Declared Dividend • Jun 13
Dividend reduced to NT$1.00 Dividend of NT$1.00 is 44% lower than last year. Ex-date: 14th July 2026 Payment date: 14th August 2026 Dividend yield will be 0.3%, which is lower than the industry average of 3.0%. Reported Earnings • May 19
First quarter 2026 earnings released: NT$0.18 loss per share (vs NT$0.61 profit in 1Q 2025) First quarter 2026 results: NT$0.18 loss per share (down from NT$0.61 profit in 1Q 2025). Revenue: NT$3.31b (up 11% from 1Q 2025). Net loss: NT$68.2m (down 129% from profit in 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$1.58 (vs NT$3.35 in FY 2024) Full year 2025 results: EPS: NT$1.58 (down from NT$3.35 in FY 2024). Revenue: NT$12.3b (flat on FY 2024). Net income: NT$614.5m (down 53% from FY 2024). Profit margin: 5.0% (down from 11% in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 56 percentage points per year, which is a significant difference in performance. Aankondiging • Mar 13
Formosa Sumco Technology Corporation, Annual General Meeting, Jun 11, 2026 Formosa Sumco Technology Corporation, Annual General Meeting, Jun 11, 2026. Location: no,380, sec.6 nan ching e. rd., taipei city Taiwan Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$111, the stock trades at a trailing P/E ratio of 60.8x. Average trailing P/E is 34x in the Semiconductor industry in Taiwan. Total loss to shareholders of 22% over the past three years. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to NT$119, the stock trades at a trailing P/E ratio of 65.5x. Average forward P/E is 23x in the Semiconductor industry in Taiwan. Total loss to shareholders of 12% over the past three years. Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$101, the stock trades at a trailing P/E ratio of 55.3x. Average forward P/E is 21x in the Semiconductor industry in Taiwan. Total loss to shareholders of 33% over the past three years. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: NT$0.56 (vs NT$0.45 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.56 (up from NT$0.45 in 3Q 2024). Revenue: NT$3.09b (up 1.3% from 3Q 2024). Net income: NT$218.8m (up 26% from 3Q 2024). Profit margin: 7.1% (up from 5.7% in 3Q 2024). Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Sep 17
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$97.10, the stock trades at a trailing P/E ratio of 57.1x. Average forward P/E is 24x in the Semiconductor industry in Taiwan. Total loss to shareholders of 33% over the past three years. Reported Earnings • Aug 09
Second quarter 2025 earnings released: NT$0.38 loss per share (vs NT$0.89 profit in 2Q 2024) Second quarter 2025 results: NT$0.38 loss per share (down from NT$0.89 profit in 2Q 2024). Revenue: NT$2.99b (down 7.2% from 2Q 2024). Net loss: NT$146.7m (down 142% from profit in 2Q 2024). Revenue is forecast to grow 11% 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 43% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jul 01
Upcoming dividend of NT$1.80 per share Eligible shareholders must have bought the stock before 08 July 2025. Payment date: 08 August 2025. Payout ratio is a comfortable 61% but the company is not cash flow positive. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (5.3%). In line with average of industry peers (2.3%). Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.61 (vs NT$0.99 in 1Q 2024) First quarter 2025 results: EPS: NT$0.61 (down from NT$0.99 in 1Q 2024). Revenue: NT$2.98b (down 1.5% from 1Q 2024). Net income: NT$238.5m (down 38% from 1Q 2024). Profit margin: 8.0% (down from 13% in 1Q 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 27% per year whereas the company’s share price has fallen by 31% per year. Aankondiging • May 07
Formosa Sumco Technology Corporation to Report Q1, 2025 Results on May 14, 2025 Formosa Sumco Technology Corporation announced that they will report Q1, 2025 results on May 14, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$69.10, the stock trades at a trailing P/E ratio of 20.6x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total loss to shareholders of 70% over the past three years. 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 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (9.2% operating cash flow to total debt). High level of non-cash earnings (24% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.4% average weekly change). Profit margins are more than 30% lower than last year (10% net profit margin). Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: NT$3.35 (vs NT$8.92 in FY 2023) Full year 2024 results: EPS: NT$3.35 (down from NT$8.92 in FY 2023). Revenue: NT$12.4b (down 17% from FY 2023). Net income: NT$1.30b (down 62% from FY 2023). Profit margin: 11% (down from 23% 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 10% per year but the company’s share price has fallen by 37% per year, which means it is performing significantly worse than earnings. Aankondiging • Mar 05
