Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$81.10, the stock trades at a trailing P/E ratio of 39.7x. Average trailing P/E is 43x in the Semiconductor industry in Taiwan. Total returns to shareholders of 58% over the past three years. Buy Or Sell Opportunity • May 12
Now 31% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to NT$83.00. The fair value is estimated to be NT$63.23, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 23%. Reported Earnings • May 09
First quarter 2026 earnings released: EPS: NT$0.48 (vs NT$0.045 loss in 1Q 2025) First quarter 2026 results: EPS: NT$0.48 (up from NT$0.045 loss in 1Q 2025). Revenue: NT$431.6m (up 53% from 1Q 2025). Net income: NT$34.0m (up NT$37.2m from 1Q 2025). Profit margin: 7.9% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. New Risk • Apr 07
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 205% Dividend yield: 2.2% 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: Major Risk Earnings have declined by 33% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (205% cash payout ratio). Share price has been volatile over the past 3 months (9.0% average weekly change). Reported Earnings • Mar 18
Full year 2025 earnings released: EPS: NT$1.52 (vs NT$0.30 in FY 2024) Full year 2025 results: EPS: NT$1.52 (up from NT$0.30 in FY 2024). Revenue: NT$1.70b (up 50% from FY 2024). Net income: NT$108.4m (up 417% from FY 2024). Profit margin: 6.4% (up from 1.8% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$55.20, the stock trades at a trailing P/E ratio of 40.7x. Average forward P/E is 22x in the Semiconductor industry in Taiwan. Total loss to shareholders of 2.0% over the past three years. Aankondiging • Mar 05
Aethertek technology co., Ltd., Annual General Meeting, May 22, 2026 Aethertek technology co., Ltd., Annual General Meeting, May 22, 2026, at 09:00 Taipei Standard Time. Location: 1 floor building. b no,335, jui kuang rd., neihu district, taipei city Taiwan Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$68.30, the stock trades at a trailing P/E ratio of 50.4x. Average forward P/E is 23x in the Semiconductor industry in Taiwan. Total returns to shareholders of 9.7% over the past three years. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$69.00, the stock trades at a trailing P/E ratio of 50.9x. Average forward P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 54% over the past three years. Reported Earnings • Nov 06
Third quarter 2025 earnings released: EPS: NT$0.80 (vs NT$0.28 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.80 (up from NT$0.28 in 3Q 2024). Revenue: NT$511.3m (up 40% from 3Q 2024). Net income: NT$57.0m (up 183% from 3Q 2024). Profit margin: 11% (up from 5.5% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$65.90, the stock trades at a trailing P/E ratio of 78.4x. Average forward P/E is 26x in the Semiconductor industry in Taiwan. Total returns to shareholders of 72% over the past three years. Board Change • Oct 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. Director Huang Rui was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$58.90, the stock trades at a trailing P/E ratio of 70.1x. Average trailing P/E is 27x in the Semiconductor industry in Taiwan. Total loss to shareholders of 17% over the past three years. Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: NT$0.89 (vs NT$0.83 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.89 (up from NT$0.83 in 2Q 2024). Revenue: NT$536.8m (up 27% from 2Q 2024). Net income: NT$63.5m (up 8.2% from 2Q 2024). Profit margin: 12% (down from 14% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Declared Dividend • Jul 11
Dividend reduced to NT$0.27 Dividend of NT$0.27 is 27% lower than last year. Ex-date: 24th July 2025 Payment date: 25th August 2025 Dividend yield will be 0.5%, which is lower than the industry average of 3.0%. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$51.40, the stock trades at a trailing P/E ratio of 66.5x. Average trailing P/E is 25x in the Semiconductor industry in Taiwan. Total loss to shareholders of 26% over the past three years. Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$47.45, the stock trades at a trailing P/E ratio of 61.4x. Average trailing P/E is 25x in the Semiconductor industry in Taiwan. Total loss to shareholders of 37% over the past three years. Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$48.65, the stock trades at a trailing P/E ratio of 63x. Average trailing P/E is 25x in the Semiconductor industry in Taiwan. Total loss to shareholders of 43% over the past three years. Aankondiging • May 21
Aethertek Technology Co., Ltd. Approves Board Appointment On May 20, 2025, Aethertek technology co., Ltd. in its shareholders meeting elected Legal director representative of Eriksson Capital Co., Ltd. - RUI HUANG. Reported Earnings • May 09
First quarter 2025 earnings released: NT$0.04 loss per share (vs NT$0.53 loss in 1Q 2024) First quarter 2025 results: NT$0.04 loss per share (improved from NT$0.53 loss in 1Q 2024). Revenue: NT$281.5m (up 102% from 1Q 2024). Net loss: NT$3.16m (loss narrowed 92% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Aankondiging • Apr 30
