New Risk • Jul 31
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 12% 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 Risks Share price has been highly volatile over the past 3 months (12% average weekly change). High level of non-cash earnings (26% accrual ratio). Minor Risks High level of debt (52% net debt to equity). Paying a dividend despite having no free cash flows. Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment deteriorates as stock falls 26% After last week's 26% share price decline to NT$161, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 200% over the past three years. Reported Earnings • Jul 24
Second quarter 2026 earnings released: EPS: NT$2.44 (vs NT$1.19 in 2Q 2025) Second quarter 2026 results: EPS: NT$2.44 (up from NT$1.19 in 2Q 2025). Revenue: NT$4.53b (up 32% from 2Q 2025). Net income: NT$1.16b (up 105% from 2Q 2025). Profit margin: 26% (up from 17% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 24% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$247, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 35x in the Semiconductor industry in Taiwan. Total returns to shareholders of 361% over the past three years. Upcoming Dividend • Jun 23
Upcoming dividend of NT$4.20 per share Eligible shareholders must have bought the stock before 30 June 2026. Payment date: 24 July 2026. Payout ratio is a comfortable 63% but the company is paying out more than the cash it is generating. Trailing yield: 1.8%. Lower than top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (0.9%). Declared Dividend • May 30
Dividend increased to NT$4.20 Dividend of NT$4.20 is 5.0% higher than last year. Ex-date: 30th June 2026 Payment date: 24th July 2026 Dividend yield will be 1.7%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (63% earnings payout ratio) but not covered by cash flows (105% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 27% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 05
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$1.27 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00. Revenue: NT$3.98b (up 24% from 1Q 2025). Net income: NT$924.3m (up 54% from 1Q 2025). Profit margin: 23% (up from 19% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 21% growth forecast for the Semiconductor industry in Taiwan. New Risk • May 02
New major risk - Revenue and earnings growth Earnings have declined by 1.5% 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 Risk Earnings have declined by 1.5% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (107% cash payout ratio). Share price has been volatile over the past 3 months (10% average weekly change). Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$210, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 27x in the Semiconductor industry in Taiwan. Total returns to shareholders of 354% over the past three years. Major Estimate Revision • Apr 15
Consensus EPS estimates increase by 19% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from NT$16.8b to NT$17.7b. EPS estimate increased from NT$6.95 to NT$8.25 per share. Net income forecast to grow 42% next year vs 48% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$140 to NT$239. Share price rose 14% to NT$188 over the past week. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$188, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 23x in the Semiconductor industry in Taiwan. Total returns to shareholders of 282% over the past three years. Major Estimate Revision • Mar 13
Consensus revenue estimates increase by 10% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from NT$15.2b to NT$16.8b. EPS estimate increased from NT$5.90 to NT$6.95 per share. Net income forecast to grow 20% next year vs 43% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$100.00 to NT$140. Share price rose 5.6% to NT$151 over the past week. Aankondiging • Mar 09
Ardentec Corporation, Annual General Meeting, May 28, 2026 Ardentec Corporation, Annual General Meeting, May 28, 2026, at 09:00 Taipei Standard Time. Location: no,773, ming hu rd., hsinchu city Taiwan Reported Earnings • Mar 08
Full year 2025 earnings released: EPS: NT$5.99 (vs NT$4.44 in FY 2024) Full year 2025 results: EPS: NT$5.99 (up from NT$4.44 in FY 2024). Revenue: NT$14.0b (up 7.1% from FY 2024). Net income: NT$2.84b (up 35% from FY 2024). Profit margin: 20% (up from 16% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.9% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 36% per year, which means it is well ahead of earnings. Board Change • Feb 04
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. 1 experienced director. 8 highly experienced directors. Independent Director L.J. Chen was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$140, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 24x in the Semiconductor industry in Taiwan. Total returns to shareholders of 220% over the past three years. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$112, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 164% over the past three years. New Risk • Dec 26
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 Dividend is not well covered by cash flows (91% cash payout ratio). Share price has been volatile over the past 3 months (6.5% average weekly change). Reported Earnings • Nov 01
