Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$175, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 28x in the Semiconductor industry in Taiwan. Total returns to shareholders of 52% over the past three years. Declared Dividend • May 23
Dividend reduced to NT$1.10 Dividend of NT$1.10 is 56% lower than last year. Ex-date: 4th August 2026 Payment date: 31st August 2026 Dividend yield will be 0.6%, which is lower than the industry average of 3.0%. Payout Ratios Payout ratio: 49%. Cash payout ratio: 62%. Reported Earnings • May 19
First quarter 2026 earnings: EPS exceeds analyst expectations First quarter 2026 results: EPS: NT$1.22 (up from NT$0.62 in 1Q 2025). Revenue: NT$2.81b (up 11% from 1Q 2025). Net income: NT$221.7m (up 97% from 1Q 2025). Profit margin: 7.9% (up from 4.5% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.2%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Major Estimate Revision • May 08
Consensus EPS estimates increase by 28% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from NT$11.8b to NT$12.2b. EPS estimate increased from NT$4.31 to NT$5.50 per share. Net income forecast to grow 230% next year vs 55% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$106 to NT$126. Share price rose 19% to NT$183 over the past week. New Risk • Apr 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 8.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Profit margins are more than 30% lower than last year (3.0% net profit margin). Major Estimate Revision • Apr 07
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from NT$12.3b to NT$11.8b. EPS estimate also fell from NT$5.08 per share to NT$4.31 per share. Net income forecast to grow 159% next year vs 47% growth forecast for Semiconductor industry in Taiwan. Consensus price target of NT$106 unchanged from last update. Share price rose 15% to NT$109 over the past week. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$110, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 21x in the Semiconductor industry in Taiwan. Total loss to shareholders of 10.0% over the past three years. Reported Earnings • Mar 13
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: NT$1.66 (down from NT$3.71 in FY 2024). Revenue: NT$10.2b (down 5.2% from FY 2024). Net income: NT$303.2m (down 55% from FY 2024). Profit margin: 3.0% (down from 6.2% in FY 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.4%. Revenue is forecast to grow 12% 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 32% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Aankondiging • Mar 04
SDI Corporation, Annual General Meeting, May 21, 2026 SDI Corporation, Annual General Meeting, May 21, 2026, at 09:30 Taipei Standard Time. Location: no,260, sec.2 chang nan rd., changhua city Taiwan Price Target Changed • Jan 28
Price target increased by 12% to NT$90.75 Up from NT$80.75, the current price target is an average from 4 analysts. New target price is 5.8% below last closing price of NT$96.30. Stock is up 4.3% over the past year. The company is forecast to post earnings per share of NT$1.52 for next year compared to NT$3.71 last year. Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$89.00, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 25x in the Semiconductor industry in Taiwan. Negligible returns to shareholders over past three years. Reported Earnings • Nov 13
Third quarter 2025 earnings: EPS misses analyst expectations Third quarter 2025 results: EPS: NT$0.48 (down from NT$0.86 in 3Q 2024). Revenue: NT$2.54b (down 13% from 3Q 2024). Net income: NT$87.4m (down 44% from 3Q 2024). Profit margin: 3.4% (down from 5.4% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 52%. Revenue is forecast to grow 9.1% 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 28% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Oct 28
Consensus EPS estimates increase by 15%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from NT$11.2b to NT$10.9b. EPS estimate rose from NT$2.79 to NT$3.20. Net income forecast to grow 99% next year vs 27% growth forecast for Semiconductor industry in Taiwan. Consensus price target of NT$80.75 unchanged from last update. Share price rose 12% to NT$94.80 over the past week. New Risk • Oct 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 126% Cash payout ratio: 311% Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Profit margins are more than 30% lower than last year (3.4% net profit margin). New Risk • Sep 04