Aethertek technology co., Ltd. to Report Q1, 2025 Results on May 08, 2025 Aethertek technology co., Ltd. announced that they will report Q1, 2025 results on May 08, 2025 New Risk • Apr 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (NT$2.26b market cap, or US$68.2m). Reported Earnings • Mar 09
Full year 2024 earnings released: EPS: NT$0.30 (vs NT$0.41 in FY 2023) Full year 2024 results: EPS: NT$0.30 (down from NT$0.41 in FY 2023). Revenue: NT$1.14b (down 1.7% from FY 2023). Net income: NT$21.0m (down 27% from FY 2023). Profit margin: 1.8% (down from 2.5% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Aankondiging • Mar 05
Aethertek technology co., Ltd., Annual General Meeting, May 20, 2025 Aethertek technology co., Ltd., Annual General Meeting, May 20, 2025, at 09:00 Taipei Standard Time. Location: 1 floor building. b no,335, jui kuang rd., neihu district, taipei city Taiwan Aankondiging • Feb 21
Aethertek technology co., Ltd. to Report Fiscal Year 2024 Results on Mar 03, 2025 Aethertek technology co., Ltd. announced that they will report fiscal year 2024 results on Mar 03, 2025 New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (9.5% average weekly change). Minor Risk Market cap is less than US$100m (NT$3.22b market cap, or US$99.1m). Reported Earnings • Nov 10
Third quarter 2024 earnings released: EPS: NT$0.29 (vs NT$0.80 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.29 (down from NT$0.80 in 3Q 2023). Revenue: NT$365.9m (down 15% from 3Q 2023). Net income: NT$20.2m (down 64% from 3Q 2023). Profit margin: 5.5% (down from 13% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$60.00, the stock trades at a trailing P/E ratio of 75.8x. Average forward P/E is 23x in the Semiconductor industry in Taiwan. Total loss to shareholders of 37% over the past three years. Aankondiging • Oct 29
Aethertek technology co., Ltd. to Report Q3, 2024 Results on Nov 06, 2024 Aethertek technology co., Ltd. announced that they will report Q3, 2024 results on Nov 06, 2024 Valuation Update With 7 Day Price Move • Oct 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$55.00, the stock trades at a trailing P/E ratio of 69.2x. Average forward P/E is 24x in the Semiconductor industry in Taiwan. Total loss to shareholders of 40% over the past three years. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.83 (vs NT$0.47 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.83 (up from NT$0.47 in 2Q 2023). Revenue: NT$424.1m (up 15% from 2Q 2023). Net income: NT$58.7m (up 77% from 2Q 2023). Profit margin: 14% (up from 9.1% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 46 percentage points per year, which is a significant difference in performance. New Risk • Aug 02
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.26b (US$99.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. 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 Risks Profit margins are more than 30% lower than last year (2.7% net profit margin). Market cap is less than US$100m (NT$3.26b market cap, or US$99.3m). Aankondiging • Jul 30
Aethertek technology co., Ltd. to Report Q2, 2024 Results on Aug 07, 2024 Aethertek technology co., Ltd. announced that they will report Q2, 2024 results on Aug 07, 2024 Declared Dividend • Jul 10
Dividend reduced to NT$0.36 Dividend of NT$0.36 is 65% lower than last year. Ex-date: 25th July 2024 Payment date: 23rd August 2024 Dividend yield will be 0.6%, which is lower than the industry average of 3.0%. Payout Ratios Payout ratio: 84%. Cash payout ratio: 27%. New Risk • Jun 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 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Profit margins are more than 30% lower than last year (2.7% net profit margin). Reported Earnings • May 12
First quarter 2024 earnings released: NT$0.53 loss per share (vs NT$0.56 loss in 1Q 2023) First quarter 2024 results: NT$0.53 loss per share (improved from NT$0.56 loss in 1Q 2023). Revenue: NT$139.0m (down 11% from 1Q 2023). Net loss: NT$37.1m (loss narrowed 5.3% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. Aankondiging • May 09
Aethertek technology co., Ltd. Approves Establishment of A Sustainable Development Committee and Appoints Its Members Aethertek technology co., Ltd. announced that the board of directors has approved the establishment of a Sustainable Development Committee and appointed its members. Name of the new position holder: Lin, Lien-Hsing; Huang, Yi-Tsung; Lee, Fa-Yao; Hsu, Chia-Yuan. Resume of the new position holder: Lin, Lien-Hsing, Independent Director of company; Huang, Yi-Tsung, Independent Director of company; Lee, Fa-Yao, Independent Director of company; Hsu, Chia-Yuan, Independent Director of company. Reason for the change: Company has established a Sustainability Development Committee and appointed members for its inaugural term. Effective date of the new member is May 8, 2024. The term of office for members of this committee is concurrent with that of the board of directors. Aankondiging • May 02
