Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to NT$128, the stock trades at a trailing P/E ratio of 75x. Average trailing P/E is 47x in the Semiconductor industry in Taiwan. Total returns to shareholders of 973% over the past three years. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$119, the stock trades at a trailing P/E ratio of 69.4x. Average trailing P/E is 41x in the Semiconductor industry in Taiwan. Total returns to shareholders of 963% over the past three years. Reported Earnings • May 13
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$1.08 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00. Revenue: NT$10.2b (down 30% from 1Q 2025). Net income: NT$284.2m (up 76% from 1Q 2025). Profit margin: 2.8% (up from 1.1% in 1Q 2025). The increase in margin was driven by lower expenses. Aankondiging • Mar 30
CoAsia Electronics Corp., Annual General Meeting, Jun 26, 2026 CoAsia Electronics Corp., Annual General Meeting, Jun 26, 2026, at 09:00 Taipei Standard Time. Location: 1 floor building. f no,3, yuan ou st., nangang district, taipei city Taiwan Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$61.00, the stock trades at a trailing P/E ratio of 68.7x. Average trailing P/E is 36x in the Semiconductor industry in Taiwan. Total returns to shareholders of 413% over the past three years. New Risk • Feb 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 51% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.2x net interest cover). Share price has been highly volatile over the past 3 months (9.7% average weekly change). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.4% net profit margin). Reported Earnings • Feb 13
Full year 2025 earnings released: EPS: NT$0.89 (vs NT$3.27 in FY 2024) Full year 2025 results: EPS: NT$0.89 (down from NT$3.27 in FY 2024). Revenue: NT$34.7b (up 23% from FY 2024). Net income: NT$132.6m (down 73% from FY 2024). Profit margin: 0.4% (down from 1.7% in FY 2024). Over the last 3 years on average, earnings per share has increased by 81% per year whereas the company’s share price has increased by 77% per year. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to NT$64.20, the stock trades at a trailing P/E ratio of 70.2x. Average trailing P/E is 35x in the Semiconductor industry in Taiwan. Total returns to shareholders of 449% over the past three years. Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$54.20, the stock trades at a trailing P/E ratio of 59.3x. Average trailing P/E is 30x in the Semiconductor industry in Taiwan. Total returns to shareholders of 366% over the past three years. Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$47.20, the stock trades at a trailing P/E ratio of 51.6x. Average trailing P/E is 29x in the Semiconductor industry in Taiwan. Total returns to shareholders of 312% over the past three years. Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: NT$0.001 (vs NT$1.80 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.001 (down from NT$1.80 in 3Q 2024). Revenue: NT$5.50b (down 20% from 3Q 2024). Net income: NT$150.0k (down 100% from 3Q 2024). Profit margin: 0% (down from 3.9% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 69% per year whereas the company’s share price has increased by 66% per year. New Risk • Oct 29
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 8.8% 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 Interest payments are not well covered by earnings (2.5x net interest cover). Share price has been highly volatile over the past 3 months (8.8% average weekly change). Valuation Update With 7 Day Price Move • Oct 29
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to NT$57.90, the stock trades at a trailing P/E ratio of 21.4x. Average trailing P/E is 33x in the Semiconductor industry in Taiwan. Total returns to shareholders of 419% over the past three years. New Risk • Sep 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: Major Risk Interest payments are not well covered by earnings (2.5x net interest cover). Minor Risk Share price has been volatile over the past 3 months (6.5% average weekly change). Valuation Update With 7 Day Price Move • Sep 18
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$44.75, the stock trades at a trailing P/E ratio of 16.5x. Average trailing P/E is 32x in the Semiconductor industry in Taiwan. Total returns to shareholders of 255% over the past three years. Upcoming Dividend • Aug 19
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 26 August 2025. Payment date: 15 September 2025. Payout ratio is a comfortable 18% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (2.1%). Reported Earnings • Aug 08
