Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$283, the stock trades at a trailing P/E ratio of 33.9x. Average forward P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 82% over the past three years. Upcoming Dividend • Jul 01
Upcoming dividend of NT$5.16 per share Eligible shareholders must have bought the stock before 08 July 2026. Payment date: 04 August 2026. Payout ratio is on the higher end at 79% but the company is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of Taiwanese dividend payers (4.9%). Lower than average of industry peers (1.3%). Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$412, the stock trades at a trailing P/E ratio of 46.7x. Average forward P/E is 24x in the Electronic industry in Taiwan. Total returns to shareholders of 238% over the past three years. Declared Dividend • Jun 11
Dividend increased to NT$5.30 Dividend of NT$5.30 is 39% higher than last year. Ex-date: 8th July 2026 Payment date: 4th August 2026 Dividend yield will be 1.5%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (79% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. 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. The company's earnings per share (EPS) would need to decline by 12% to shift the payout ratio to a potentially unsustainable range, which is more than the 1.7% EPS decline seen over the last 5 years. Reported Earnings • May 15
First quarter 2026 earnings released: EPS: NT$3.00 (vs NT$1.30 in 1Q 2025) First quarter 2026 results: EPS: NT$3.00 (up from NT$1.30 in 1Q 2025). Revenue: NT$1.54b (up 36% from 1Q 2025). Net income: NT$195.7m (up 195% from 1Q 2025). Profit margin: 13% (up from 5.9% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 24% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$416, the stock trades at a trailing P/E ratio of 63.3x. Average forward P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 203% over the past three years. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$277, the stock trades at a trailing P/E ratio of 42.2x. Average forward P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 129% over the past three years. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to NT$276, the stock trades at a trailing P/E ratio of 40.9x. Average forward P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 135% over the past three years. Reported Earnings • Mar 18
Full year 2025 earnings released: EPS: NT$6.88 (vs NT$4.69 in FY 2024) Full year 2025 results: EPS: NT$6.88 (up from NT$4.69 in FY 2024). Revenue: NT$4.95b (up 37% from FY 2024). Net income: NT$376.6m (up 59% from FY 2024). Profit margin: 7.6% (up from 6.5% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. 공고 • Mar 09
Allied Circuit Co., Ltd., Annual General Meeting, May 25, 2026 Allied Circuit Co., Ltd., Annual General Meeting, May 25, 2026. Location: b1 floor no,128, kung erh rd., wu lin li, longtan district, taoyuan city Taiwan Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$181, the stock trades at a trailing P/E ratio of 39.5x. Average forward P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 65% over the past three years. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$203, the stock trades at a trailing P/E ratio of 44.3x. Average forward P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 92% over the past three years. Valuation Update With 7 Day Price Move • Nov 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$171, the stock trades at a trailing P/E ratio of 37.4x. Average forward P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 61% over the past three years. Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: NT$1.96 (vs NT$0.69 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.96 (up from NT$0.69 in 3Q 2024). Revenue: NT$1.21b (up 23% from 3Q 2024). Net income: NT$126.0m (up 264% from 3Q 2024). Profit margin: 10% (up from 3.5% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Electronic 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 11% per year, which means it is well ahead of earnings. Reported Earnings • Aug 17
Second quarter 2025 earnings released: NT$0.19 loss per share (vs NT$1.82 profit in 2Q 2024) Second quarter 2025 results: NT$0.19 loss per share (down from NT$1.82 profit in 2Q 2024). Revenue: NT$1.22b (up 29% from 2Q 2024). Net loss: NT$10.7m (down 112% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$147, the stock trades at a trailing P/E ratio of 30.7x. Average trailing P/E is 21x in the Electronic industry in Taiwan. Total returns to shareholders of 29% over the past three years. Upcoming Dividend • Jun 19
Upcoming dividend of NT$3.80 per share Eligible shareholders must have bought the stock before 26 June 2025. Payment date: 25 July 2025. Payout ratio is on the higher end at 77% but the company is not cash flow positive. Trailing yield: 3.0%. Lower than top quartile of Taiwanese dividend payers (5.2%). In line with average of industry peers (3.3%). Declared Dividend • May 28