Aethertek technology co., Ltd. to Report Q1, 2024 Results on May 08, 2024 Aethertek technology co., Ltd. announced that they will report Q1, 2024 results on May 08, 2024 Reported Earnings • Mar 09
Full year 2023 earnings released: EPS: NT$0.41 (vs NT$2.17 in FY 2022) Full year 2023 results: EPS: NT$0.41 (down from NT$2.17 in FY 2022). Revenue: NT$1.16b (down 22% from FY 2022). Net income: NT$28.6m (down 81% from FY 2022). Profit margin: 2.5% (down from 10% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year whereas the company’s share price has fallen by 28% per year. Aankondiging • Mar 07
Aethertek technology co., Ltd., Annual General Meeting, May 21, 2024 Aethertek technology co., Ltd., Annual General Meeting, May 21, 2024. Location: t.Hub Taipei Building B. No. 335, Ruiguang Rd., Neihu Dist., Taipei City Taiwan Agenda: To consider the 2023 employee compensation and directors' remuneration distribution report; to consider business operation of 2023; to consider audit committee's review; to consider amendment to the Company's Regulations Governing Procedure for Board of Directors Meetings; to consider the company's 2023 endorsement guarantee report; and to consider other matters. New Risk • Jan 16
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.12b (US$99.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 108% Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.3% net profit margin). Market cap is less than US$100m (NT$3.12b market cap, or US$99.0m). Reported Earnings • Nov 12
Third quarter 2023 earnings released: EPS: NT$0.80 (vs NT$1.01 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.80 (down from NT$1.01 in 3Q 2022). Revenue: NT$429.2m (down 14% from 3Q 2022). Net income: NT$56.1m (down 21% from 3Q 2022). Profit margin: 13% (down from 14% in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. New Risk • Oct 23
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.19b (US$98.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (33% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (6.1% net profit margin). Market cap is less than US$100m (NT$3.19b market cap, or US$98.5m). New Risk • Aug 12
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 29% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (29% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Profit margins are more than 30% lower than last year (6.1% net profit margin). Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: NT$0.47 (vs NT$0.51 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.47 (down from NT$0.51 in 2Q 2022). Revenue: NT$367.5m (up 1.1% from 2Q 2022). Net income: NT$33.3m (down 7.8% from 2Q 2022). Profit margin: 9.1% (in line with 2Q 2022). Upcoming Dividend • Jul 19
Upcoming dividend of NT$1.03 per share at 1.7% yield Eligible shareholders must have bought the stock before 26 July 2023. Payment date: 25 August 2023. Payout ratio is on the higher end at 85% but the company is not cash flow positive. Trailing yield: 1.7%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (3.2%). New Risk • Jul 15
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 6.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.1% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.3% net profit margin). Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$58.10, the stock trades at a trailing P/E ratio of 48.2x. Average trailing P/E is 20x in the Semiconductor industry in Taiwan. Total loss to shareholders of 21% over the past year. Aankondiging • Jul 09
Aethertek Technology Co., Ltd. Announces Cash Dividend, Payable on August 25, 2023 Aethertek technology co., Ltd. announced cash dividend of TWD 72,461,775 (TWD 1.03 per share). Ex-rights (Ex-dividend) date is July 26, 2023, Ex-rights (Ex-dividend) record date is August 1, 2023 and Payment date of cash dividend distribution is August 25, 2023. Date of the resolution by the board of directors or shareholders’ meeting, or of the decision by the company is July 6, 2023. New Risk • Jul 02
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.1% 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. Profit margins are more than 30% lower than last year (6.3% net profit margin). Reported Earnings • May 14
First quarter 2023 earnings released: NT$0.56 loss per share (vs NT$0.41 profit in 1Q 2022) First quarter 2023 results: NT$0.56 loss per share (down from NT$0.41 profit in 1Q 2022). Revenue: NT$156.7m (down 48% from 1Q 2022). Net loss: NT$39.2m (down 237% from profit in 1Q 2022). Reported Earnings • Mar 22
Full year 2022 earnings released: EPS: NT$2.17 (vs NT$6.33 in FY 2021) Full year 2022 results: EPS: NT$2.17 (down from NT$6.33 in FY 2021). Revenue: NT$1.48b (down 28% from FY 2021). Net income: NT$152.7m (down 66% from FY 2021). Profit margin: 10% (down from 22% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 53% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 21% share price gain to NT$55.80, the stock trades at a trailing P/E ratio of 23.8x. Average trailing P/E is 11x in the Semiconductor industry in Taiwan. Total returns to shareholders of 220% over the past three years. Buying Opportunity • Dec 12