Second quarter 2025 earnings released: NT$0.51 loss per share (vs NT$1.01 profit in 2Q 2024) Second quarter 2025 results: NT$0.51 loss per share (down from NT$1.01 profit in 2Q 2024). Revenue: NT$6.84b (down 5.5% from 2Q 2024). Net loss: NT$75.6m (down 150% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 48% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$1.08 (vs NT$0.13 in 1Q 2024) First quarter 2025 results: EPS: NT$1.08 (up from NT$0.13 in 1Q 2024). Revenue: NT$14.5b (up 98% from 1Q 2024). Net income: NT$161.9m (up NT$142.5m from 1Q 2024). Profit margin: 1.1% (up from 0.3% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 58% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • May 01
CoAsia Electronics Corp. to Report Q1, 2025 Results on May 07, 2025 CoAsia Electronics Corp. announced that they will report Q1, 2025 results on May 07, 2025 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 27% After last week's 27% share price decline to NT$50.30, the stock trades at a trailing P/E ratio of 15.4x. Average trailing P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 299% over the past three years. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$71.70, the stock trades at a trailing P/E ratio of 21.9x. Average trailing P/E is 27x in the Semiconductor industry in Taiwan. Total returns to shareholders of 456% over the past three years. New Risk • Mar 09
New major risk - Revenue and earnings growth Earnings have declined by 18% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.5x net interest cover). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 18% per year over the past 5 years. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$64.10, the stock trades at a trailing P/E ratio of 22.5x. Average trailing P/E is 30x in the Semiconductor industry in Taiwan. Total returns to shareholders of 422% over the past three years. Aankondiging • Feb 21
CoAsia Electronics Corp., Annual General Meeting, May 23, 2025 CoAsia Electronics Corp., Annual General Meeting, May 23, 2025. Location: 6 floor no,88, yen ch`ang rd., sinyi district, taipei city Taiwan Aankondiging • Feb 13
CoAsia Electronics Corp. to Report Q4, 2024 Results on Feb 20, 2025 CoAsia Electronics Corp. announced that they will report Q4, 2024 results on Feb 20, 2025 Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$48.35, the stock trades at a trailing P/E ratio of 16.9x. Average trailing P/E is 28x in the Semiconductor industry in Taiwan. Total returns to shareholders of 267% over the past three years. New Risk • Jan 22
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 7.9% 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 Interest payments are not well covered by earnings (2.6x net interest cover). Share price has been highly volatile over the past 3 months (7.9% average weekly change). Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$41.60, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 29x in the Semiconductor industry in Taiwan. Total returns to shareholders of 237% over the past three years. 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 Risk No financial data reported. Minor Risk Share price has been volatile over the past 3 months (7.6% average weekly change). Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$44.90, the stock trades at a trailing P/E ratio of 15.7x. Average trailing P/E is 31x in the Semiconductor industry in Taiwan. Total returns to shareholders of 212% over the past three years. Reported Earnings • Nov 09
Third quarter 2024 earnings released: EPS: NT$1.80 (vs NT$0.57 loss in 3Q 2023) Third quarter 2024 results: EPS: NT$1.80 (up from NT$0.57 loss in 3Q 2023). Revenue: NT$6.85b (up 11% from 3Q 2023). Net income: NT$268.2m (up NT$353.1m from 3Q 2023). Profit margin: 3.9% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 54% per year, which means it is well ahead of earnings. Aankondiging • Oct 31
CoAsia Electronics Corp. to Report Q3, 2024 Results on Nov 06, 2024 CoAsia Electronics Corp. announced that they will report Q3, 2024 results on Nov 06, 2024 Board Change • Aug 13
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Chin-Sun Wang was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: NT$1.01 (vs NT$1.83 loss in 2Q 2023) Second quarter 2024 results: EPS: NT$1.01 (up from NT$1.83 loss in 2Q 2023). Revenue: NT$7.23b (up 15% from 2Q 2023). Net income: NT$150.5m (up NT$423.7m from 2Q 2023). Profit margin: 2.1% (up from net loss in 2Q 2023). The move to profitability 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 135 percentage points per year, which is a significant difference in performance. Aankondiging • Jul 27