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 Dividend is not well covered by earnings and cash flows. Payout ratio: 126% Cash payout ratio: 311% 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 (3.4% net profit margin). Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$87.80, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 21x in the Semiconductor industry in Taiwan. Total loss to shareholders of 20% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$51.02 per share. Reported Earnings • Aug 17
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: NT$0.23 loss per share (down from NT$1.20 profit in 2Q 2024). Revenue: NT$2.59b (down 6.8% from 2Q 2024). Net loss: NT$42.4m (down 119% from profit in 2Q 2024). Revenue missed analyst estimates by 7.0%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 7.2% p.a. on average during the next 3 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 22% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Aug 15
Consensus EPS estimates fall by 53% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from NT$2.53 to NT$1.18 per share. Revenue forecast steady at NT$10.7b. Net income forecast to shrink 42% next year vs 20% growth forecast for Semiconductor industry in Taiwan . Consensus price target of NT$81.00 unchanged from last update. Share price fell 4.2% to NT$77.50 over the past week. Major Estimate Revision • Aug 06
Consensus EPS estimates fall by 21% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from NT$3.20 to NT$2.53 per share. Revenue forecast steady at NT$10.6b. Net income forecast to shrink 8.6% next year vs 18% growth forecast for Semiconductor industry in Taiwan . Consensus price target broadly unchanged at NT$81.00. Share price fell 3.7% to NT$75.90 over the past week. Upcoming Dividend • Jul 24
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 31 July 2025. Payment date: 29 August 2025. Payout ratio is a comfortable 73% 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 (5.3%). Higher than average of industry peers (2.1%). New Risk • Jun 17
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 9.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (135% cash payout ratio). Share price has been volatile over the past 3 months (9.0% average weekly change). Price Target Changed • Jun 06
Price target decreased by 15% to NT$80.75 Down from NT$94.60, the current price target is an average from 4 analysts. New target price is 14% above last closing price of NT$70.70. Stock is down 53% over the past year. The company is forecast to post earnings per share of NT$3.72 for next year compared to NT$3.71 last year. Declared Dividend • May 31
Dividend reduced to NT$2.50 Dividend of NT$2.50 is 3.8% lower than last year. Ex-date: 31st July 2025 Payment date: 29th August 2025 Dividend yield will be 3.5%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (73% earnings payout ratio) but not covered by cash flows (135% cash payout ratio). The dividend has increased by an average of 1.3% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 57% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Aankondiging • May 30
SDI Corporation Approves Cash Dividend for the Year 2024, Payable on August 29, 2025 SDI Corporation at its shareholders meeting held on May 29, 2025, approved cash dividend of TWD 2.5 per shares, totally TWD 455,350,623 allocated for cash dividend for the year 2024. Ex-rights (ex-dividend) trading date: July 31, 2025, Ex-rights (ex-dividend) record date: August 8, 2025, Payment date of common stock cash dividend distribution: August 29, 2025. Reported Earnings • May 15
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: NT$0.62 (down from NT$0.90 in 1Q 2024). Revenue: NT$2.53b (up 5.8% from 1Q 2024). Net income: NT$112.5m (down 31% from 1Q 2024). Profit margin: 4.5% (down from 6.9% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 20% per year. Price Target Changed • May 13
Price target decreased by 11% to NT$94.60 Down from NT$107, the current price target is an average from 5 analysts. New target price is 27% above last closing price of NT$74.50. Stock is down 32% over the past year. The company is forecast to post earnings per share of NT$3.89 for next year compared to NT$3.71 last year. Aankondiging • May 08
SDI Corporation (TWSE:2351) agreed to acquire remaining 15.38% stake in Chao Shin Metal Industrial Corp. for TWD 47.5 million. SDI Corporation (TWSE:2351) agreed to acquire remaining 15.38% stake in Chao Shin Metal Industrial Corp. for TWD 47.5 million on May 7, 2025. Upon completion, SDI Corporation will own 100% stake in Chao Shin Metal Industrial Corp. SDI Corporation will use its own funds for the transaction.
The transaction is subject to approval of offer by acquirer board. The expected completion of the transaction is by June 30, 2025.