Dividend of NT$3.80 announced Shareholders will receive a dividend of NT$3.80. Ex-date: 26th June 2025 Payment date: 25th July 2025 Dividend yield will be 3.1%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (77% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 6.1% 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 decline by 14% to shift the payout ratio to a potentially unsustainable range, which is more than the 8.0% EPS decline seen over the last 5 years. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$1.30 (vs NT$0.74 in 1Q 2024) First quarter 2025 results: EPS: NT$1.30 (up from NT$0.74 in 1Q 2024). Revenue: NT$1.13b (up 60% from 1Q 2024). Net income: NT$66.5m (up 79% from 1Q 2024). Profit margin: 5.9% (up from 5.3% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$98.70, the stock trades at a trailing P/E ratio of 23.4x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total loss to shareholders of 23% over the past three years. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$130, the stock trades at a trailing P/E ratio of 27.9x. Average trailing P/E is 20x in the Electronic industry in Taiwan. Total loss to shareholders of 25% over the past three years. Reported Earnings • Mar 09
Full year 2024 earnings released: EPS: NT$4.69 (vs NT$4.08 in FY 2023) Full year 2024 results: EPS: NT$4.69 (up from NT$4.08 in FY 2023). Revenue: NT$3.62b (up 25% from FY 2023). Net income: NT$236.4m (up 16% from FY 2023). Profit margin: 6.5% (down from 7.1% in FY 2023). The decrease in margin was driven by higher expenses. 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 12% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$137, the stock trades at a trailing P/E ratio of 29.5x. Average trailing P/E is 24x in the Electronic industry in Taiwan. Total loss to shareholders of 19% over the past three years. 공고 • Feb 24
Allied Circuit Co., Ltd., Annual General Meeting, May 26, 2025 Allied Circuit Co., Ltd., Annual General Meeting, May 26, 2025. Location: b1 floor no,128, kung erh rd., wu lin li, longtan district, taoyuan city Taiwan Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$122, the stock trades at a trailing P/E ratio of 26.4x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total loss to shareholders of 25% over the past three years. New Risk • Jan 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.2% 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 6.3% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (409% cash payout ratio). Share price has been volatile over the past 3 months (6.2% average weekly change). Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$103, the stock trades at a trailing P/E ratio of 22.2x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total loss to shareholders of 37% over the past three years. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$0.69 (vs NT$0.76 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.69 (down from NT$0.76 in 3Q 2023). Revenue: NT$984.9m (up 38% from 3Q 2023). Net income: NT$34.6m (down 9.6% from 3Q 2023). Profit margin: 3.5% (down from 5.4% in 3Q 2023). The decrease in margin was driven by higher expenses. 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 6% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$124, the stock trades at a trailing P/E ratio of 26.4x. Average trailing P/E is 23x in the Electronic industry in Taiwan. Total loss to shareholders of 7.9% over the past three years. New Risk • Nov 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.5% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (262% cash payout ratio). Share price has been volatile over the past 3 months (6.4% average weekly change). Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$1.82 (vs NT$0.82 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.82 (up from NT$0.82 in 2Q 2023). Revenue: NT$948.5m (up 41% from 2Q 2023). Net income: NT$91.4m (up 125% from 2Q 2023). Profit margin: 9.6% (up from 6.0% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$110, the stock trades at a trailing P/E ratio of 29.6x. Average trailing P/E is 22x in the Electronic industry in Taiwan. Total returns to shareholders of 11% over the past three years. Upcoming Dividend • Jun 24
Upcoming dividend of NT$3.60 per share Eligible shareholders must have bought the stock before 01 July 2024. Payment date: 26 July 2024. Payout ratio is on the higher end at 96%, and the cash payout ratio is above 100%. Trailing yield: 2.5%. Lower than top quartile of Taiwanese dividend payers (4.2%). In line with average of industry peers (2.6%). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.74 (vs NT$1.06 in 1Q 2023) First quarter 2024 results: EPS: NT$0.74 (down from NT$1.06 in 1Q 2023). Revenue: NT$704.1m (up 1.1% from 1Q 2023). Net income: NT$37.1m (down 30% from 1Q 2023). Profit margin: 5.3% (down from 7.6% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. New Risk • May 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.6% 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: 179% Cash payout ratio: 149% Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Profit margins are more than 30% lower than last year (7.1% net profit margin). 공고 • Mar 12
Allied Circuit Co., Ltd., Annual General Meeting, May 27, 2024 Allied Circuit Co., Ltd., Annual General Meeting, May 27, 2024. Reported Earnings • Mar 05
Full year 2023 earnings released: EPS: NT$4.08 (vs NT$11.17 in FY 2022) Full year 2023 results: EPS: NT$4.08 (down from NT$11.17 in FY 2022). Revenue: NT$2.89b (down 16% from FY 2022). Net income: NT$204.1m (down 63% from FY 2022). Profit margin: 7.1% (down from 16% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$158, the stock trades at a trailing P/E ratio of 39.7x. Average forward P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 44% over the past three years. Buying Opportunity • Aug 18