Formosa Sumco Technology Corporation to Report Fiscal Year 2024 Results on Mar 12, 2025 Formosa Sumco Technology Corporation announced that they will report fiscal year 2024 results on Mar 12, 2025 Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$97.20, the stock trades at a trailing P/E ratio of 24.4x. Average trailing P/E is 31x in the Semiconductor industry in Taiwan. Total loss to shareholders of 60% over the past three years. Buy Or Sell Opportunity • Jan 14
Now 22% overvalued Over the last 90 days, the stock has fallen 35% to NT$86.40. The fair value is estimated to be NT$71.03, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.4% over the last 3 years. Earnings per share has grown by 6.5%. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$0.45 (vs NT$2.44 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.45 (down from NT$2.44 in 3Q 2023). Revenue: NT$3.05b (down 16% from 3Q 2023). Net income: NT$173.8m (down 82% from 3Q 2023). Profit margin: 5.7% (down from 26% in 3Q 2023). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Aankondiging • Nov 05
Formosa Sumco Technology Corporation to Report Q3, 2024 Results on Nov 12, 2024 Formosa Sumco Technology Corporation announced that they will report Q3, 2024 results on Nov 12, 2024 New Risk • Aug 17
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 48% 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: Major Risk High level of non-cash earnings (51% accrual ratio). Minor Risks High level of debt (48% net debt to equity). Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (17% net profit margin). Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.89 (vs NT$2.55 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.89 (down from NT$2.55 in 2Q 2023). Revenue: NT$3.23b (down 11% from 2Q 2023). Net income: NT$346.6m (down 65% from 2Q 2023). Profit margin: 11% (down from 27% 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 23% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Aankondiging • Aug 02
Formosa Sumco Technology Corporation to Report Q2, 2024 Results on Aug 09, 2024 Formosa Sumco Technology Corporation announced that they will report Q2, 2024 results on Aug 09, 2024 Upcoming Dividend • Jul 17
Upcoming dividend of NT$5.00 per share Eligible shareholders must have bought the stock before 24 July 2024. Payment date: 23 August 2024. Payout ratio is a comfortable 66% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (1.9%). Declared Dividend • Jun 29
Dividend reduced to NT$5.00 Dividend of NT$5.00 is 32% lower than last year. Ex-date: 24th July 2024 Payment date: 23rd August 2024 Dividend yield will be 2.9%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (66% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 24% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 27% to shift the payout ratio to a potentially unsustainable range, which is more than the 12% EPS decline seen over the last 5 years. New Risk • May 29
New major risk - Revenue and earnings growth Earnings have declined by 2.2% 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 Earnings have declined by 2.2% per year over the past 5 years. High level of non-cash earnings (81% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: NT$0.99 (vs NT$2.28 in 1Q 2023) First quarter 2024 results: EPS: NT$0.99 (down from NT$2.28 in 1Q 2023). Revenue: NT$3.03b (down 20% from 1Q 2023). Net income: NT$385.7m (down 56% from 1Q 2023). Profit margin: 13% (down from 24% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 35% 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 12
Full year 2023 earnings released: EPS: NT$8.92 (vs NT$12.43 in FY 2022) Full year 2023 results: EPS: NT$8.92 (down from NT$12.43 in FY 2022). Revenue: NT$14.9b (down 9.3% from FY 2022). Net income: NT$3.46b (down 28% from FY 2022). Profit margin: 23% (down from 29% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 10
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: NT$2.43 (down from NT$3.98 in 3Q 2022). Revenue: NT$3.63b (down 14% from 3Q 2022). Net income: NT$944.3m (down 39% from 3Q 2022). Profit margin: 26% (down from 37% in 3Q 2022). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 27%. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 02