H.Y. CPA Firm acted as accountant for SDI Corporation. Aankondiging • Apr 30
SDI Corporation to Report Q1, 2025 Results on May 07, 2025 SDI Corporation announced that they will report Q1, 2025 results on May 07, 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 6.7% 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 (6.7% average weekly change). Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$83.10, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 18x in the Semiconductor industry in Taiwan. Total loss to shareholders of 43% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$36.70 per share. Reported Earnings • Mar 13
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: NT$3.71 (down from NT$4.08 in FY 2023). Revenue: NT$10.8b (flat on FY 2023). Net income: NT$675.1m (down 9.1% from FY 2023). Profit margin: 6.2% (down from 6.8% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 8.8% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 12% per year. Aankondiging • Feb 27
SDI Corporation, Annual General Meeting, May 29, 2025 SDI Corporation, Annual General Meeting, May 29, 2025. Location: no,260, sec.2 chang nan rd., changhua city Taiwan Aankondiging • Feb 19
SDI Corporation to Report Q4, 2024 Results on Feb 26, 2025 SDI Corporation announced that they will report Q4, 2024 results on Feb 26, 2025 Buy Or Sell Opportunity • Jan 13
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 34% to NT$86.10. The fair value is estimated to be NT$108, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 9.8%. Revenue is forecast to grow by 25% in 2 years. Earnings are forecast to grow by 69% in the next 2 years. Major Estimate Revision • Dec 09
Consensus EPS estimates increase by 28% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from NT$10.8b to NT$11.4b. EPS estimate increased from NT$3.86 to NT$4.92 per share. Net income forecast to grow 41% next year vs 31% growth forecast for Semiconductor industry in Taiwan. Consensus price target of NT$132 unchanged from last update. Share price was steady at NT$99.70 over the past week. Reported Earnings • Nov 13
Third quarter 2024 earnings: Revenues and EPS in line with analyst expectations Third quarter 2024 results: EPS: NT$0.86 (down from NT$1.14 in 3Q 2023). Revenue: NT$2.91b (up 5.7% from 3Q 2023). Net income: NT$156.7m (down 25% from 3Q 2023). Profit margin: 5.4% (down from 7.6% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Nov 07
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$11.3b to NT$10.9b. EPS estimate also fell from NT$4.82 per share to NT$4.11 per share. Net income forecast to grow 30% next year vs 30% growth forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$164 to NT$150. Share price fell 15% to NT$103 over the past week. New Risk • Nov 06
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 8.3% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.3% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • Nov 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$102, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 21x in the Semiconductor industry in Taiwan. Total loss to shareholders of 31% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$108 per share. Price Target Changed • Nov 05
Price target decreased by 8.9% to NT$150 Down from NT$164, the current price target is an average from 6 analysts. New target price is 37% above last closing price of NT$109. Stock is up 0.9% over the past year. The company is forecast to post earnings per share of NT$4.34 for next year compared to NT$4.08 last year. Aankondiging • Oct 25
SDI Corporation to Report Q3, 2024 Results on Nov 01, 2024 SDI Corporation announced that they will report Q3, 2024 results on Nov 01, 2024 Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$152, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 28% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$150 per share. Board Change • Sep 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. 4 experienced directors. 5 highly experienced directors. Independent Director Lan Ying Huang was the last director to join the board, commencing their role in 2024. 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 16
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$140, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 23x in the Semiconductor industry in Taiwan. Total returns to shareholders of 11% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$130 per share. Reported Earnings • Aug 11
Second quarter 2024 earnings: EPS misses analyst expectations Second quarter 2024 results: EPS: NT$1.20 (up from NT$1.11 in 2Q 2023). Revenue: NT$2.78b (down 1.4% from 2Q 2023). Net income: NT$218.8m (up 8.0% from 2Q 2023). Profit margin: 7.9% (up from 7.2% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.6%. Revenue is forecast to grow 14% 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 4% per year whereas the company’s share price has fallen by 5% per year. Buy Or Sell Opportunity • Jul 30