Third quarter 2025 earnings released: EPS: NT$1.75 (vs NT$1.19 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.75 (up from NT$1.19 in 3Q 2024). Revenue: NT$3.59b (up 6.6% from 3Q 2024). Net income: NT$827.3m (up 47% from 3Q 2024). Profit margin: 23% (up from 17% in 3Q 2024). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 28% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$85.80, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 115% over the past three years. Reported Earnings • Aug 01
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: NT$1.19 (up from NT$1.16 in 2Q 2024). Revenue: NT$3.42b (up 3.5% from 2Q 2024). Net income: NT$563.3m (up 2.2% from 2Q 2024). Profit margin: 17% (in line with 2Q 2024). Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) also missed analyst estimates by 13%. Revenue is forecast to grow 9.0% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 17
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 24 June 2025. Payment date: 18 July 2025. Payout ratio is on the higher end at 88%, and the cash payout ratio is above 100%. Trailing yield: 5.0%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (2.3%). Declared Dividend • May 31
Dividend of NT$4.00 announced Shareholders will receive a dividend of NT$4.00. Ex-date: 24th June 2025 Payment date: 18th July 2025 Dividend yield will be 5.2%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (88% earnings payout ratio) but not covered by cash flows (101% cash payout ratio). The dividend has increased by an average of 9.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 11% over the next year, which should provide support to the dividend and adequate earnings cover. Aankondiging • Apr 17
Ardentec Corporation to Report Q1, 2025 Results on Apr 24, 2025 Ardentec Corporation announced that they will report Q1, 2025 results on Apr 24, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$60.00, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 53% over the past three years. Reported Earnings • Mar 14
Full year 2024 earnings released: EPS: NT$4.44 (vs NT$5.80 in FY 2023) Full year 2024 results: EPS: NT$4.44 (down from NT$5.80 in FY 2023). Revenue: NT$13.1b (down 6.8% from FY 2023). Net income: NT$2.10b (down 23% from FY 2023). Profit margin: 16% (down from 20% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Aankondiging • Mar 03
Ardentec Corporation, Annual General Meeting, May 29, 2025 Ardentec Corporation, Annual General Meeting, May 29, 2025. Location: no,773, ming hu rd., hsinchu city Taiwan Aankondiging • Mar 01
Ardentec Corporation Announces Dividend for the Period from January 1, 2024 to December 31, 2024 Ardentec Corporation announced dividend of TWD 4 per share for the period from January 1, 2024 to December 31, 2024. Aankondiging • Feb 20
Ardentec Corporation to Report Q4, 2024 Results on Feb 27, 2025 Ardentec Corporation announced that they will report Q4, 2024 results on Feb 27, 2025 Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$78.30, the stock trades at a trailing P/E ratio of 16.4x. Average trailing P/E is 29x in the Semiconductor industry in Taiwan. Total returns to shareholders of 78% over the past three years. New Risk • Jan 22
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 6.3% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.3% average weekly change). Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$65.00, the stock trades at a trailing P/E ratio of 13.6x. Average trailing P/E is 27x in the Semiconductor industry in Taiwan. Total returns to shareholders of 43% over the past three years. Reported Earnings • Nov 12
Third quarter 2024 earnings released: EPS: NT$1.19 (vs NT$1.80 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.19 (down from NT$1.80 in 3Q 2023). Revenue: NT$3.37b (down 10% from 3Q 2023). Net income: NT$562.4m (down 34% from 3Q 2023). Profit margin: 17% (down from 23% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 1% per year. Aankondiging • Oct 24
Ardentec Corporation to Report Q3, 2024 Results on Oct 31, 2024 Ardentec Corporation announced that they will report Q3, 2024 results on Oct 31, 2024 Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: NT$1.16 (vs NT$1.43 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.16 (down from NT$1.43 in 2Q 2023). Revenue: NT$3.31b (down 2.8% from 2Q 2023). Net income: NT$551.4m (down 19% from 2Q 2023). Profit margin: 17% (down from 20% in 2Q 2023). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 3% per year. Aankondiging • Jul 18
Ardentec Corporation to Report Q2, 2024 Results on Jul 25, 2024 Ardentec Corporation announced that they will report Q2, 2024 results on Jul 25, 2024 Upcoming Dividend • Jun 21
Upcoming dividend of NT$3.30 per share Eligible shareholders must have bought the stock before 28 June 2024. Payment date: 25 July 2024. Payout ratio is a comfortable 44% but the company is paying out more than the cash it is generating. Trailing yield: 3.3%. Lower than top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.0%). Declared Dividend • Jun 03
Dividend of NT$3.30 announced Shareholders will receive a dividend of NT$3.30. Ex-date: 28th June 2024 Payment date: 25th July 2024 Dividend yield will be 4.5%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (44% earnings payout ratio) and cash flows (88% cash payout ratio). The dividend has increased by an average of 8.9% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 13% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Aankondiging • Jun 01
Ardentec Corporation Announces Cash Dividend, Payable on July 25, 2024 Ardentec Corporation announced cash dividend total amount: TWD 1,225,425,190. Cash distribution from capital surplus total amount: TWD 392,136,061. Ex-rights (Ex-dividend) date is June 28, 2024. Ex-rights (Ex-dividend) record date is July 06, 2024. Payment date of cash dividend distribution is July 25, 2024. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: NT$1.15 (vs NT$1.31 in 1Q 2023) First quarter 2024 results: EPS: NT$1.15 (down from NT$1.31 in 1Q 2023). Revenue: NT$3.27b (down 2.3% from 1Q 2023). Net income: NT$547.0m (down 12% from 1Q 2023). Profit margin: 17% (down from 19% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Apr 20
Ardentec Corporation to Report Q1, 2024 Results on Apr 25, 2024 Ardentec Corporation announced that they will report Q1, 2024 results on Apr 25, 2024 Reported Earnings • Apr 02
Full year 2023 earnings released: EPS: NT$5.79 (vs NT$7.48 in FY 2022) Full year 2023 results: EPS: NT$5.79 (down from NT$7.48 in FY 2022). Revenue: NT$14.1b (down 3.1% from FY 2022). Net income: NT$2.75b (down 23% from FY 2022). Profit margin: 20% (down from 25% in FY 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 22% per year. Aankondiging • Mar 12
Ardentec Corporation, Annual General Meeting, May 31, 2024 Ardentec Corporation, Annual General Meeting, May 31, 2024. Aankondiging • Mar 01
Ardentec Corporation Approves Cash Dividends for the Year 2023 Ardentec Corporation approved cash dividends to shareholders was TWD 2.5 per share for the year 2023. Total amount of cash dividends to shareholders TWD 3.3. Buying Opportunity • Nov 01
Now 20% undervalued Over the last 90 days, the stock is up 7.5%. The fair value is estimated to be NT$81.16, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 24%. New Risk • Oct 29
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 41% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (41% net debt to equity). Dividend is not well covered by cash flows (183% cash payout ratio). Aankondiging • Oct 27
Ardentec Corporation Announces Executive Changes Ardentec Corporation announced executive changes. Name, title, and resume of the previous position holder: Spokesperson, financial officer, accounting officer and corporate governance officer: Leslie Guh: Director, Financial Management Division. Name, title, and resume of the new position holder: Financial officer, accounting officer, corporate governance officer and acting spokesperson: Jimmy Lan: Vice Director, Financial Management Division. Type of change: position adjustment. Reason for the change: position adjustment. Effective date: October 27, 2023. Date of occurrence of the change: October 26, 2023. Reported Earnings • Jul 31
Second quarter 2023 earnings released: EPS: NT$1.43 (vs NT$1.88 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.43 (down from NT$1.88 in 2Q 2022). Revenue: NT$3.40b (down 5.2% from 2Q 2022). Net income: NT$676.6m (down 24% from 2Q 2022). Profit margin: 20% (down from 25% in 2Q 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 13
Upcoming dividend of NT$3.50 per share at 4.9% yield Eligible shareholders must have bought the stock before 20 June 2023. Payment date: 14 July 2023. Payout ratio is a comfortable 47% but the company is paying out more than the cash it is generating. Trailing yield: 4.9%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.2%). Reported Earnings • Mar 16
Full year 2022 earnings released: EPS: NT$7.48 (vs NT$5.46 in FY 2021) Full year 2022 results: EPS: NT$7.48 (up from NT$5.46 in FY 2021). Revenue: NT$14.5b (up 22% from FY 2021). Net income: NT$3.55b (up 37% from FY 2021). Profit margin: 25% (up from 22% 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 36% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 9 highly experienced directors. 4 independent directors (7 non-independent directors). Independent Director L.J. Chen was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Oct 28
Third quarter 2022 earnings released: EPS: NT$2.38 (vs NT$1.64 in 3Q 2021) Third quarter 2022 results: EPS: NT$2.38 (up from NT$1.64 in 3Q 2021). Revenue: NT$3.98b (up 21% from 3Q 2021). Net income: NT$1.13b (up 46% from 3Q 2021). Profit margin: 28% (up from 24% 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 36% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 30
Second quarter 2022 earnings released: EPS: NT$1.88 (vs NT$1.35 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.88 (up from NT$1.35 in 2Q 2021). Revenue: NT$3.59b (up 25% from 2Q 2021). Net income: NT$891.7m (up 40% from 2Q 2021). Profit margin: 25% (up from 22% 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 33% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jun 30
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 28%. The fair value is estimated to be NT$45.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 29%. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$43.10, the stock trades at a trailing P/E ratio of 7.4x. Average trailing P/E is 14x in the Semiconductor industry in Taiwan. Total returns to shareholders of 83% over the past three years. Upcoming Dividend • Jun 09
Upcoming dividend of NT$2.80 per share Eligible shareholders must have bought the stock before 16 June 2022. Payment date: 13 July 2022. Payout ratio is a comfortable 48% but the company is not cash flow positive. Trailing yield: 5.6%. Lower than top quartile of Taiwanese dividend payers (6.0%). Higher than average of industry peers (3.0%). Reported Earnings • May 02
