Reported Earnings • May 06
First quarter 2026 earnings released: EPS: NT$27.00 (vs NT$0.99 in 1Q 2025) First quarter 2026 results: EPS: NT$27.00 (up from NT$0.99 in 1Q 2025). Revenue: NT$9.04b (up 69% from 1Q 2025). Net income: NT$2.29b (up NT$2.21b from 1Q 2025). Profit margin: 25% (up from 1.6% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 65% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$262, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 43x in the Semiconductor industry in Taiwan. Total returns to shareholders of 308% over the past three years. New Risk • Mar 28
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 4.4% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major 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). High level of non-cash earnings (95% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improves as stock rises 44% After last week's 44% share price gain to NT$271, the stock trades at a trailing P/E ratio of 20.7x. Average trailing P/E is 37x in the Semiconductor industry in Taiwan. Total returns to shareholders of 327% over the past three years. New Risk • Mar 05
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). High level of non-cash earnings (97% accrual ratio). 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$180, the stock trades at a trailing P/E ratio of 59.1x. Average trailing P/E is 36x in the Semiconductor industry in Taiwan. Total returns to shareholders of 203% over the past three years. Aankondiging • Feb 26
Team Group Inc., Annual General Meeting, May 15, 2026 Team Group Inc., Annual General Meeting, May 15, 2026. Location: 4 floor building. f no,166, chien i rd., jhonghe district, new taipei city Taiwan Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$210, the stock trades at a forward P/E ratio of 61x. Average forward P/E is 24x in the Semiconductor industry in Taiwan. Total returns to shareholders of 546% over the past three years. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$153, the stock trades at a forward P/E ratio of 44x. Average forward P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 434% over the past three years. New Risk • Nov 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Share price has been highly volatile over the past 3 months (9.4% average weekly change). Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risks Dividend is not well covered by earnings (99% payout ratio). Profit margins are more than 30% lower than last year (1.5% net profit margin). New Risk • Oct 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 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 125% Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Profit margins are more than 30% lower than last year (1.1% net profit margin). Valuation Update With 7 Day Price Move • Oct 08
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$109, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 26x in the Semiconductor industry in Taiwan. Total returns to shareholders of 270% over the past three years. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$88.40, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 147% over the past three years. Declared Dividend • Sep 15
Dividend of NT$3.00 announced Shareholders will receive a dividend of NT$3.00. Ex-date: 2nd October 2025 Payment date: 31st October 2025 Dividend yield will be 3.6%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is not covered by earnings (125% earnings payout ratio) and 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 17% 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 grow by 39% to bring the payout ratio under control. EPS is expected to grow by 14% over the next year, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Aug 14
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: NT$0.13 (down from NT$1.85 in 2Q 2024). Revenue: NT$4.57b (down 39% from 2Q 2024). Net income: NT$10.9m (down 92% from 2Q 2024). Profit margin: 0.2% (down from 1.8% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 23%. Earnings per share (EPS) missed analyst estimates by 78%. Revenue is expected to decline by 24% p.a. on average during the next 2 years, while revenues in the Semiconductor industry in Taiwan are expected to grow by 13%. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. New Risk • Jun 19
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 8.2% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 8.2% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (1.5% net profit margin). Shareholders have been diluted in the past year (21% increase in shares outstanding). Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$1.00 (vs NT$4.10 in 1Q 2024) First quarter 2025 results: EPS: NT$1.00 (down from NT$4.10 in 1Q 2024). Revenue: NT$5.35b (up 79% from 1Q 2024). Net income: NT$84.6m (down 71% from 1Q 2024). Profit margin: 1.6% (down from 9.6% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Aankondiging • May 01
