statements are recognized; to The company’s 2023 earnings distribution recognition case; and to consider other matters if any.お知らせ • Dec 29TSEC Corporation Announces Resignation of Yang, Shu-Ling as Legal Person Director RepresentativeTSEC Corporation announced the resignation of the company's legal person director representative. Name of legal person: Executive Yuan National Development Fund Management Council. Name of the previous position holder: Yang,Shu-Ling. Reason for the change: resign.New Risk • Sep 24New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company.Reported Earnings • Aug 13Second quarter 2023 earnings released: EPS: NT$0.30 (vs NT$0.032 in 2Q 2022)Second quarter 2023 results: EPS: NT$0.30 (up from NT$0.032 in 2Q 2022). Revenue: NT$2.37b (up 25% from 2Q 2022). Net income: NT$143.1m (up NT$128.7m from 2Q 2022). Profit margin: 6.0% (up from 0.8% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 113% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth.Buying Opportunity • Jun 27Now 20% undervalued after recent price dropOver the last 90 days, the stock is down 10%. The fair value is estimated to be NT$43.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Meanwhile, the company has become profitable.お知らせ • Jun 13TSEC Corporation Announces Cash Dividend, Payable on July 18, 2023TSEC Corporation announced cash dividend of TWD 0.1 (Earnings TWD 0.075; Capital surplus TWD 0.025) per share. Ex-rights (ex-dividend) trading date: June 29, 2023. Ex-rights (ex-dividend) record date: July 7, 2023. Payment date of cash dividend distribution: July 18, 2023.Reported Earnings • Mar 15Full year 2022 earnings: EPS and revenues exceed analyst expectationsFull year 2022 results: EPS: NT$0.41 (up from NT$0.10 in FY 2021). Revenue: NT$9.01b (up 46% from FY 2021). Net income: NT$189.7m (up 310% from FY 2021). Profit margin: 2.1% (up from 0.8% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 32%. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 8.3% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 104% per year whereas the company’s share price has increased by 101% per year.Major Estimate Revision • Dec 31Consensus EPS estimates increase by 22%The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from NT$8.62b to NT$8.88b. EPS estimate increased from NT$0.26 to NT$0.31 per share. Net income forecast to grow 132% next year vs 15% decline forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$40.50 to NT$35.50. Share price was steady at NT$34.55 over the past week.Reported Earnings • Nov 16Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behindThird quarter 2022 results: EPS: NT$0.05 (up from NT$0.24 loss in 3Q 2021). Revenue: NT$2.27b (up 62% from 3Q 2021). Net income: NT$22.5m (up NT$129.0m from 3Q 2021). Profit margin: 1.0% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 9.2%. Earnings per share (EPS) missed analyst estimates by 44%. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 65% per year, which means it is significantly lagging earnings growth.Board Change • Nov 16Less than half of directors are independentFollowing the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Gu-Tong Lin was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.Major Estimate Revision • Nov 11Consensus EPS estimates fall by 56%The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from NT$8.87b to NT$8.62b. EPS estimate also fell from NT$0.68 per share to NT$0.30 per share. Net income forecast to grow 179% next year vs 12% decline forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$51.50 to NT$40.50. Share price fell 10.0% to NT$31.50 over the past week.Major Estimate Revision • Sep 20Consensus EPS estimates fall by 40%The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from NT$9.66b to NT$8.87b. EPS estimate also fell from NT$1.12 per share to NT$0.68 per share. Net income forecast to grow 263% next year vs 5.5% decline forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$45.00 to NT$51.50. Share price rose 4.8% to NT$42.40 over the past week.Reported Earnings • Aug 15Second quarter 2022 earnings: EPS misses analyst expectationsSecond quarter 2022 results: EPS: NT$0.03 (up from NT$0.21 loss in 2Q 2021). Revenue: NT$1.89b (up 38% from 2Q 2021). Net income: NT$14.4m (up NT$108.5m from 2Q 2021). Profit margin: 0.8% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 48%, compared to a 20% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 64% per year, which means it is significantly lagging earnings growth.Price Target Changed • Jul 20Price target decreased to NT$46.50Down from NT$50.33, the current price target is an average from 2 analysts. New target price is 40% above last closing price of NT$33.20. Stock is up 1.1% over the past year. The company is forecast to post earnings per share of NT$1.09 for next year compared to NT$0.10 last year.Major Estimate Revision • Jul 14Consensus EPS estimates fall by 46%The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from NT$11.0b to NT$10.4b. EPS estimate also fell from NT$2.01 per share to NT$1.09 per share. Net income forecast to grow 806% next year vs 12% growth forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$50.33 to NT$47.67. Share price fell 8.9% to NT$31.15 over the past week.