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be NT$69.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 101% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improved over the past week After last week's 21% share price gain to NT$54.10, the stock trades at a trailing P/E ratio of 23.1x. Average trailing P/E is 13x in the Semiconductor industry in Taiwan. Total returns to shareholders of 274% over the past three years. Board Change • Nov 16
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. Representative Chairman & GM Ming-Jye Chang is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$1.01 (vs NT$4.03 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.01 (down from NT$4.03 in 3Q 2021). Revenue: NT$499.1m (down 52% from 3Q 2021). Net income: NT$70.9m (down 75% from 3Q 2021). Profit margin: 14% (down from 27% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Board Change • Nov 01
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. Representative Chairman & GM Ming-Jye Chang is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$45.40, the stock trades at a trailing P/E ratio of 8.5x. Average forward P/E is 10x in the Semiconductor industry in Taiwan. Total returns to shareholders of 123% over the past three years. Board Change • Oct 02
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. Representative Chairman & GM Ming-Jye Chang is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Aankondiging • Aug 23
Aethertek Technology Co., Ltd. Promotes Wu, Sheng-Hao to COO Aethertek technology co., Ltd. announced the promotion of the company's CFO to the COO, and the positions of the financial officer and the corporate governance officer are adjusted accordingly. Name, title, and resume of the previous position holder: Wu, Sheng-Hao - CFO of Aethertek technology co., Ltd. Name, title, and resume of the new position holder: COO/Wu, Sheng-Hao - CFO of Aethertek technology co., Ltd. Financial officer/Wang Hao-Zheng - Accounting Manager of Aethertek technology co., Ltd. Corporate governance officer/Wang Hao-Zheng - Accounting Manager of Aethertek technology co., Ltd. Effective date is August 22, 2022. Reason for the change: position adjustment. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: NT$0.51 (vs NT$1.96 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.51 (down from NT$1.96 in 2Q 2021). Revenue: NT$363.6m (down 45% from 2Q 2021). Net income: NT$36.1m (down 74% from 2Q 2021). Profit margin: 9.9% (down from 21% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 21
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 28 July 2022. Payment date: 30 August 2022. Trailing yield: 3.1%. Lower than top quartile of Taiwanese dividend payers (6.7%). Lower than average of industry peers (3.7%). Aankondiging • Jul 09
Aethertek Technology Co., Ltd. Announces Dividend Distribution, Payable on August 30, 2022 Aethertek technology co., Ltd. announced dividend distribution of cash dividends is TWD 175,709,920(TWD 2.5 per share). Ex-rights (Ex-dividend) date is July 28, 2022. Last date before book closure is July 31, 2022. Book closure starting date is August 1, 2022. Book closure ending date is August 5, 2022. Ex-rights (Ex-dividend) record date is August 5, 2022. Payment date of cash dividend distribution is August 30, 2022. Reported Earnings • May 14
First quarter 2022 earnings released: EPS: NT$0.41 (vs NT$0.011 in 1Q 2021) First quarter 2022 results: EPS: NT$0.41 (up from NT$0.011 in 1Q 2021). Revenue: NT$299.5m (up NT$286.0m from 1Q 2021). Net income: NT$28.7m (up NT$27.9m from 1Q 2021). Profit margin: 9.6% (up from 5.6% 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 113% per year but the company’s share price has only increased by 54% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced 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: Insufficient board refreshment. Reported Earnings • Apr 02
Full year 2021 earnings released: EPS: NT$6.33 (vs NT$1.46 in FY 2020) Full year 2021 results: EPS: NT$6.33 (up from NT$1.46 in FY 2020). Revenue: NT$2.05b (up NT$1.96b from FY 2020). Net income: NT$444.9m (up NT$396.9m from FY 2020). Profit margin: 22% (down from 53% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 117% per year but the company’s share price has only increased by 95% per year, which means it is significantly lagging earnings growth. Aankondiging • Mar 31