CoAsia Electronics Corp. to Report Q2, 2024 Results on Aug 05, 2024 CoAsia Electronics Corp. announced that they will report Q2, 2024 results on Aug 05, 2024 Aankondiging • Jun 27
CoAsia Electronics Corp. Announces By-Election of Wang,Chin-Sun as Independent Director CoAsia Electronics Corp. announced the By-Election of Wang,Chin-Sun as Independent Director at the Company's 2024 Annual General Meeting held on June 26, 2024. Resume of the new position holder: Certified Public Accountant at Audit Department of KPMG Taiwan. Original term: June 26, 2024 to June 27, 2026. Effective date of the new appointment is June 26, 2024. Reported Earnings • May 09
First quarter 2024 earnings released: EPS: NT$0.13 (vs NT$0.60 loss in 1Q 2023) First quarter 2024 results: EPS: NT$0.13 (up from NT$0.60 loss in 1Q 2023). Revenue: NT$7.34b (up 102% from 1Q 2023). Net income: NT$19.5m (up NT$109.3m from 1Q 2023). Profit margin: 0.3% (up from net loss in 1Q 2023). The move to profitability 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 149 percentage points per year, which is a significant difference in performance. Aankondiging • Apr 28
CoAsia Electronics Corp. to Report Q1, 2024 Results on May 03, 2024 CoAsia Electronics Corp. announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 03, 2024 Aankondiging • Mar 30
CoAsia Electronics Corp., Annual General Meeting, Jun 26, 2024 CoAsia Electronics Corp., Annual General Meeting, Jun 26, 2024. Location: 1F, F Bldg., Nangang Software Park No.3, Yuanqu St., Nangang District Taipei City Taiwan Agenda: To consider 2023 Annual Business Reports; to consider the Audit Committee reviews the 2023 annual financial statements report; to consider amendment to some provisions of the Rules and Procedures for Board of Directors Meetings; to acknowledgment of the 2023 Final Statements; to consider acknowledgment of the 2023 Profit and loss Appropriation Case; and to consider amendment to some provisions of the Procedures for Election of Directors. New Risk • Mar 06
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 35% per year over the past 5 years. Reported Earnings • Mar 06
Full year 2023 earnings released: NT$3.08 loss per share (vs NT$0.007 profit in FY 2022) Full year 2023 results: NT$3.08 loss per share (down from NT$0.007 profit in FY 2022). Revenue: NT$22.4b (down 4.2% from FY 2022). Net loss: NT$460.1m (down NT$461.2m from profit in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 130 percentage points per year, which is a significant difference in performance. New Risk • Dec 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 5.6% 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 Earnings have declined by 22% per year over the past 5 years. Minor Risks High level of debt (104% net debt to equity). Share price has been volatile over the past 3 months (5.6% average weekly change). Market cap is less than US$100m (NT$2.00b market cap, or US$63.7m). New Risk • Aug 17
New major risk - Revenue and earnings growth Earnings have declined by 1.8% 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 1.8% per year over the past 5 years. Minor Risks High level of debt (79% net debt to equity). Market cap is less than US$100m (NT$1.54b market cap, or US$48.2m). Reported Earnings • Aug 16
Second quarter 2023 earnings released: NT$1.83 loss per share (vs NT$0.16 profit in 2Q 2022) Second quarter 2023 results: NT$1.83 loss per share (down from NT$0.16 profit in 2Q 2022). Revenue: NT$6.31b (up 4.5% from 2Q 2022). Net loss: NT$273.2m (down NT$297.6m from profit in 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Aug 15
Upcoming dividend of NT$0.03 per share at 0.3% yield Eligible shareholders must have bought the stock before 22 August 2023. Payment date: 26 September 2023. The company is not currently making a profit but it is cash flow positive. Trailing yield: 0.3%. Lower than top quartile of Taiwanese dividend payers (5.7%). Lower than average of industry peers (3.4%). New Risk • Jul 12
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 58% 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 (58% net debt to equity). Market cap is less than US$100m (NT$1.78b market cap, or US$56.8m). New Risk • Jul 03
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.1% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (NT$1.73b market cap, or US$55.5m). Board Change • Jul 01