お知らせ • Jul 07+ 1 more updateTSEC Corporation Announces New Sustainable CommitteeTSEC Corporation announced new members to Sustainable Committee. Name of the new position holder: Independent director: Lin, Gu-Tong; Independent director: Chiang, Huai-De; Independent director: Wu, Chia-En; President: Hung, Chen-Ren; Director and Executive Vice President: Liao, Wei-Ran; Audit Supervisor: Chen, Jeng-Tzung. Resume of the new position holder: Lin, Gu-Tong/Deloitte & Touche's Chairman; Zheng,Xian-Zhi/ORIENTAL UNION CHEMICAL Corp.'s Independent director; Shen,Qian-Ru/Gaoxin Material LTD(Asia-Pacific)'s principal; Hung, Chen-Ren/President of the company; Liao, Wei-Ran/Director and Executive Vice President of the company; Chen, Jeng-Tzung/Audit Supervisor of the company. Effective date of the new member is July 5, 2022.Reported Earnings • May 22First quarter 2022 earnings: EPS and revenues miss analyst expectationsFirst quarter 2022 results: EPS: NT$0.06 (up from NT$0.004 in 1Q 2021). Revenue: NT$2.01b (up 76% from 1Q 2021). Net income: NT$28.9m (up NT$27.1m from 1Q 2021). Profit margin: 1.4% (up from 0.2% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 20%. Earnings per share (EPS) also missed analyst estimates by 60%. Over the next year, revenue is forecast to grow 67%, compared to a 23% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 56% per year, which means it is significantly lagging earnings growth.Board Change • Apr 27Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. Independent Director Gu-Tong Lin was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.Board Change • Apr 01Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. Independent Director Gu-Tong Lin was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.Reported Earnings • Mar 30Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2021 results: EPS: NT$0.10 (up from NT$0.74 loss in FY 2020). Revenue: NT$6.16b (up 33% from FY 2020). Net income: NT$46.3m (up NT$332.2m from FY 2020). Profit margin: 0.8% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 4.5%. Earnings per share (EPS) also surpassed analyst estimates. Over the next year, revenue is forecast to grow 78%, compared to a 24% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 64% per year, which means it is significantly lagging earnings growth.Reported Earnings • Nov 15Third quarter 2021 earnings released: NT$0.24 loss per share (vs NT$0.35 profit in 3Q 2020)The company reported a soft third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: NT$1.41b (up 4.1% from 3Q 2020). Net loss: NT$106.4m (down 181% from profit in 3Q 2020). 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 58% per year, which means it is significantly lagging earnings growth.Breakeven Date Change • Nov 15Forecast to breakeven in 2022The analyst covering TSEC expects the company to break even for the first time. New forecast suggests the company will make a profit of NT$920.0m in 2022. Average annual earnings growth of 112% is required to achieve expected profit on schedule.Major Estimate Revision • Aug 20Consensus revenue estimates fall to NT$5.61bThe consensus outlook for revenues in 2021 has deteriorated. 2021 revenue forecast decreased from NT$7.33b to NT$5.61b. Forecast loss of NT$0.15, down from of -NT$0.28 per share profit previously. Semiconductor industry in Taiwan expected to see average net income growth of 42% next year. Consensus price target of NT$32.00 unchanged from last update. Share price fell 6.8% to NT$27.25 over the past week.Reported Earnings • Aug 18Second quarter 2021 earnings released: NT$0.21 loss per share (vs NT$0.15 profit in 2Q 2020)The company reported a soft second quarter result with weaker earnings and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: NT$1.37b (up 12% from 2Q 2020). Net loss: NT$94.1m (down 264% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth.Major Estimate Revision • Jun 03Consensus revenue estimates fall to NT$7.00bThe consensus outlook for revenues in 2021 has deteriorated. 2021 revenue forecast decreased from NT$8.16b to NT$7.00b. EPS estimate fell from NT$1.84 to NT$0.15 per share. Net income forecast to grow 12% next year vs 31% growth forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$56.00 to NT$32.00. Share price was steady at NT$33.15 over the past week.Price Target Changed • Jun 03Price target decreased to NT$32.00Down from NT$60.00, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of NT$33.15. Stock is up 379% over the past year.Reported Earnings • May 15First quarter 2021 earnings released: EPS NT$0.004 (vs NT$1.22 loss in 1Q 2020)The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$1.14b (up 13% from 1Q 2020). Net income: NT$1.83m (up NT$464.1m from 1Q 2020). Profit margin: 0.2% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth.分析記事 • Apr 30The Returns On Capital At TSEC (TPE:6443) Don't Inspire ConfidenceIf you're looking for a multi-bagger, there's a few things to keep an eye out for. Firstly, we'd want to identify a...Reported Earnings • Apr 04Full year 2020 earnings released: NT$0.74 loss per share (vs NT$0.60 loss in FY 2019)The company reported a soft full year result with increased losses and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: NT$4.62b (up 4.1% from FY 2019). Net loss: NT$285.9m (loss widened 43% from FY 2019). Over the last 3 years on average, earnings per share has increased by 46% per year whereas the company’s share price has increased by 48% per year.