Aethertek technology co., Ltd, Annual General Meeting, Jun 22, 2022 Aethertek technology co., Ltd, Annual General Meeting, Jun 22, 2022. Location: t.Hub Taipei Room 211¡BRoom 212 Taipei City Taiwan Agenda: To discuss The 2021 employee compensation and directors' remuneration distribution report; to discuss business operation of 2021 and Audit Committee's review of 2021; to discuss Formulation of the Company's Ethical Corporate Management Best Practice Principles and Procedures for Ethical Management and Guidelines for Conduct; to amend the Company's Codes of Ethical Conduct for Directors and Managerial Officers; to discuss abolition of the Company's Corporate Social Responsibility Best Practice Principles and the formulation of the Company's Sustainable Development Best Practice Principle; to discuss the report of 2021 Endorsement and Guarantee of the company; to discuss the Supplementary report on the handling of private placement of securities of the Company in 2011; to acknowledge the Company's 2021 Business Report and Financial Statements; and to discuss other matters. Valuation Update With 7 Day Price Move • Feb 15
Investor sentiment improved over the past week After last week's 16% share price gain to NT$130, the stock trades at a trailing P/E ratio of 21.8x. Average trailing P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 815% over the past three years. Valuation Update With 7 Day Price Move • Jan 25
Investor sentiment improved over the past week After last week's 23% share price gain to NT$100.00, the stock trades at a trailing P/E ratio of 16.8x. Average trailing P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 614% over the past three years. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS NT$4.03 (vs NT$0.48 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: NT$1.04b (up NT$1.01b from 3Q 2020). Net income: NT$283.1m (up NT$266.2m from 3Q 2020). Profit margin: 27% (down from 62% 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 119% per year but the company’s share price has only increased by 63% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$94.50, the stock trades at a trailing P/E ratio of 43.5x. Average trailing P/E is 19x in the Semiconductor industry in Taiwan. Total returns to shareholders of 239% over the past three years. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment deteriorated over the past week After last week's 19% share price decline to NT$114, the stock trades at a trailing P/E ratio of 41.5x. Average trailing P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 237% over the past three years. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$1.96 (vs NT$0.85 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: NT$665.0m (up NT$631.1m from 2Q 2020). Net income: NT$138.0m (up 362% from 2Q 2020). Profit margin: 21% (down from 88% in 2Q 2020). The decrease in margin was driven by higher expenses. 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 61% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$0.01 (vs NT$0.28 in 1Q 2020) The company reported a mediocre first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: NT$13.6m (up 49% from 1Q 2020). Net income: NT$762.0k (down 82% from 1Q 2020). Profit margin: 5.6% (down from 45% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 41% per year whereas the company’s share price has increased by 36% per year. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorated over the past week After last week's 24% share price decline to NT$107, the stock is trading at a trailing P/E ratio of 73.6x, down from the previous P/E ratio of 96.9x. This compares to an average P/E of 27x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past three years are 129%. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment improved over the past week After last week's 20% share price gain to NT$102, the stock is trading at a trailing P/E ratio of 70.3x, up from the previous P/E ratio of 58.4x. This compares to an average P/E of 29x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past three years are 114%. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improved over the past week After last week's 24% share price gain to NT$71.00, the stock is trading at a trailing P/E ratio of 48.9x, up from the previous P/E ratio of 39.4x. This compares to an average P/E of 25x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past three years are 31%. Reported Earnings • Jan 29
Full year 2020 earnings released: EPS NT$1.45 (vs NT$3.84 loss in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: NT$89.9m (down 14% from FY 2019). Net income: NT$48.0m (up NT$104.7m from FY 2019). Profit margin: 53% (up from net loss in FY 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Jan 27
New 90-day high: NT$52.00 The company is up 31% from its price of NT$39.65 on 29 October 2020. The Taiwanese market is up 23% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 41% over the same period. Is New 90 Day High Low • Dec 15
New 90-day high: NT$42.00 The company is up 9.0% from its price of NT$38.70 on 16 September 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 20% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.48 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$27.1m (up 16% from 3Q 2019). Net income: NT$16.9m (up NT$52.4m from 3Q 2019). Profit margin: 62% (up from net loss in 3Q 2019). The move to profitability was primarily driven by lower expenses.