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. Independent Director Chien-Li Chen was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 26
Full year 2022 earnings released: EPS: NT$0.01 (vs NT$1.10 in FY 2021) Full year 2022 results: EPS: NT$0.01 (down from NT$1.10 in FY 2021). Revenue: NT$23.4b (down 20% from FY 2021). Net income: NT$1.11m (down 99% from FY 2021). Profit margin: 0% (down from 0.6% 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 6% per year whereas the company’s share price has increased by 8% per year. Reported Earnings • Nov 12
Third quarter 2022 earnings released: EPS: NT$0 (vs NT$0.25 in 3Q 2021) Third quarter 2022 results: EPS: NT$0 (down from NT$0.25 in 3Q 2021). Revenue: NT$4.88b (down 23% from 3Q 2021). Net income: NT$12.0k (down 100% from 3Q 2021). Profit margin: 0% (down from 0.6% 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 38% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 16
Upcoming dividend of NT$0.25 per share Eligible shareholders must have bought the stock before 23 August 2022. Payment date: 27 September 2022. Payout ratio is a comfortable 18% but the company is not cash flow positive. Trailing yield: 1.9%. Lower than top quartile of Taiwanese dividend payers (6.5%). Lower than average of industry peers (3.5%). Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: NT$0.17 (vs NT$0.36 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.17 (down from NT$0.36 in 2Q 2021). Revenue: NT$6.04b (down 27% from 2Q 2021). Net income: NT$24.4m (down 53% from 2Q 2021). Profit margin: 0.4% (down from 0.6% 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 58% 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 • May 16
First quarter 2022 earnings released: EPS: NT$0.73 (vs NT$0.29 in 1Q 2021) First quarter 2022 results: EPS: NT$0.73 (up from NT$0.29 in 1Q 2021). Revenue: NT$8.14b (up 19% from 1Q 2021). Net income: NT$106.0m (up 151% from 1Q 2021). Profit margin: 1.3% (up from 0.6% 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 70% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 16
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$1.13 (up from NT$0.70 in FY 2020). Revenue: NT$29.2b (up 8.8% from FY 2020). Net income: NT$164.3m (up 63% from FY 2020). Profit margin: 0.6% (up from 0.4% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS NT$0.26 (vs NT$0.27 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2021 results: Revenue: NT$6.32b (down 18% from 3Q 2020). Net income: NT$37.7m (down 3.4% from 3Q 2020). Profit margin: 0.6% (up from 0.5% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS NT$0.36 (vs NT$0.20 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$8.26b (up 51% from 2Q 2020). Net income: NT$51.8m (up 83% from 2Q 2020). Profit margin: 0.6% (up from 0.5% 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 82% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improved over the past week After last week's 24% share price gain to NT$15.55, the stock trades at a trailing P/E ratio of 25.5x. Average trailing P/E is 23x in the Semiconductor industry in Taiwan. Total returns to shareholders of 25% over the past three years. Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorated over the past week After last week's 21% share price decline to NT$10.40, the stock trades at a trailing P/E ratio of 17x. Average trailing P/E is 19x in the Semiconductor industry in Taiwan. Total loss to shareholders of 6.8% over the past three years. Reported Earnings • May 13
First quarter 2021 earnings released: EPS NT$0.30 (vs NT$0.40 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$6.85b (down 7.7% from 1Q 2020). Net income: NT$42.3m (down 25% from 1Q 2020). Profit margin: 0.6% (down from 0.8% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 17
Full year 2020 earnings released: EPS NT$0.71 (vs NT$0.57 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: NT$26.9b (up 18% from FY 2019). Net income: NT$101.1m (up 24% from FY 2019). Profit margin: 0.4% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Dec 02
New 90-day high: NT$13.65 The company is up 3.0% from its price of NT$13.25 on 03 September 2020. The Taiwanese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 16% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.27 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$7.74b (up 26% from 3Q 2019). Net income: NT$39.0m (up 49% from 3Q 2019). Profit margin: 0.5% (up from 0.4% 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 17% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings.