Reported Earnings • May 19
First quarter 2026 earnings released: EPS: NT$0.02 (vs NT$0.008 in 1Q 2025) First quarter 2026 results: EPS: NT$0.02 (up from NT$0.008 in 1Q 2025). Revenue: NT$503.0m (up 7.8% from 1Q 2025). Net income: NT$4.90m (up 213% from 1Q 2025). Profit margin: 1.0% (up from 0.3% in 1Q 2025). The increase in margin 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 113 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 31
Full year 2025 earnings released: EPS: NT$0.05 (vs NT$0.028 in FY 2024) Full year 2025 results: EPS: NT$0.05 (up from NT$0.028 in FY 2024). Revenue: NT$2.07b (up 5.6% from FY 2024). Net income: NT$11.3m (up 93% from FY 2024). Profit margin: 0.5% (up from 0.3% in FY 2024). The increase in margin 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 107 percentage points per year, which is a significant difference in performance. New Risk • Mar 12
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 7.7% 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: Major Risk Earnings have declined by 34% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Profit margins are more than 30% lower than last year (0.02% net profit margin). Aankondiging • Mar 12
Harvatek Corporation, Annual General Meeting, Jun 26, 2026 Harvatek Corporation, Annual General Meeting, Jun 26, 2026. Location: 4 floor no,5, k`o chi rd., hsinchu science park, hsinchu city Taiwan Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: NT$0.14 (vs NT$0.036 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.14 (up from NT$0.036 in 3Q 2024). Revenue: NT$563.0m (up 5.4% from 3Q 2024). Net income: NT$29.5m (up 299% from 3Q 2024). Profit margin: 5.2% (up from 1.4% in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 107 percentage points per year, which is a significant difference in performance. New Risk • Sep 01
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 Dividend is not well covered by earnings and cash flows. Dividend per share is over 5x earnings per share. Paying a dividend despite having no free cash flows. Earnings have declined by 24% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.4% average weekly change). New Risk • Aug 17
New major risk - Revenue and earnings growth Earnings have declined by 24% 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 Dividend is not well covered by earnings and cash flows. Dividend per share is over 5x earnings per share. Paying a dividend despite having no free cash flows. Earnings have declined by 24% per year over the past 5 years. New Risk • May 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 56% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Dividend per share is over 5x earnings per share. Cash payout ratio: 394% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.9% net profit margin). Reported Earnings • May 19
First quarter 2025 earnings released: EPS: NT$0.01 (vs NT$0.025 in 1Q 2024) First quarter 2025 results: EPS: NT$0.01 (down from NT$0.025 in 1Q 2024). Revenue: NT$466.6m (up 1.7% from 1Q 2024). Net income: NT$1.57m (down 69% from 1Q 2024). Profit margin: 0.3% (down from 1.1% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. New Risk • May 02
New major risk - Revenue and earnings growth Earnings have declined by 2.0% 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 Dividend is not well covered by earnings and cash flows. Dividend per share is over 5x earnings per share. Cash payout ratio: 312% Earnings have declined by 2.0% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (0.3% net profit margin). Aankondiging • May 01
Harvatek Corporation to Report Q1, 2025 Results on May 08, 2025 Harvatek Corporation announced that they will report Q1, 2025 results on May 08, 2025 New Risk • Apr 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.12b (US$94.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Dividend per share is over 5x earnings per share. Cash payout ratio: 394% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.9% net profit margin). Market cap is less than US$100m (NT$3.12b market cap, or US$94.3m). Aankondiging • Mar 10
Harvatek Corporation, Annual General Meeting, Jun 25, 2025 Harvatek Corporation, Annual General Meeting, Jun 25, 2025. Location: no,773, ming hu rd., hsinchu city Taiwan Aankondiging • Mar 01
Harvatek Corporation to Report Q4, 2024 Results on Mar 07, 2025 Harvatek Corporation announced that they will report Q4, 2024 results on Mar 07, 2025 Aankondiging • Feb 15
Harvatek Corporation Announces Resignation of Yang, Zhi-Ming as Chief Internal Auditor Harvatek Corporation announced the resignation of Yang, Zhi-Ming as Chief Internal Auditor of the company. Effective date: 14 February 2025. New Risk • Jan 06
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 6.2% 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. Dividend per share is over 5x earnings per share. Cash payout ratio: 394% Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.9% net profit margin). Reported Earnings • Nov 19
Third quarter 2024 earnings released: EPS: NT$0.04 (vs NT$0.21 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.04 (down from NT$0.21 in 3Q 2023). Revenue: NT$534.4m (up 7.9% from 3Q 2023). Net income: NT$7.39m (down 83% from 3Q 2023). Profit margin: 1.4% (down from 8.7% in 3Q 2023). 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 7% per year, which means it has not declined as severely as earnings. Aankondiging • Oct 29
Harvatek Corporation to Report Q3, 2024 Results on Nov 05, 2024 Harvatek Corporation announced that they will report Q3, 2024 results on Nov 05, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.01 (vs NT$0.25 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.01 (down from NT$0.25 in 2Q 2023). Revenue: NT$491.8m (up 3.9% from 2Q 2023). Net income: NT$2.02m (down 96% from 2Q 2023). Profit margin: 0.4% (down from 11% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 41% 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. New Risk • Aug 17
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 29% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (202% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.7% net profit margin). Declared Dividend • Aug 12