Now 22% undervalued Over the last 90 days, the stock is up 2.2%. The fair value is estimated to be NT$180, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last 3 years. Earnings per share has declined by 2.8%. New Risk • Aug 13
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 9.5% Last year net profit margin: 17% 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 Share price has been highly volatile over the past 3 months (8.2% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 128% Cash payout ratio: 123% Minor Risks Profit margins are more than 30% lower than last year (9.5% net profit margin). Shareholders have been diluted in the past year (2.9% increase in shares outstanding). Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: NT$0.82 (vs NT$3.82 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.82 (down from NT$3.82 in 2Q 2022). Revenue: NT$673.0m (down 25% from 2Q 2022). Net income: NT$40.6m (down 79% from 2Q 2022). Profit margin: 6.0% (down from 21% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.4% p.a. on average during the next 2 years, compared to a 8.1% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has increased by 1% per year. Upcoming Dividend • Jul 20
Upcoming dividend of NT$7.30 per share at 4.1% yield Eligible shareholders must have bought the stock before 27 July 2023. Payment date: 25 August 2023. Payout ratio is a comfortable 65% but the company is paying out more than the cash it is generating. Trailing yield: 4.1%. Lower than top quartile of Taiwanese dividend payers (5.5%). In line with average of industry peers (4.2%). Price Target Changed • Jul 18
Price target increased by 7.3% to NT$148 Up from NT$138, the current price target is an average from 2 analysts. New target price is 16% below last closing price of NT$175. Stock is up 38% over the past year. The company posted earnings per share of NT$11.17 last year. Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$172, the stock trades at a trailing P/E ratio of 20.4x. Average forward P/E is 15x in the Electronic industry in Taiwan. Total returns to shareholders of 38% over the past three years. Buying Opportunity • Jun 14
Now 20% undervalued Over the last 90 days, the stock is up 27%. The fair value is estimated to be NT$181, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 6.3%. Valuation Update With 7 Day Price Move • May 25
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$163, the stock trades at a trailing P/E ratio of 15x. Average forward P/E is 15x in the Electronic industry in Taiwan. Total returns to shareholders of 30% over the past three years. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$152, the stock trades at a trailing P/E ratio of 14x. Average forward P/E is 14x in the Electronic industry in Taiwan. Total returns to shareholders of 11% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$206 per share. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$132, the stock trades at a trailing P/E ratio of 12.2x. Average forward P/E is 13x in the Electronic industry in Taiwan. Total returns to shareholders of 2.9% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$206 per share. Reported Earnings • Mar 16
Full year 2022 earnings released: EPS: NT$11.17 (vs NT$7.85 in FY 2021) Full year 2022 results: EPS: NT$11.17 (up from NT$7.85 in FY 2021). Revenue: NT$3.45b (up 19% from FY 2021). Net income: NT$555.7m (up 42% from FY 2021). Profit margin: 16% (up from 13% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Price Target Changed • Feb 04
Price target decreased by 7.2% to NT$130 Down from NT$140, the current price target is an average from 2 analysts. New target price is 11% above last closing price of NT$117. Stock is down 36% over the past year. The company posted earnings per share of NT$7.85 last year. Price Target Changed • Nov 16
Price target increased to NT$155 Up from NT$136, the current price target is provided by 1 analyst. New target price is 52% above last closing price of NT$102. Stock is down 35% over the past year. The company posted earnings per share of NT$7.85 last year. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. No 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: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 12
Third quarter 2022 earnings released: EPS: NT$2.38 (vs NT$1.71 in 3Q 2021) Third quarter 2022 results: EPS: NT$2.38 (up from NT$1.71 in 3Q 2021). Revenue: NT$833.4m (up 15% from 3Q 2021). Net income: NT$118.5m (up 39% from 3Q 2021). Profit margin: 14% (up from 12% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 11
Second quarter 2022 earnings released: EPS: NT$3.82 (vs NT$1.52 in 2Q 2021) Second quarter 2022 results: EPS: NT$3.82 (up from NT$1.52 in 2Q 2021). Revenue: NT$897.3m (up 30% from 2Q 2021). Net income: NT$190.1m (up 151% from 2Q 2021). Profit margin: 21% (up from 11% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 28
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$109, the stock trades at a trailing P/E ratio of 11.5x. Average forward P/E is 10x in the Electronic industry in Taiwan. Total returns to shareholders of 101% over the past three years. Upcoming Dividend • Jul 21