Second quarter 2023 earnings: EPS exceeds analyst expectations Second quarter 2023 results: EPS: NT$2.55 (down from NT$3.30 in 2Q 2022). Revenue: NT$3.64b (down 10% from 2Q 2022). Net income: NT$990.1m (down 23% from 2Q 2022). Profit margin: 27% (down from 32% 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 28%. Revenue is forecast to grow 4.1% 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 57% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 10
Second quarter 2023 earnings: EPS exceeds analyst expectations Second quarter 2023 results: EPS: NT$2.55 (down from NT$3.30 in 2Q 2022). Revenue: NT$3.64b (down 10% from 2Q 2022). Net income: NT$990.1m (down 23% from 2Q 2022). Profit margin: 27% (down from 32% 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 28%. Revenue is forecast to grow 4.1% 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 57% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 04
Upcoming dividend of NT$7.30 per share at 4.5% yield Eligible shareholders must have bought the stock before 11 July 2023. Payment date: 09 August 2023. Payout ratio is a comfortable 60% but the company is not cash flow positive. Trailing yield: 4.5%. Lower than top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (3.2%). Reported Earnings • Jun 28
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: NT$2.28 (down from NT$2.58 in 1Q 2022). Revenue: NT$3.76b (flat on 1Q 2022). Net income: NT$886.0m (down 12% from 1Q 2022). Profit margin: 24% (down from 27% in 1Q 2022). Revenue missed analyst estimates by 6.7%. Earnings per share (EPS) also missed analyst estimates by 15%. Revenue is forecast to grow 4.0% 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 56% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jun 22
Price target decreased by 17% to NT$123 Down from NT$148, the current price target is provided by 1 analyst. New target price is 25% below last closing price of NT$164. Stock is down 13% over the past year. The company is forecast to post earnings per share of NT$8.01 for next year compared to NT$12.43 last year. Aankondiging • Jun 17
Formosa Sumco Technology Corporation Announces Cash Dividend, Payable on August 9, 2023 Formosa Sumco Technology Corporation announced cash dividend of NTD 7.30 per share. Ex-rights (ex-dividend) trading date is July 11, 2023. Ex-rights (ex-dividend) record date is July 17, 2023. Payment date of cash dividend distribution is August 9, 2023. Major Estimate Revision • Jun 09
Consensus EPS estimates fall by 31% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$15.9b to NT$14.6b. EPS estimate also fell from NT$11.56 per share to NT$8.01 per share. Net income forecast to shrink 28% next year vs 13% decline forecast for Semiconductor industry in Taiwan. Consensus price target of NT$144 unchanged from last update. Share price fell 6.2% to NT$158 over the past week. Major Estimate Revision • Apr 20
Consensus revenue estimates fall by 13% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$16.9b to NT$14.7b. EPS estimate fell from NT$11.99 to NT$11.56 per share. Net income forecast to shrink 4.8% next year vs 23% decline forecast for Semiconductor industry in Taiwan. Consensus price target of NT$144 unchanged from last update. Share price fell 4.7% to NT$151 over the past week. Reported Earnings • Mar 12
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: NT$12.43 (up from NT$3.64 in FY 2021). Revenue: NT$16.4b (up 35% from FY 2021). Net income: NT$4.82b (up 242% from FY 2021). Profit margin: 29% (up from 12% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.4%. Revenue is forecast to grow 2.4% p.a. on average during the next 2 years, compared to a 8.3% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 16
Price target decreased to NT$148 Down from NT$190, the current price target is an average from 2 analysts. New target price is 11% below last closing price of NT$167. Stock is down 11% over the past year. The company is forecast to post earnings per share of NT$13.29 for next year compared to NT$3.64 last year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Director Hidemi Sumiya was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 12