Team Group Inc. to Report Q1, 2025 Results on May 07, 2025 Team Group Inc. announced that they will report Q1, 2025 results on May 07, 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$67.60, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 48% 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 6.7% 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). Shareholders have been diluted in the past year (21% increase in shares outstanding). Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: NT$6.80 (vs NT$3.38 in FY 2023) Full year 2024 results: EPS: NT$6.80 (up from NT$3.38 in FY 2023). Revenue: NT$19.9b (up 20% from FY 2023). Net income: NT$527.4m (up 123% from FY 2023). Profit margin: 2.6% (up from 1.4% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 116% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Aankondiging • Mar 03
Team Group Inc., Annual General Meeting, May 29, 2025 Team Group Inc., Annual General Meeting, May 29, 2025. Location: 4 floor building. f no,166, chien i rd., jhonghe district, new taipei city Taiwan Aankondiging • Feb 28
Team Group Inc. Approves Cash Dividend for the Year 2024 The board of directors of Team Group Inc. on February 27, 2025, approved to distributed cash dividends from capital surplus. Cash distributed from legal reserve and capital surplus to shareholders: TWD 3 per share for the year 2024. Total amount of cash distributed to shareholders: TWD 254,889,864. Period which dividends belong to: January 1, 2024 to December 31, 2024. Aankondiging • Feb 20
Team Group Inc. to Report Fiscal Year 2024 Results on Feb 27, 2025 Team Group Inc. announced that they will report fiscal year 2024 results on Feb 27, 2025 Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$86.30, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 29x in the Semiconductor industry in Taiwan. Total returns to shareholders of 67% over the past three years. Reported Earnings • Nov 15
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: NT$1.73 (up from NT$0.54 in 3Q 2023). Revenue: NT$6.20b (up 70% from 3Q 2023). Net income: NT$144.9m (up 283% from 3Q 2023). Profit margin: 2.3% (up from 1.0% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 96%. Earnings per share (EPS) also surpassed analyst estimates by 65%. Revenue is expected to decline by 13% p.a. on average during the next 2 years, while revenues in the Semiconductor industry in Taiwan are expected to grow by 17%. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. New Risk • Nov 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 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 Risk Earnings are forecast to decline by an average of 28% per year for the foreseeable future. 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 (6.4% average weekly change). Shareholders have been diluted in the past year (14% increase in shares outstanding). Aankondiging • Oct 30
Team Group Inc. to Report Q3, 2024 Results on Nov 07, 2024 Team Group Inc. announced that they will report Q3, 2024 results on Nov 07, 2024 Upcoming Dividend • Sep 25
Upcoming dividend of NT$1.65 per share Eligible shareholders must have bought the stock before 02 October 2024. Payment date: 30 October 2024. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Taiwanese dividend payers (4.3%). Lower than average of industry peers (2.1%). Declared Dividend • Sep 05
Dividend of NT$1.65 announced Shareholders will receive a dividend of NT$1.65. Ex-date: 2nd October 2024 Payment date: 30th October 2024 Dividend yield will be 1.5%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is well covered by both earnings (21% earnings payout ratio) and cash flows (3% cash payout ratio). The dividend has increased by an average of 4.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 29% over the next year. However, it would need to fall by 76% to increase the payout ratio to a potentially unsustainable range. New Risk • Aug 12
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 14% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 28% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (9.0% average weekly change). Shareholders have been diluted in the past year (14% increase in shares outstanding). Reported Earnings • Aug 08
Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2024 results: EPS: NT$1.85 (up from NT$0.49 in 2Q 2023). Revenue: NT$7.48b (up 32% from 2Q 2023). Net income: NT$131.4m (up 280% from 2Q 2023). Profit margin: 1.8% (up from 0.6% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 63%. Earnings per share (EPS) missed analyst estimates by 64%. Revenue is expected to decline by 6.7% p.a. on average during the next 2 years, while revenues in the Semiconductor industry in Taiwan are expected to grow by 16%. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Board Change • Aug 01
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 4 experienced directors. No highly experienced directors. Independent Director Chiang Fu is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Aankondiging • Jul 24
Team Group Inc. to Report Q2, 2024 Results on Aug 01, 2024 Team Group Inc. announced that they will report Q2, 2024 results on Aug 01, 2024 Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to NT$169, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 118% over the past three years. New Risk • Jun 12