Upcoming dividend of NT$6.00 per share Eligible shareholders must have bought the stock before 28 July 2022. Payment date: 26 August 2022. Payout ratio is a comfortable 63% but the company is paying out more than the cash it is generating. Trailing yield: 4.7%. Lower than top quartile of Taiwanese dividend payers (6.7%). In line with average of industry peers (4.7%). Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$120, the stock trades at a trailing P/E ratio of 12.6x. Average trailing P/E is 13x in the Electronic industry in Taiwan. Total returns to shareholders of 139% over the past three years. Reported Earnings • May 13
First quarter 2022 earnings released: EPS: NT$3.53 (vs NT$1.86 in 1Q 2021) First quarter 2022 results: EPS: NT$3.53 (up from NT$1.86 in 1Q 2021). Revenue: NT$936.7m (up 44% from 1Q 2021). Net income: NT$175.5m (up 90% from 1Q 2021). Profit margin: 19% (up from 14% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. No 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: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment improved over the past week After last week's 16% share price gain to NT$213, the stock trades at a trailing P/E ratio of 27.1x. Average forward P/E is 11x in the Electronic industry in Taiwan. Total returns to shareholders of 280% over the past three years. Buying Opportunity • Mar 22
Now 26% undervalued Over the last 90 days, the stock is up 26%. The fair value is estimated to be NT$263, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% per annum over the last 3 years. Earnings per share has grown by 19% per annum over the last 3 years. Reported Earnings • Mar 13
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$7.85 (down from NT$10.69 in FY 2020). Revenue: NT$2.90b (flat on FY 2020). Net income: NT$390.4m (down 27% from FY 2020). Profit margin: 13% (down from 18% in FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 23%, compared to a 8.8% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Dec 25
Investor sentiment improved over the past week After last week's 16% share price gain to NT$167, the stock trades at a trailing P/E ratio of 23.9x. Average forward P/E is 12x in the Electronic industry in Taiwan. Total returns to shareholders of 222% over the past three years. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS NT$1.71 (vs NT$2.32 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: NT$724.1m (up 1.7% from 3Q 2020). Net income: NT$85.1m (down 26% from 3Q 2020). Profit margin: 12% (down from 16% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment improved over the past week After last week's 17% share price gain to NT$142, the stock trades at a trailing P/E ratio of 18.7x. Average forward P/E is 12x in the Electronic industry in Taiwan. Total returns to shareholders of 135% over the past three years. Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS NT$1.52 (vs NT$3.55 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$690.4m (down 17% from 2Q 2020). Net income: NT$75.7m (down 57% from 2Q 2020). Profit margin: 11% (down from 21% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Jul 22
Upcoming dividend of NT$7.00 per share Eligible shareholders must have bought the stock before 29 July 2021. Payment date: 27 August 2021. Trailing yield: 5.8%. Within top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (3.0%). Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$1.86 (vs NT$2.92 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$648.5m (down 12% from 1Q 2020). Net income: NT$92.5m (down 36% from 1Q 2020). Profit margin: 14% (down from 20% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 06
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$2.91b (up 45% from FY 2019). Net income: NT$531.7m (up 140% from FY 2019). Profit margin: 18% (up from 11% 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 4% per year but the company’s share price has increased by 10% per year, which means it is tracking significantly ahead of earnings growth. Analyst Estimate Surprise Post Earnings • Mar 06
Revenue misses expectations Revenue missed analyst estimates by 0.05%. Over the next year, revenue is expected to shrink by 5.1% compared to a 16% growth forecast for the Electronic industry in Taiwan. Is New 90 Day High Low • Jan 21
New 90-day low: NT$110 The company is down 3.0% from its price of NT$114 on 23 October 2020. The Taiwanese market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$156 per share. Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment improved over the past week After last week's 16% share price gain to NT$146, the stock is trading at a trailing P/E ratio of 13.7x, up from the previous P/E ratio of 11.8x. This compares to an average P/E of 17x in the Electronic industry in Taiwan. Total returns to shareholders over the past three years are 130%. Is New 90 Day High Low • Dec 04
New 90-day high: NT$128 The company is up 2.0% from its price of NT$125 on 04 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 8.0% over the same period. Reported Earnings • Nov 08
Third quarter 2020 earnings released: EPS NT$2.32 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$712.0m (up 32% from 3Q 2019). Net income: NT$115.2m (up 69% from 3Q 2019). Profit margin: 16% (up from 13% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Analyst Estimate Surprise Post Earnings • Nov 08
Revenue misses expectations Revenue missed analyst estimates by 9.6%. Is New 90 Day High Low • Oct 05
New 90-day low: NT$111 The company is down 23% from its price of NT$144 on 07 July 2020. The Taiwanese market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is down 6.0% over the same period.