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: NT$3.98 (up from NT$1.10 in 3Q 2021). Revenue: NT$4.20b (up 32% from 3Q 2021). Net income: NT$1.54b (up 261% from 3Q 2021). Profit margin: 37% (up from 14% in 3Q 2021). The increase in margin was primarily driven by higher revenue. Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) also surpassed analyst estimates by 28%. Revenue is forecast to grow 3.6% 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 15% per year whereas the company’s share price has increased by 13% per year. Price Target Changed • Oct 13
Price target decreased to NT$166 Down from NT$190, the current price target is an average from 2 analysts. New target price is 31% above last closing price of NT$127. Stock is down 14% over the past year. The company is forecast to post earnings per share of NT$12.39 for next year compared to NT$3.64 last year. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$136, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 10x in the Semiconductor industry in Taiwan. Total returns to shareholders of 37% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$69.00 per share. Reported Earnings • Aug 11
Second quarter 2022 earnings: EPS exceeds analyst expectations Second quarter 2022 results: EPS: NT$3.30 (up from NT$0.71 in 2Q 2021). Revenue: NT$4.05b (up 42% from 2Q 2021). Net income: NT$1.28b (up 365% from 2Q 2021). Profit margin: 32% (up from 9.6% in 2Q 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 18%. Over the next year, revenue is forecast to grow 19%, compared to a 20% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Aankondiging • Aug 06
Formosa Sumco Technology Corporation Announces the Appointment of Wei-Chuang Xiao as Chief Information Security Officer Formosa Sumco Technology Corporation announced the appointment of Wei-Chuang Xiao as Chief Information Security Officer. Name, title, and resume of the new position holder: Wei-Chuang Xiao/Section Chief of Information Technology of General Manager's Office. Effective date is August 09, 2022. Price Target Changed • Jul 14
Price target decreased to NT$245 Down from NT$283, the current price target is an average from 3 analysts. New target price is 53% above last closing price of NT$161. Stock is down 24% over the past year. The company is forecast to post earnings per share of NT$12.17 for next year compared to NT$3.64 last year. Upcoming Dividend • Jul 06
Upcoming dividend of NT$2.22 per share Eligible shareholders must have bought the stock before 13 July 2022. Payment date: 12 August 2022. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Taiwanese dividend payers (6.6%). Lower than average of industry peers (4.0%). Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$207, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 11x in the Semiconductor industry in Taiwan. Total returns to shareholders of 85% over the past three years. Valuation Update With 7 Day Price Move • May 19
Investor sentiment improved over the past week After last week's 18% share price gain to NT$246, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 11x in the Semiconductor industry in Taiwan. Total returns to shareholders of 173% over the past three years. Reported Earnings • May 14
First quarter 2022 earnings: EPS exceeds analyst expectations First quarter 2022 results: EPS: NT$2.58 (up from NT$0.84 in 1Q 2021). Revenue: NT$3.74b (up 27% from 1Q 2021). Net income: NT$1.00b (up 207% from 1Q 2021). Profit margin: 27% (up from 11% in 1Q 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 37%. Over the next year, revenue is forecast to grow 26%, compared to a 23% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 31% per year, which means it is well ahead of earnings. Aankondiging • May 12
Formosa Sumco Technology Corporation Announces Establishment of Corporate Sustainability Committee Formosa Sumco Technology Corporation announced the resolution of the Company's Board of Directors to establish a Corporate Sustainability committee and appointed Jason Lin, Keiichi Tanaka, Zhi-Gang Wang, Hidemi Sumiya and Norikazu Hatanaka as the members, effective from May 10, 2022 to July 27, 2024. 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 not an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 6 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Hidemi Sumiya was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment deteriorated over the past week After last week's 22% share price decline to NT$289, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 13x in the Semiconductor industry in Taiwan. Total returns to shareholders of 174% over the past three years. Reported Earnings • Mar 07