分析記事 • Mar 31TSEC Corporation's (TPE:6443) About To Shift From Loss To ProfitWith the business potentially at an important milestone, we thought we'd take a closer look at TSEC Corporation's...Reported Earnings • Mar 11Full year 2020 earnings released: NT$0.75 loss per share (vs NT$0.60 loss in FY 2019)The company reported a soft full year result with increased losses and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: NT$4.62b (up 4.1% from FY 2019). Net loss: NT$285.9m (loss widened 43% from FY 2019). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth.Analyst Estimate Surprise Post Earnings • Mar 11Earnings beat expectations, revenue disappointsRevenue missed analyst estimates by 3.7%. Earnings per share (EPS) exceeded analyst estimates by 68%. Over the next year, revenue is forecast to grow 67%, compared to a 17% growth forecast for the Semiconductor industry in Taiwan.分析記事 • Feb 23Can You Imagine How Elated TSEC's (TPE:6443) Shareholders Feel About Its 408% Share Price Gain?It hasn't been the best quarter for TSEC Corporation ( TPE:6443 ) shareholders, since the share price has fallen 17% in...Is New 90 Day High Low • Jan 28New 90-day low: NT$31.45The company is down 15% from its price of NT$37.00 on 30 October 2020. The Taiwanese market is up 23% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 40% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$274 per share.分析記事 • Jan 26Is TSEC (TPE:6443) Using Too Much Debt?The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...お知らせ • Jan 20TSEC Corporation, Annual General Meeting, Apr 07, 2021TSEC Corporation, Annual General Meeting, Apr 07, 2021.分析記事 • Dec 29Analysts Expect Breakeven For TSEC Corporation (TPE:6443) Before LongWe feel now is a pretty good time to analyse TSEC Corporation's ( TPE:6443 ) business as it appears the company may be...分析記事 • Dec 03Is TSEC (TPE:6443) Struggling?What underlying fundamental trends can indicate that a company might be in decline? A business that's potentially in...Is New 90 Day High Low • Nov 24New 90-day high: NT$42.00The company is up 130% from its price of NT$18.25 on 26 August 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 16% over the same period.Reported Earnings • Nov 10Third quarter 2020 earnings released: EPS NT$0.35The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$1.35b (up 13% from 3Q 2019). Net income: NT$131.0m (up NT$215.4m from 3Q 2019). Profit margin: 9.7% (up from net loss in 3Q 2019). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth.Is New 90 Day High Low • Oct 27New 90-day high: NT$39.50The company is up 190% from its price of NT$13.60 on 29 July 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 4.0% over the same period.Is New 90 Day High Low • Sep 24New 90-day high: NT$27.90The company is up 298% from its price of NT$7.01 on 24 June 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 26% over the same period.収支内訳TSEC 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:6443 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 261,490-3,1823155931 Dec 251,825-3,1993256630 Sep 252,204-1,6472216330 Jun 253,069-1,0082146531 Mar 254,088-7402336731 Dec 244,514-6002607230 Sep 245,6181662617130 Jun 246,2702603917231 Mar 247,2503734127531 Dec 238,2615274146830 Sep 239,2415564877430 Jun 239,6564663846131 Mar 239,1783373765231 Dec 229,0051903575030 Sep 228,4153112934330 Jun 227,5481823254631 Mar 227,026733194631 Dec 216,157463114530 Sep 214,956-2114244330 Jun 214,901273874331 Mar 214,7561783604631 Dec 204,624-2863514830 Sep 204,587-3932665530 Jun 204,433-6092595331 Mar 204,229-6912575131 Dec 194,441-2012655030 Sep 194,434-4242514630 Jun 193,777-7082564631 Mar 193,712-9642754931 Dec 183,831-1,2452846030 Sep 184,430-1,3573257030 Jun 185,579-1,0673288031 Mar 186,181-9603289331 Dec 176,544-9743309130 Sep 176,743-5362688430 Jun 176,795-6612458331 Mar 177,266-4482547331 Dec 167,755132717530 Sep 167,8851683258730 Jun 168,1384373579131 Mar 167,6253313469431 Dec 157,1351723319330 Sep 156,8044930489質の高い収益: 6443は現在利益が出ていません。利益率の向上: 6443は現在利益が出ていません。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: 6443は利益が出ておらず、過去 5 年間で損失は年間69.2%の割合で増加しています。成長の加速: 6443の過去 1 年間の収益成長を 5 年間の平均と比較することはできません。現在は利益が出ていないためです。収益対業界: 6443は利益が出ていないため、過去 1 年間の収益成長をSemiconductor業界 ( 3.4% ) と比較することは困難です。株主資本利益率高いROE: 6443は現在利益が出ていないため、自己資本利益率 ( -89.77% ) はマイナスです。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2026/07/21 15:44終値2026/07/21 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、レポートの活用方法に関するガイドやYouTubeのチュートリアルも用意しています。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TSEC Corporation 0 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。4 アナリスト機関Zhizhong ChenCapital Securities CorporationLida ChenMasterlink Securities Investment AdvisoryYi-Pang LinSinoPac Securities Investment Service1 その他のアナリストを表示
Reported Earnings • May 15First quarter 2026 earnings released: NT$0.20 loss per share (vs NT$0.23 loss in 1Q 2025)First quarter 2026 results: NT$0.20 loss per share (improved from NT$0.23 loss in 1Q 2025). Revenue: NT$406.1m (down 45% from 1Q 2025). Net loss: NT$100.6m (loss narrowed 15% from 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 125 percentage points per year, which is a significant difference in performance.