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 15% to NT$122. The fair value is estimated to be NT$98.70, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.8% over the last 3 years. Earnings per share has grown by 4.3%. Revenue is forecast to grow by 32% in 2 years. Earnings are forecast to grow by 88% in the next 2 years. Upcoming Dividend • Jul 25
Upcoming dividend of NT$2.60 per share Eligible shareholders must have bought the stock before 01 August 2024. Payment date: 30 August 2024. Payout ratio is a comfortable 69% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Taiwanese dividend payers (4.3%). In line with average of industry peers (2.0%). Aankondiging • Jul 25
SDI Corporation to Report Q2, 2024 Results on Aug 02, 2024 SDI Corporation announced that they will report Q2, 2024 results on Aug 02, 2024 Price Target Changed • Jun 28
Price target increased by 9.8% to NT$141 Up from NT$128, the current price target is an average from 4 analysts. New target price is 9.8% above last closing price of NT$128. Stock is down 1.5% over the past year. The company is forecast to post earnings per share of NT$5.01 for next year compared to NT$4.08 last year. Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$138, 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 24% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$68.82 per share. Board Change • Jun 08
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Lan Ying Huang 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. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$144, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 45% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$75.40 per share. Aankondiging • May 31
SDI Corporation Announces Remuneration Committee Changes SDI Corporation announced board resolution to appoint members of the sixth term of remuneration committee: Name of the previous position holder: Independent Director: Wen-i Chiang; Independent Director: Kuo-tsao Tseng; Independent Director: Tsung-ting Chung. Resume of the previous position holder: Independent Director: Wen-i Chiang(CPA); Independent Director: Kuo-tsao Tseng(CPA); Independent Director: Tsung-ting Chung(PhD in International Relations from Denver University, USA Professor in Business Management Department, National Yunlin Technology University). Name of the new position holder: Independent Director: Tsung-ting Chung; Independent Director: Kuo-tsao Tseng; Independent Director: Lan-ying Huang. Resume of the new position holder: Independent Director: Tsung-ting Chung(PhD in International Relations from Denver University, USA Professor in Business Management Department, National Yunlin Technology University); Independent Director: Kuo-tsao Tseng (CPA); Independent Director: Lan-ying Huang (Professor in Department of Business Administration, National Changhua University of Education). Effective date of the new member is May 30, 2024. Reported Earnings • May 15
First quarter 2024 earnings: EPS exceeds analyst expectations First quarter 2024 results: EPS: NT$0.90 (down from NT$1.21 in 1Q 2023). Revenue: NT$2.39b (down 11% from 1Q 2023). Net income: NT$164.0m (down 26% from 1Q 2023). Profit margin: 6.9% (down from 8.2% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 16%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Apr 28
SDI Corporation to Report Q1, 2024 Results on May 03, 2024 SDI Corporation announced that they will report Q1, 2024 results on May 03, 2024 Major Estimate Revision • Mar 22
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$11.7b to NT$11.1b. EPS estimate also fell from NT$4.82 per share to NT$4.21 per share. Net income forecast to grow 3.3% next year vs 24% growth forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$122 to NT$117. Share price was steady at NT$98.60 over the past week. Reported Earnings • Mar 08
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: NT$4.08 (down from NT$5.16 in FY 2022). Revenue: NT$10.9b (down 7.4% from FY 2022). Net income: NT$742.8m (down 21% from FY 2022). Profit margin: 6.8% (down from 8.0% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 8.3%. Revenue is forecast to grow 8.4% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Aankondiging • Feb 24