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 8.7% 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 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 (8.7% average weekly change). Earnings are forecast to decline by an average of 15% per year for the foreseeable future. High level of non-cash earnings (23% accrual ratio). Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$124, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 70% over the past three years. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: NT$4.10 (vs NT$0.54 loss in 1Q 2023) First quarter 2024 results: EPS: NT$4.10 (up from NT$0.54 loss in 1Q 2023). Revenue: NT$2.99b (up 91% from 1Q 2023). Net income: NT$287.5m (up NT$325.5m from 1Q 2023). Profit margin: 9.6% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Revenue is expected to decline by 1.6% p.a. on average during the next 2 years, while revenues in the Semiconductor industry in Taiwan are expected to grow by 15%. 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. Valuation Update With 7 Day Price Move • May 06
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$104, the stock trades at a trailing P/E ratio of 30.8x. Average trailing P/E is 31x in the Semiconductor industry in Taiwan. Total returns to shareholders of 33% over the past three years. Aankondiging • Apr 28
Team Group Inc. to Report Q1, 2024 Results on May 03, 2024 Team Group Inc. announced that they will report Q1, 2024 results on May 03, 2024 Reported Earnings • Mar 21
Full year 2023 earnings released: EPS: NT$3.38 (vs NT$0.005 in FY 2022) Full year 2023 results: EPS: NT$3.38 (up from NT$0.005 in FY 2022). Revenue: NT$16.6b (up 146% from FY 2022). Net income: NT$236.8m (up NT$236.4m from FY 2022). Profit margin: 1.4% (up from 0% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 20
Upcoming dividend of NT$1.00 per share at 1.5% yield Eligible shareholders must have bought the stock before 27 September 2023. Payment date: 27 October 2023. Trailing yield: 1.5%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (3.3%). Aankondiging • Sep 13
Team Group Inc. Declares Cash Dividends, Payable on October 27, 2023 Team Group Inc. declared cash dividend of common share is TWD 70,148,687. Ex-rights (ex-dividend) trading date: September 27, 2023. Ex-rights (ex-dividend) record date: October 4, 2023. Payment date of cash dividend distribution: October 27, 2023. New Risk • Aug 11
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). Earnings have declined by 49% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.5% average weekly change). Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: NT$0.49 (vs NT$0.37 loss in 2Q 2022) Second quarter 2023 results: EPS: NT$0.49 (up from NT$0.37 loss in 2Q 2022). Revenue: NT$5.66b (up 261% from 2Q 2022). Net income: NT$34.6m (up NT$60.8m from 2Q 2022). Profit margin: 0.6% (up from net loss in 2Q 2022). 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 85 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: NT$0.01 (vs NT$1.45 loss in FY 2021) Full year 2022 results: EPS: NT$0.01 (up from NT$1.45 loss in FY 2021). Revenue: NT$6.72b (down 12% from FY 2021). Net income: NT$469.0k (up NT$92.0m from FY 2021). Profit margin: 0% (up from net loss in FY 2021). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Board Change • Nov 16
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. 9 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Jiang Fu 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. Reported Earnings • Nov 13
Third quarter 2022 earnings released: NT$1.12 loss per share (vs NT$2.96 loss in 3Q 2021) Third quarter 2022 results: NT$1.12 loss per share (improved from NT$2.96 loss in 3Q 2021). Revenue: NT$1.69b (down 5.2% from 3Q 2021). Net loss: NT$89.1m (loss narrowed 56% from 3Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Sep 22
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 17 October 2022. The company is not currently making a profit but it is cash flow positive. Trailing yield: 11%. Within top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (3.8%). Reported Earnings • Aug 15
Second quarter 2022 earnings released: NT$0.26 loss per share (vs NT$1.72 profit in 2Q 2021) Second quarter 2022 results: NT$0.26 loss per share (down from NT$1.72 profit in 2Q 2021). Revenue: NT$1.57b (down 20% from 2Q 2021). Net loss: NT$26.3m (down 118% from profit in 2Q 2021). 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 7% per year, which means it is well ahead of earnings. Reported Earnings • May 17
First quarter 2022 earnings released: EPS: NT$0.39 (vs NT$2.16 in 1Q 2021) First quarter 2022 results: EPS: NT$0.39 (down from NT$2.16 in 1Q 2021). Revenue: NT$1.70b (down 11% from 1Q 2021). Net income: NT$38.9m (down 77% from 1Q 2021). Profit margin: 2.3% (down from 8.7% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. 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. 9 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Jiang Fu 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. Reported Earnings • Mar 28