Reported Earnings • Mar 13Full year 2025 earnings released: NT$6.24 loss per share (vs NT$1.17 loss in FY 2024)Full year 2025 results: NT$6.24 loss per share (further deteriorated from NT$1.17 loss in FY 2024). Revenue: NT$1.83b (down 60% from FY 2024). Net loss: NT$3.20b (loss widened 433% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 129 percentage points per year, which is a significant difference in performance.
Reported Earnings • Nov 12Third quarter 2025 earnings released: NT$1.21 loss per share (vs NT$0.036 profit in 3Q 2024)Third quarter 2025 results: NT$1.21 loss per share (down from NT$0.036 profit in 3Q 2024). Revenue: NT$341.3m (down 72% from 3Q 2024). Net loss: NT$620.2m (down NT$638.6m from profit in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance.
Reported Earnings • Aug 14Second quarter 2025 earnings released: NT$0.46 loss per share (vs NT$0.059 profit in 2Q 2024)Second quarter 2025 results: NT$0.46 loss per share (down from NT$0.059 profit in 2Q 2024). Revenue: NT$369.5m (down 73% from 2Q 2024). Net loss: NT$237.7m (down NT$268.0m from profit in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance.
Reported Earnings • May 13First quarter 2025 earnings released: NT$0.23 loss per share (vs NT$0.043 profit in 1Q 2024)First quarter 2025 results: NT$0.23 loss per share (down from NT$0.043 profit in 1Q 2024). Revenue: NT$741.6m (down 37% from 1Q 2024). Net loss: NT$118.2m (down NT$140.1m from profit in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings.
お知らせ • May 01TSEC Corporation to Report Q1, 2025 Results on May 08, 2025TSEC Corporation announced that they will report Q1, 2025 results on May 08, 2025
Reported Earnings • May 15First quarter 2026 earnings released: NT$0.20 loss per share (vs NT$0.23 loss in 1Q 2025)First quarter 2026 results: NT$0.20 loss per share (improved from NT$0.23 loss in 1Q 2025). Revenue: NT$406.1m (down 45% from 1Q 2025). Net loss: NT$100.6m (loss narrowed 15% from 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 125 percentage points per year, which is a significant difference in performance.
Reported Earnings • Mar 13Full year 2025 earnings released: NT$6.24 loss per share (vs NT$1.17 loss in FY 2024)Full year 2025 results: NT$6.24 loss per share (further deteriorated from NT$1.17 loss in FY 2024). Revenue: NT$1.83b (down 60% from FY 2024). Net loss: NT$3.20b (loss widened 433% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 129 percentage points per year, which is a significant difference in performance.
お知らせ • Mar 05TSEC Corporation, Annual General Meeting, May 22, 2026TSEC Corporation, Annual General Meeting, May 22, 2026. Location: no,335-12, ta hsi rd., pingtung city, pingtung county Taiwan
New Risk • Dec 12New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 31% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.8% average weekly change).
Reported Earnings • Nov 12Third quarter 2025 earnings released: NT$1.21 loss per share (vs NT$0.036 profit in 3Q 2024)Third quarter 2025 results: NT$1.21 loss per share (down from NT$0.036 profit in 3Q 2024). Revenue: NT$341.3m (down 72% from 3Q 2024). Net loss: NT$620.2m (down NT$638.6m from profit in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance.
New Risk • Aug 14New major risk - Revenue and earnings growthEarnings have declined by 2.1% 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: 124% Cash payout ratio: 92% Earnings have declined by 2.1% per year over the past 5 years.
Reported Earnings • Aug 14Second quarter 2025 earnings released: NT$0.46 loss per share (vs NT$0.059 profit in 2Q 2024)Second quarter 2025 results: NT$0.46 loss per share (down from NT$0.059 profit in 2Q 2024). Revenue: NT$369.5m (down 73% from 2Q 2024). Net loss: NT$237.7m (down NT$268.0m from profit in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance.