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: NT$3.64 (up from NT$3.37 in FY 2020). Revenue: NT$12.2b (up 1.9% from FY 2020). Net income: NT$1.41b (up 7.9% from FY 2020). Profit margin: 12% (in line with FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.5%. Over the next year, revenue is forecast to grow 29%, compared to a 24% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has increased by 35% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment improved over the past week After last week's 23% share price gain to NT$232, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 15x in the Semiconductor industry in Taiwan. Total returns to shareholders of 97% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$230 per share. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS NT$1.10 (vs NT$0.70 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$3.18b (up 7.4% from 3Q 2020). Net income: NT$427.5m (up 58% from 3Q 2020). Profit margin: 14% (up from 9.2% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$146, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 14x in the Semiconductor industry in Taiwan. Total returns to shareholders of 38% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$260 per share. Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS NT$0.71 (vs NT$0.88 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$2.86b (down 7.6% from 2Q 2020). Net income: NT$275.4m (down 19% from 2Q 2020). Profit margin: 9.6% (down from 11% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 52% 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. Executive Departure • Aug 04
Director Ikenoue Mitsuru has left the company On the 28th of July, Ikenoue Mitsuru's tenure as Director ended after 6.1 years in the role. We don't have any record of a personal shareholding under Ikenoue's name. A total of 2 executives have left over the last 12 months. Executive Departure • Aug 04
Chief Financial Officer Mitsuru Ichikawa has left the company On the 2nd of August, Mitsuru Ichikawa's tenure as Chief Financial Officer ended after 3.3 years in the role. We don't have any record of a personal shareholding under Mitsuru's name. A total of 2 executives have left over the last 12 months. Upcoming Dividend • Jul 22
Upcoming dividend of NT$2.15 per share Eligible shareholders must have bought the stock before 29 July 2021. Payment date: 26 August 2021. Trailing yield: 1.1%. Lower than top quartile of Taiwanese dividend payers (4.9%). Lower than average of industry peers (2.2%). Reported Earnings • May 14
First quarter 2021 earnings released: EPS NT$0.84 (vs NT$1.02 in 1Q 2020) The company reported a poor first quarter result with weaker earnings and profit margins, although revenues were flat. First quarter 2021 results: Revenue: NT$2.95b (flat on 1Q 2020). Net income: NT$326.3m (down 17% from 1Q 2020). Profit margin: 11% (down from 14% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • May 10
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$155, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 17x in the Semiconductor industry in Taiwan. Total loss to shareholders of 41% over the past three years. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improved over the past week After last week's 17% share price gain to NT$168, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 19x in the Semiconductor industry in Taiwan. Total loss to shareholders of 12% over the past three years. Price Target Changed • Apr 06
Price target increased to NT$180 Up from NT$112, the current price target is provided by 1 analyst. New target price is 31% above last closing price of NT$137. Stock is up 3.4% over the past year. Reported Earnings • Mar 24
Full year 2020 earnings released: EPS NT$3.37 (vs NT$5.48 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: NT$11.9b (up 2.6% from FY 2019). Net income: NT$1.31b (down 39% from FY 2019). Profit margin: 11% (down from 18% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 20
New 90-day high: NT$150 The company is up 21% from its price of NT$124 on 20 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 34% over the same period. Valuation Update With 7 Day Price Move • Feb 18
Investor sentiment improved over the past week After last week's 17% share price gain to NT$149, the stock is trading at a trailing P/E ratio of 48.5x, up from the previous P/E ratio of 41.5x. This compares to an average P/E of 27x in the Semiconductor industry in Taiwan. Total return to shareholders over the past three years is a loss of 33%.