First quarter 2022 earnings released: EPS: NT$1.37 (vs NT$1.03 in 1Q 2021) First quarter 2022 results: EPS: NT$1.37 (up from NT$1.03 in 1Q 2021). Revenue: NT$3.11b (up 18% from 1Q 2021). Net income: NT$647.9m (up 34% from 1Q 2021). Profit margin: 21% (up from 19% 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 29% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 7 highly experienced directors. 4 independent directors (7 non-independent directors). Independent Director Bernard Jiang was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Feb 27
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: NT$5.46 (up from NT$3.78 in FY 2020). Revenue: NT$11.9b (up 23% from FY 2020). Net income: NT$2.58b (up 45% from FY 2020). Profit margin: 22% (up from 18% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 10.0%. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 19% per year. Aankondiging • Feb 26
Ardentec Corporation, Annual General Meeting, May 26, 2022 Ardentec Corporation, Annual General Meeting, May 26, 2022. Location: at No. 773, Ming-Hu Road, Hsinchu Lakeshore Hotel Hsinchu Taiwan Agenda: To consider the report the business of 2021; to consider the audit committee's review report; to consider the compensations of employees and directors of 2021; to ratify 2021 business report and audited financial statements; to ratify the proposal for distribution of 2021 profits; to approve the amendments to the company's Operation Procedures for Acquisition and Disposal of Assets; and to consider the other matters. Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS NT$1.64 (vs NT$0.97 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$3.28b (up 30% from 3Q 2020). Net income: NT$774.5m (up 70% from 3Q 2020). Profit margin: 24% (up from 18% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improved over the past week After last week's 19% share price gain to NT$69.10, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 99% over the past three years. Director Overboarding • Aug 03
Director Lai-Jhu Chen has joined 5th company board Independent Director Lai-Jhu Chen has been appointed to the board of Wah Hong Industrial Corp. (TPEX:8240). Chen now sits on a total of 5 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Reported Earnings • Jul 30
Second quarter 2021 earnings released: EPS NT$1.35 (vs NT$0.97 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$2.87b (up 26% from 2Q 2020). Net income: NT$637.2m (up 40% from 2Q 2020). Profit margin: 22% (up from 20% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 15% per year. Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improved over the past week After last week's 19% share price gain to NT$55.90, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 25x in the Semiconductor industry in Taiwan. Total returns to shareholders of 79% over the past three years. Reported Earnings • Apr 30
First quarter 2021 earnings released: EPS NT$1.03 (vs NT$0.68 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$2.62b (up 26% from 1Q 2020). Net income: NT$484.3m (up 51% from 1Q 2020). Profit margin: 19% (up from 15% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 26
Full year 2020 earnings released: EPS NT$3.78 (vs NT$2.36 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$9.67b (up 20% from FY 2019). Net income: NT$1.78b (up 61% from FY 2019). Profit margin: 18% (up from 14% 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 3% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Feb 25
Ardentec Corporation, Annual General Meeting, Apr 28, 2021 Ardentec Corporation, Annual General Meeting, Apr 28, 2021. Location: 7F,No. 6, Technology Road 5, Hsinchu Science Park,HsinChu city Hsinchu City Taiwan Agenda: To consider 2020 business report, supervisor's audit report and compensations of employees, directors and supervisors of 2020; to consider 2020 business report and audited financial statements and proposal for distribution of 2020 profits. Is New 90 Day High Low • Feb 04
New 90-day high: NT$45.70 The company is up 35% from its price of NT$33.95 on 06 November 2020. The Taiwanese market is up 21% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 38% over the same period. Is New 90 Day High Low • Jan 20
New 90-day high: NT$42.00 The company is up 23% from its price of NT$34.15 on 23 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 37% over the same period. Is New 90 Day High Low • Dec 05
New 90-day high: NT$38.85 The company is up 19% from its price of NT$32.75 on 04 September 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 20% over the same period. Reported Earnings • Nov 17
Third quarter 2020 earnings released: EPS NT$0.97 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$2.52b (up 17% from 3Q 2019). Net income: NT$455.9m (up 30% from 3Q 2019). Profit margin: 18% (up from 16% 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 1% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Nov 16
New 90-day high: NT$35.15 The company is up 4.0% from its price of NT$33.95 on 18 August 2020. The Taiwanese market is up 2.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 5.0% over the same period. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total profits of NT$1.55b, up 27% from the prior year. Total revenue was NT$9.02b over the last 12 months, up 11% from the prior year.