New Risk • May 24New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risk Dividend is not well covered by earnings (124% payout ratio).
Reported Earnings • May 13First quarter 2025 earnings released: NT$0.23 loss per share (vs NT$0.043 profit in 1Q 2024)First quarter 2025 results: NT$0.23 loss per share (down from NT$0.043 profit in 1Q 2024). Revenue: NT$741.6m (down 37% from 1Q 2024). Net loss: NT$118.2m (down NT$140.1m from profit in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings.
お知らせ • May 01TSEC Corporation to Report Q1, 2025 Results on May 08, 2025TSEC Corporation announced that they will report Q1, 2025 results on May 08, 2025
Reported Earnings • Mar 20Full year 2024 earnings released: NT$1.17 loss per share (vs NT$1.07 profit in FY 2023)Full year 2024 results: NT$1.17 loss per share (down from NT$1.07 profit in FY 2023). Revenue: NT$4.51b (down 45% from FY 2023). Net loss: NT$600.3m (down 214% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings.
お知らせ • Mar 06TSEC Corporation, Annual General Meeting, May 23, 2025TSEC Corporation, Annual General Meeting, May 23, 2025. Location: no,335-12, ta hsi rd., pingtung city, pingtung county Taiwan
New Risk • Mar 02New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 124% Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (6.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.0% net profit margin).
分析記事 • Jan 13Returns Are Gaining Momentum At TSEC (TWSE:6443)If you're looking for a multi-bagger, there's a few things to keep an eye out for. Ideally, a business will show two...
分析記事 • Nov 19We Think You Can Look Beyond TSEC's (TWSE:6443) Lackluster EarningsThe most recent earnings report from TSEC Corporation ( TWSE:6443 ) was disappointing for shareholders. Despite the...
Reported Earnings • Nov 15Third quarter 2024 earnings released: EPS: NT$0.04 (vs NT$0.23 in 3Q 2023)Third quarter 2024 results: EPS: NT$0.04 (down from NT$0.23 in 3Q 2023). Revenue: NT$1.21b (down 35% from 3Q 2023). Net income: NT$18.3m (down 84% from 3Q 2023). Profit margin: 1.5% (down from 6.1% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings.
分析記事 • Nov 13We Think TSEC (TWSE:6443) Can Stay On Top Of Its DebtHoward Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
お知らせ • Oct 26TSEC Corporation to Report Q3, 2024 Results on Nov 06, 2024TSEC Corporation announced that they will report Q3, 2024 results on Nov 06, 2024
New Risk • Sep 04New minor risk - Dividend sustainabilityThe dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.8% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Shareholders have been diluted in the past year (7.7% increase in shares outstanding).
Reported Earnings • Aug 14Second quarter 2024 earnings released: EPS: NT$0.06 (vs NT$0.30 in 2Q 2023)Second quarter 2024 results: EPS: NT$0.06 (down from NT$0.30 in 2Q 2023). Revenue: NT$1.39b (down 41% from 2Q 2023). Net income: NT$30.2m (down 79% from 2Q 2023). Profit margin: 2.2% (down from 6.0% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings.
Upcoming Dividend • Aug 12Upcoming dividend of NT$0.40 per shareEligible shareholders must have bought the stock before 19 August 2024. Payment date: 10 September 2024. Payout ratio is a comfortable 54% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (4.5%). Lower than average of industry peers (2.2%).
Valuation Update With 7 Day Price Move • Aug 06Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to NT$22.95, the stock trades at a trailing P/E ratio of 31.5x. Average trailing P/E is 26x in the Semiconductor industry in Taiwan. Total loss to shareholders of 24% over the past three years.
分析記事 • Aug 06TSEC Corporation's (TWSE:6443) 25% Share Price Plunge Could Signal Some RiskTSEC Corporation ( TWSE:6443 ) shares have had a horrible month, losing 25% after a relatively good period beforehand...
お知らせ • Jul 30TSEC Corporation to Report Q2, 2024 Results on Aug 07, 2024TSEC Corporation announced that they will report Q2, 2024 results on Aug 07, 2024
Valuation Update With 7 Day Price Move • Jul 02Investor sentiment improves as stock rises 15%After last week's 15% share price gain to NT$31.35, the stock trades at a trailing P/E ratio of 43.1x. Average trailing P/E is 32x in the Semiconductor industry in Taiwan. Total loss to shareholders of 4.1% over the past three years.