Full year 2021 earnings released: NT$1.02 loss per share (vs NT$2.06 profit in FY 2020) Full year 2021 results: NT$1.02 loss per share (down from NT$2.06 profit in FY 2020). Revenue: NT$7.65b (up 2.0% from FY 2020). Net loss: NT$91.5m (down 165% from profit in FY 2020). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • Nov 15
Third quarter 2021 earnings released: NT$2.08 loss per share (vs NT$1.01 loss in 3Q 2020) The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2021 results: Revenue: NT$1.78b (down 14% from 3Q 2020). Net loss: NT$202.8m (loss widened 191% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 01
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$42.60, the stock trades at a trailing P/E ratio of 14.4x. Average trailing P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 76% over the past three years. Upcoming Dividend • Sep 22
Upcoming dividend of NT$0.86 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 29 October 2021. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (5.2%). In line with average of industry peers (2.1%). Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$1.72 (vs NT$0.55 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: NT$1.96b (down 11% from 2Q 2020). Net income: NT$145.0m (up 295% from 2Q 2020). Profit margin: 7.4% (up from 1.7% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment deteriorated over the past week After last week's 22% share price decline to NT$58.10, the stock trades at a trailing P/E ratio of 26.5x. Average trailing P/E is 25x in the Semiconductor industry in Taiwan. Total returns to shareholders of 88% over the past three years. Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment improved over the past week After last week's 20% share price gain to NT$71.40, the stock trades at a trailing P/E ratio of 32.6x. Average trailing P/E is 23x in the Semiconductor industry in Taiwan. Total returns to shareholders of 164% over the past three years. Valuation Update With 7 Day Price Move • May 24
Investor sentiment improved over the past week After last week's 19% share price gain to NT$52.80, the stock trades at a trailing P/E ratio of 24.1x. Average trailing P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 145% over the past three years. Valuation Update With 7 Day Price Move • Apr 26
Investor sentiment improved over the past week After last week's 23% share price gain to NT$66.90, the stock trades at a trailing P/E ratio of 32.5x. Average trailing P/E is 29x in the Semiconductor industry in Taiwan. Total returns to shareholders of 220% over the past three years. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS NT$2.06 (vs NT$0.11 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$7.50b (up 8.6% from FY 2019). Net income: NT$141.3m (up NT$133.6m from FY 2019). Profit margin: 1.9% (up from 0.1% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improved over the past week After last week's 18% share price gain to NT$57.10, the stock is trading at a trailing P/E ratio of 42.3x, up from the previous P/E ratio of 36x. This compares to an average P/E of 29x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past three years are 166%. Is New 90 Day High Low • Feb 23
New 90-day high: NT$57.10 The company is up 78% from its price of NT$32.00 on 25 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 32% over the same period. Is New 90 Day High Low • Jan 11
New 90-day high: NT$55.40 The company is up 62% from its price of NT$34.10 on 13 October 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 27% over the same period. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 26% share price gain to NT$47.20, the stock is trading at a trailing P/E ratio of 35x, up from the previous P/E ratio of 27.7x. This compares to an average P/E of 26x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past three years are 243%. Is New 90 Day High Low • Dec 25
New 90-day high: NT$42.95 The company is up 32% from its price of NT$32.60 on 25 September 2020. The Taiwanese market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 24% over the same period. Valuation Update With 7 Day Price Move • Dec 04
Market bids up stock over the past week After last week's 16% share price gain to NT$38.05, the stock is trading at a trailing P/E ratio of 28.2x, up from the previous P/E ratio of 24.4x. This compares to an average P/E of 25x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past three years are 182%. Valuation Update With 7 Day Price Move • Dec 02
Market bids up stock over the past week After last week's 18% share price gain to NT$37.65, the stock is trading at a trailing P/E ratio of 27.9x, up from the previous P/E ratio of 23.7x. This compares to an average P/E of 24x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past three years are 165%. Is New 90 Day High Low • Dec 02
New 90-day high: NT$37.65 The company is up 4.0% from its price of NT$36.05 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.