SDI Corporation, Annual General Meeting, May 30, 2024 SDI Corporation, Annual General Meeting, May 30, 2024. Location: Conference Room of SDI Building (3F,No.260, Sec. 2 Chang Nan Road) Chang Hua Taiwan Agenda: To consider the 2023 operation results; to consider the audit committee review opinions on 2023 annual final accounting books and statements; to consider the distribution of Remuneration to Employees and Directors of 2023; to consider Collection of 2023 remuneration to the directors; to consider the adoption of the 2023 annual Business Report and Financial Statements; to consider the adoption of the 2023 Earnings Distribution; to approve the amendments to the articles of Incorporation; to approve the amendments to rules of Procedure for Shareholders Meetings; to consider the election of Directors including Independent Directors; and to consider the release the prohibition on directors from participation in competition businesses. Price Target Changed • Nov 23
Price target increased by 7.5% to NT$119 Up from NT$110, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of NT$118. Stock is up 20% over the past year. The company is forecast to post earnings per share of NT$4.43 for next year compared to NT$5.16 last year. Price Target Changed • Nov 22
Price target increased by 13% to NT$117 Up from NT$104, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of NT$118. Stock is up 22% over the past year. The company is forecast to post earnings per share of NT$4.50 for next year compared to NT$5.16 last year. Reported Earnings • Nov 11
Third quarter 2023 earnings: EPS exceeds analyst expectations Third quarter 2023 results: EPS: NT$1.14 (down from NT$1.41 in 3Q 2022). Revenue: NT$2.75b (down 8.3% from 3Q 2022). Net income: NT$208.0m (down 19% from 3Q 2022). Profit margin: 7.6% (down from 8.5% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.5%. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2023 earnings: EPS exceeds analyst expectations Second quarter 2023 results: EPS: NT$1.11 (down from NT$1.54 in 2Q 2022). Revenue: NT$2.82b (down 8.5% from 2Q 2022). Net income: NT$202.6m (down 28% from 2Q 2022). Profit margin: 7.2% (down from 9.1% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 35%. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 27
Upcoming dividend of NT$3.20 per share at 3.0% yield Eligible shareholders must have bought the stock before 03 August 2023. Payment date: 31 August 2023. Payout ratio is a comfortable 64% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Taiwanese dividend payers (5.5%). In line with average of industry peers (3.2%). Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$107, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 132% over the past three years. Major Estimate Revision • Jul 19
Consensus EPS estimates fall by 22% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$11.9b to NT$11.1b. EPS estimate also fell from NT$5.53 per share to NT$4.31 per share. Net income forecast to shrink 10% next year vs 14% decline forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$142 to NT$115. Share price fell 14% to NT$112 over the past week. Reported Earnings • Jul 13
First quarter 2023 earnings: EPS exceeds analyst expectations First quarter 2023 results: EPS: NT$1.21 (down from NT$1.38 in 1Q 2022). Revenue: NT$2.69b (down 3.8% from 1Q 2022). Net income: NT$221.0m (down 12% from 1Q 2022). Profit margin: 8.2% (down from 9.0% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.6%. Revenue is forecast to grow 10.0% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 40% per year whereas the company’s share price has increased by 38% per year. Aankondiging • May 31
Sdi Corporation Announces Cash Dividend for the Year 2022, Payable on August 31, 2023 SDI Corporation announced Company's ex-dividend record date of cash dividends for 2022 earnings distribution plan. Date of the resolution by the board of directors or shareholders meeting or decision by the Company: May 30, 2023. Type and monetary amount of dividend distribution: TWD 3.2 of cash dividend per shares; totally TWD 582,848,797 allocated for cash dividend. Ex-rights (ex-dividend) trading date: August 3, 2023. Ex-rights (ex-dividend) record date: August 10, 2023. Payment date of cash dividend distribution: August 31, 2023. Price Target Changed • Mar 24
Price target increased by 9.2% to NT$149 Up from NT$137, the current price target is an average from 4 analysts. New target price is 12% above last closing price of NT$134. Stock is down 6.3% over the past year. The company is forecast to post earnings per share of NT$6.57 for next year compared to NT$5.16 last year. Valuation Update With 7 Day Price Move • Jan 31
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$114, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 14x in the Semiconductor industry in Taiwan. Total returns to shareholders of 99% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$48.23 per share. Price Target Changed • Nov 16