分析記事 • Jun 27TSEC (TWSE:6443) Seems To Use Debt Quite SensiblyHoward Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Reported Earnings • May 18First quarter 2024 earnings released: EPS: NT$0.04 (vs NT$0.37 in 1Q 2023)First quarter 2024 results: EPS: NT$0.04 (down from NT$0.37 in 1Q 2023). Revenue: NT$1.17b (down 46% from 1Q 2023). Net income: NT$22.0m (down 88% from 1Q 2023). Profit margin: 1.9% (down from 8.1% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings.
お知らせ • Apr 28TSEC Corporation to Report Q1, 2024 Results on May 06, 2024TSEC Corporation announced that they will report Q1, 2024 results on May 06, 2024
分析記事 • Mar 20TSEC's (TWSE:6443) Solid Earnings Have Been Accounted For ConservativelyThe market seemed underwhelmed by last week's earnings announcement from TSEC Corporation ( TWSE:6443 ) despite the...
New Risk • Mar 16New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 38% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (2.1% increase in shares outstanding).
Reported Earnings • Mar 13Full year 2023 earnings released: EPS: NT$1.07 (vs NT$0.41 in FY 2022)Full year 2023 results: EPS: NT$1.07 (up from NT$0.41 in FY 2022). Revenue: NT$8.26b (down 8.3% from FY 2022). Net income: NT$527.3m (up 178% from FY 2022). Profit margin: 6.4% (up from 2.1% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings.
お知らせ • Mar 07TSEC Corporation, Annual General Meeting, May 24, 2024TSEC Corporation, Annual General Meeting, May 24, 2024. Location: No. 335-12, Daxi Road, Pingtung City, Pingtung Pingtung City Taiwan Agenda: To consider 2023 annual business report; to The Audit Committee reviewed the 2023 final accounts report; to Report on the distribution of remuneration to employees and directors in 2023; to Directors' Remuneration Policy Report; to Revised report on the rules of procedure of the board of directors; to The company's 2023 annual business report and various financial statements are recognized; to The company’s 2023 earnings distribution recognition case; and to consider other matters if any.
お知らせ • Dec 29TSEC Corporation Announces Resignation of Yang, Shu-Ling as Legal Person Director RepresentativeTSEC Corporation announced the resignation of the company's legal person director representative. Name of legal person: Executive Yuan National Development Fund Management Council. Name of the previous position holder: Yang,Shu-Ling. Reason for the change: resign.
New Risk • Sep 24New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company.
Reported Earnings • Aug 13Second quarter 2023 earnings released: EPS: NT$0.30 (vs NT$0.032 in 2Q 2022)Second quarter 2023 results: EPS: NT$0.30 (up from NT$0.032 in 2Q 2022). Revenue: NT$2.37b (up 25% from 2Q 2022). Net income: NT$143.1m (up NT$128.7m from 2Q 2022). Profit margin: 6.0% (up from 0.8% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 113% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth.
Buying Opportunity • Jun 27Now 20% undervalued after recent price dropOver the last 90 days, the stock is down 10%. The fair value is estimated to be NT$43.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Meanwhile, the company has become profitable.
お知らせ • Jun 13TSEC Corporation Announces Cash Dividend, Payable on July 18, 2023TSEC Corporation announced cash dividend of TWD 0.1 (Earnings TWD 0.075; Capital surplus TWD 0.025) per share. Ex-rights (ex-dividend) trading date: June 29, 2023. Ex-rights (ex-dividend) record date: July 7, 2023. Payment date of cash dividend distribution: July 18, 2023.
Reported Earnings • Mar 15Full year 2022 earnings: EPS and revenues exceed analyst expectationsFull year 2022 results: EPS: NT$0.41 (up from NT$0.10 in FY 2021). Revenue: NT$9.01b (up 46% from FY 2021). Net income: NT$189.7m (up 310% from FY 2021). Profit margin: 2.1% (up from 0.8% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 32%. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 8.3% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 104% per year whereas the company’s share price has increased by 101% per year.
Major Estimate Revision • Dec 31Consensus EPS estimates increase by 22%The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from NT$8.62b to NT$8.88b. EPS estimate increased from NT$0.26 to NT$0.31 per share. Net income forecast to grow 132% next year vs 15% decline forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$40.50 to NT$35.50. Share price was steady at NT$34.55 over the past week.
Reported Earnings • Nov 16Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behindThird quarter 2022 results: EPS: NT$0.05 (up from NT$0.24 loss in 3Q 2021). Revenue: NT$2.27b (up 62% from 3Q 2021). Net income: NT$22.5m (up NT$129.0m from 3Q 2021). Profit margin: 1.0% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 9.2%. Earnings per share (EPS) missed analyst estimates by 44%. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 65% per year, which means it is significantly lagging earnings growth.
Board Change • Nov 16Less than half of directors are independentFollowing the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Gu-Tong Lin was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.
Major Estimate Revision • Nov 11Consensus EPS estimates fall by 56%The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from NT$8.87b to NT$8.62b. EPS estimate also fell from NT$0.68 per share to NT$0.30 per share. Net income forecast to grow 179% next year vs 12% decline forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$51.50 to NT$40.50. Share price fell 10.0% to NT$31.50 over the past week.
Major Estimate Revision • Sep 20Consensus EPS estimates fall by 40%The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from NT$9.66b to NT$8.87b. EPS estimate also fell from NT$1.12 per share to NT$0.68 per share. Net income forecast to grow 263% next year vs 5.5% decline forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$45.00 to NT$51.50. Share price rose 4.8% to NT$42.40 over the past week.
Reported Earnings • Aug 15Second quarter 2022 earnings: EPS misses analyst expectationsSecond quarter 2022 results: EPS: NT$0.03 (up from NT$0.21 loss in 2Q 2021). Revenue: NT$1.89b (up 38% from 2Q 2021). Net income: NT$14.4m (up NT$108.5m from 2Q 2021). Profit margin: 0.8% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 48%, compared to a 20% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 64% per year, which means it is significantly lagging earnings growth.
Price Target Changed • Jul 20Price target decreased to NT$46.50Down from NT$50.33, the current price target is an average from 2 analysts. New target price is 40% above last closing price of NT$33.20. Stock is up 1.1% over the past year. The company is forecast to post earnings per share of NT$1.09 for next year compared to NT$0.10 last year.
Major Estimate Revision • Jul 14Consensus EPS estimates fall by 46%The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from NT$11.0b to NT$10.4b. EPS estimate also fell from NT$2.01 per share to NT$1.09 per share. Net income forecast to grow 806% next year vs 12% growth forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$50.33 to NT$47.67. Share price fell 8.9% to NT$31.15 over the past week.
お知らせ • Jul 07+ 1 more updateTSEC Corporation Announces New Sustainable CommitteeTSEC Corporation announced new members to Sustainable Committee. Name of the new position holder: Independent director: Lin, Gu-Tong; Independent director: Chiang, Huai-De; Independent director: Wu, Chia-En; President: Hung, Chen-Ren; Director and Executive Vice President: Liao, Wei-Ran; Audit Supervisor: Chen, Jeng-Tzung. Resume of the new position holder: Lin, Gu-Tong/Deloitte & Touche's Chairman; Zheng,Xian-Zhi/ORIENTAL UNION CHEMICAL Corp.'s Independent director; Shen,Qian-Ru/Gaoxin Material LTD(Asia-Pacific)'s principal; Hung, Chen-Ren/President of the company; Liao, Wei-Ran/Director and Executive Vice President of the company; Chen, Jeng-Tzung/Audit Supervisor of the company. Effective date of the new member is July 5, 2022.
Reported Earnings • May 22First quarter 2022 earnings: EPS and revenues miss analyst expectationsFirst quarter 2022 results: EPS: NT$0.06 (up from NT$0.004 in 1Q 2021). Revenue: NT$2.01b (up 76% from 1Q 2021). Net income: NT$28.9m (up NT$27.1m from 1Q 2021). Profit margin: 1.4% (up from 0.2% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 20%. Earnings per share (EPS) also missed analyst estimates by 60%. Over the next year, revenue is forecast to grow 67%, compared to a 23% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 56% per year, which means it is significantly lagging earnings growth.
Board Change • Apr 27Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. Independent Director Gu-Tong Lin was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.
Board Change • Apr 01Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. Independent Director Gu-Tong Lin was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.
Reported Earnings • Mar 30Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2021 results: EPS: NT$0.10 (up from NT$0.74 loss in FY 2020). Revenue: NT$6.16b (up 33% from FY 2020). Net income: NT$46.3m (up NT$332.2m from FY 2020). Profit margin: 0.8% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 4.5%. Earnings per share (EPS) also surpassed analyst estimates. Over the next year, revenue is forecast to grow 78%, compared to a 24% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 64% per year, which means it is significantly lagging earnings growth.
Reported Earnings • Nov 15Third quarter 2021 earnings released: NT$0.24 loss per share (vs NT$0.35 profit in 3Q 2020)The company reported a soft third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: NT$1.41b (up 4.1% from 3Q 2020). Net loss: NT$106.4m (down 181% from profit in 3Q 2020). 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 58% per year, which means it is significantly lagging earnings growth.
Breakeven Date Change • Nov 15Forecast to breakeven in 2022The analyst covering TSEC expects the company to break even for the first time. New forecast suggests the company will make a profit of NT$920.0m in 2022. Average annual earnings growth of 112% is required to achieve expected profit on schedule.
Major Estimate Revision • Aug 20Consensus revenue estimates fall to NT$5.61bThe consensus outlook for revenues in 2021 has deteriorated. 2021 revenue forecast decreased from NT$7.33b to NT$5.61b. Forecast loss of NT$0.15, down from of -NT$0.28 per share profit previously. Semiconductor industry in Taiwan expected to see average net income growth of 42% next year. Consensus price target of NT$32.00 unchanged from last update. Share price fell 6.8% to NT$27.25 over the past week.