Price target decreased to NT$130 Down from NT$142, the current price target is an average from 4 analysts. New target price is 27% above last closing price of NT$103. Stock is down 41% over the past year. The company is forecast to post earnings per share of NT$5.40 for next year compared to NT$4.68 last year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Kuo-Tsao Tseng was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: EPS: NT$1.41 (up from NT$1.30 in 3Q 2021). Revenue: NT$3.00b (up 3.4% from 3Q 2021). Net income: NT$256.0m (up 8.0% from 3Q 2021). Profit margin: 8.5% (up from 8.2% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.9%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 11
Price target decreased to NT$130 Down from NT$142, the current price target is an average from 4 analysts. New target price is 38% above last closing price of NT$94.00. Stock is down 41% over the past year. The company is forecast to post earnings per share of NT$5.40 for next year compared to NT$4.68 last year. Buying Opportunity • Oct 21
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be NT$121, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.5% over the last 3 years. Earnings per share has grown by 23%. Revenue is forecast to grow by 28% in 2 years. Earnings is forecast to grow by 48% in the next 2 years. Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment improved over the past week After last week's 16% share price gain to NT$114, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 10x in the Semiconductor industry in Taiwan. Total returns to shareholders of 98% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$137 per share. Buying Opportunity • Sep 21
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be NT$137, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.5% over the last 3 years. Earnings per share has grown by 23%. Revenue is forecast to grow by 28% in 2 years. Earnings is forecast to grow by 50% in the next 2 years. Reported Earnings • Aug 13
Second quarter 2022 earnings: EPS in line with expectations, revenues disappoint Second quarter 2022 results: EPS: NT$1.54 (up from NT$1.23 in 2Q 2021). Revenue: NT$3.09b (up 12% from 2Q 2021). Net income: NT$280.2m (up 25% from 2Q 2021). Profit margin: 9.1% (up from 8.1% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 14%, compared to a 20% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 27
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 03 August 2022. Payment date: 30 August 2022. Payout ratio is a comfortable 59% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of Taiwanese dividend payers (6.7%). Lower than average of industry peers (3.7%). Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment improved over the past week After last week's 16% share price gain to NT$110, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 9x in the Semiconductor industry in Taiwan. Total returns to shareholders of 88% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$176 per share. Price Target Changed • Jul 08
Price target decreased to NT$138 Down from NT$161, the current price target is an average from 4 analysts. New target price is 42% above last closing price of NT$97.10. Stock is down 35% over the past year. The company is forecast to post earnings per share of NT$6.14 for next year compared to NT$4.68 last year. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment deteriorated over the past week After last week's 24% share price decline to NT$106, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 9x in the Semiconductor industry in Taiwan. Total returns to shareholders of 75% over the past three years. Buying Opportunity • Jun 14
Now 20% undervalued Over the last 90 days, the stock is up 14%. The fair value is estimated to be NT$182, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.1% over the last 3 years. Earnings per share has grown by 8.8%. Revenue is forecast to grow by 37% in 2 years. Earnings is forecast to grow by 84% in the next 2 years. Aankondiging • May 28
SDI Corporation Announces Cash Dividend for the Year 2021 SDI Corporation announced Company's ex-dividend record date of cash dividends for 2021 earnings distribution plan. Date of the resolution by the board of directors or shareholders meeting or decision by the Company: May 27, 2022. Type and monetary amount of dividend distribution: TWD 3 of cash dividend per shares; totally TWD 546,420,747 allocated for cash dividend. Ex-rights (ex-dividend) trading date: August 3, 2022. Ex-rights (ex-dividend) record date: August 9, 2022. Board Change • May 11
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Kuo-Tsao Tseng was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 11
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: NT$1.38 (up from NT$1.02 in 1Q 2021). Revenue: NT$2.79b (up 14% from 1Q 2021). Net income: NT$251.5m (up 36% from 1Q 2021). Profit margin: 9.0% (up from 7.5% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 12%. Over the next year, revenue is forecast to grow 15%, compared to a 24% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. 