Reported Earnings • Aug 18Second quarter 2021 earnings released: NT$0.21 loss per share (vs NT$0.15 profit in 2Q 2020)The company reported a soft second quarter result with weaker earnings and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: NT$1.37b (up 12% from 2Q 2020). Net loss: NT$94.1m (down 264% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth.
Major Estimate Revision • Jun 03Consensus revenue estimates fall to NT$7.00bThe consensus outlook for revenues in 2021 has deteriorated. 2021 revenue forecast decreased from NT$8.16b to NT$7.00b. EPS estimate fell from NT$1.84 to NT$0.15 per share. Net income forecast to grow 12% next year vs 31% growth forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$56.00 to NT$32.00. Share price was steady at NT$33.15 over the past week.
Price Target Changed • Jun 03Price target decreased to NT$32.00Down from NT$60.00, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of NT$33.15. Stock is up 379% over the past year.
Reported Earnings • May 15First quarter 2021 earnings released: EPS NT$0.004 (vs NT$1.22 loss in 1Q 2020)The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$1.14b (up 13% from 1Q 2020). Net income: NT$1.83m (up NT$464.1m from 1Q 2020). Profit margin: 0.2% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth.
分析記事 • Apr 30The Returns On Capital At TSEC (TPE:6443) Don't Inspire ConfidenceIf you're looking for a multi-bagger, there's a few things to keep an eye out for. Firstly, we'd want to identify a...
Reported Earnings • Apr 04Full year 2020 earnings released: NT$0.74 loss per share (vs NT$0.60 loss in FY 2019)The company reported a soft full year result with increased losses and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: NT$4.62b (up 4.1% from FY 2019). Net loss: NT$285.9m (loss widened 43% from FY 2019). Over the last 3 years on average, earnings per share has increased by 46% per year whereas the company’s share price has increased by 48% per year.
分析記事 • Mar 31TSEC Corporation's (TPE:6443) About To Shift From Loss To ProfitWith the business potentially at an important milestone, we thought we'd take a closer look at TSEC Corporation's...
Reported Earnings • Mar 11Full year 2020 earnings released: NT$0.75 loss per share (vs NT$0.60 loss in FY 2019)The company reported a soft full year result with increased losses and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: NT$4.62b (up 4.1% from FY 2019). Net loss: NT$285.9m (loss widened 43% from FY 2019). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth.
Analyst Estimate Surprise Post Earnings • Mar 11Earnings beat expectations, revenue disappointsRevenue missed analyst estimates by 3.7%. Earnings per share (EPS) exceeded analyst estimates by 68%. Over the next year, revenue is forecast to grow 67%, compared to a 17% growth forecast for the Semiconductor industry in Taiwan.
分析記事 • Feb 23Can You Imagine How Elated TSEC's (TPE:6443) Shareholders Feel About Its 408% Share Price Gain?It hasn't been the best quarter for TSEC Corporation ( TPE:6443 ) shareholders, since the share price has fallen 17% in...
Is New 90 Day High Low • Jan 28New 90-day low: NT$31.45The company is down 15% from its price of NT$37.00 on 30 October 2020. The Taiwanese market is up 23% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 40% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$274 per share.
分析記事 • Jan 26Is TSEC (TPE:6443) Using Too Much Debt?The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
お知らせ • Jan 20TSEC Corporation, Annual General Meeting, Apr 07, 2021TSEC Corporation, Annual General Meeting, Apr 07, 2021.
分析記事 • Dec 29Analysts Expect Breakeven For TSEC Corporation (TPE:6443) Before LongWe feel now is a pretty good time to analyse TSEC Corporation's ( TPE:6443 ) business as it appears the company may be...
分析記事 • Dec 03Is TSEC (TPE:6443) Struggling?What underlying fundamental trends can indicate that a company might be in decline? A business that's potentially in...
Is New 90 Day High Low • Nov 24New 90-day high: NT$42.00The company is up 130% from its price of NT$18.25 on 26 August 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 16% over the same period.
Reported Earnings • Nov 10Third quarter 2020 earnings released: EPS NT$0.35The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$1.35b (up 13% from 3Q 2019). Net income: NT$131.0m (up NT$215.4m from 3Q 2019). Profit margin: 9.7% (up from net loss in 3Q 2019). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth.
Is New 90 Day High Low • Oct 27New 90-day high: NT$39.50The company is up 190% from its price of NT$13.60 on 29 July 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 4.0% over the same period.
Is New 90 Day High Low • Sep 24New 90-day high: NT$27.90The company is up 298% from its price of NT$7.01 on 24 June 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 26% over the same period.