Dividend of NT$0.50 announced Shareholders will receive a dividend of NT$0.50. Ex-date: 26th August 2024 Payment date: 20th September 2024 Dividend yield will be 2.4%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is not adequately covered by earnings (99% earnings payout ratio). However, it is covered by cash flows (57% cash payout ratio). 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 9.9% to bring the payout ratio under control. However, EPS has declined by 16% over the last 5 years so the company would need to reverse this trend. Aankondiging • Aug 02
Harvatek Corporation to Report Q2, 2024 Results on Aug 09, 2024 Harvatek Corporation announced that they will report Q2, 2024 results on Aug 09, 2024 Aankondiging • Jun 26
Harvatek Corporation Announces Change of Members of the 3rd Audit and Risk Management Committee Harvatek Corporation announced change of members of the Company's 3rd Audit and Risk Management Committee. Name of the previous position holder: LI, YU-CHENG. Resume of the previous position holders: LI, YU-CHENG-Independent director of Harvatek Corporation. Name of the new position holder: CHEN, CHI-KAI and LI, PEI-YING. Resume of the new position holders: CHEN, CHI-KAI-President of Macroblock Inc. and LI, PEI-YING- Vice President of Holtek Semiconductor Inc. Circumstances of change: term expired. Original term from August 20, 2021 to August 19, 2024. Other members are: WU, KUANG-YI-Independent director of Harvatek Corporation; LIAO, MING-CHENG-Independent director of Harvatek Corporation. Date of occurrence of the change is June 25, 2024. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.02 (vs NT$0.04 in 1Q 2023) First quarter 2024 results: EPS: NT$0.02 (down from NT$0.04 in 1Q 2023). Revenue: NT$459.0m (down 11% from 1Q 2023). Net income: NT$5.07m (down 38% from 1Q 2023). Profit margin: 1.1% (down from 1.6% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • Apr 02
Full year 2023 earnings released: EPS: NT$0.52 (vs NT$1.82 in FY 2022) Full year 2023 results: EPS: NT$0.52 (down from NT$1.82 in FY 2022). Revenue: NT$2.03b (down 18% from FY 2022). Net income: NT$107.1m (down 72% from FY 2022). Profit margin: 5.3% (down from 15% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Aankondiging • Mar 09
Harvatek Corporation, Annual General Meeting, Jun 25, 2024 Harvatek Corporation, Annual General Meeting, Jun 25, 2024. Location: Lakeshore Hotel (Leith Castle - Eiffel Banquet Room), located at No.733, Ming-Hu Rd., Hsinchu City Hsinchu City Taiwan Agenda: To approve the 2023 business operations; to approve the Audit Committee's report of 2023 audited financial statements ; to approve the 2023 compensation for employees and directors; to approve the Cash distribution to shareholders from 2023 earnings; to approve the 2023 Report on Director's Compensation; to amend the Company's Rules of Procedure for Directors Meeting; to elect new directors; and to consider others matters. Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: NT$0.21 (vs NT$0.48 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.21 (down from NT$0.48 in 3Q 2022). Revenue: NT$495.4m (down 8.8% from 3Q 2022). Net income: NT$43.0m (down 56% from 3Q 2022). Profit margin: 8.7% (down from 18% in 3Q 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$27.70, the stock trades at a trailing P/E ratio of 27.4x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 130% over the past three years. Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$26.55, the stock trades at a trailing P/E ratio of 26.3x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 108% over the past three years. Upcoming Dividend • Aug 22
Upcoming dividend of NT$1.50 per share at 6.7% yield Eligible shareholders must have bought the stock before 29 August 2023. Payment date: 27 September 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 6.7%. Within top quartile of Taiwanese dividend payers (5.6%). Higher than average of industry peers (3.4%). Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: NT$0.25 (vs NT$0.55 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.25 (down from NT$0.55 in 2Q 2022). Revenue: NT$473.3m (down 35% from 2Q 2022). Net income: NT$51.3m (down 55% from 2Q 2022). Profit margin: 11% (down from 16% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Aankondiging • Aug 12
Harvatek Corporation Announces Cash Dividend, Payable on September 27, 2023 Harvatek Corporation announced original Cash dividends TWD 309,104,702 (TWD 1.5 per share) of common stock. Type and monetary amount of dividend distribution after the change: Cash dividends TWD 309,104,702 (TWD 1.5022 per share) of common stock. Ex-rights (ex-dividend) trading date is August 29, 2023. Ex-rights (ex-dividend) record date is September 4, 2023. Payment date of cash dividend distribution is September 27, 2023. Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: NT$0.48 (vs NT$0.52 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.48 (down from NT$0.52 in 3Q 2021). Revenue: NT$542.9m (down 33% from 3Q 2021). Net income: NT$98.3m (down 8.6% from 3Q 2021). Profit margin: 18% (up from 13% in 3Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 4 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Max Wu 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. Upcoming Dividend • Aug 19
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 26 August 2022. Payment date: 23 September 2022. Payout ratio is on the higher end at 79%, however this is supported by cash flows. Trailing yield: 7.1%. Within top quartile of Taiwanese dividend payers (6.5%). Higher than average of industry peers (3.5%). Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.55 (vs NT$0.50 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.55 (up from NT$0.50 in 2Q 2021). Revenue: NT$728.0m (down 13% from 2Q 2021). Net income: NT$113.7m (up 11% from 2Q 2021). Profit margin: 16% (up from 12% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.56 (vs NT$0.51 in 1Q 2021) First quarter 2022 results: EPS: NT$0.56 (up from NT$0.51 in 1Q 2021). Revenue: NT$690.7m (up 1.3% from 1Q 2021). Net income: NT$115.8m (up 11% from 1Q 2021). Profit margin: 17% (up from 15% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target increased to NT$33.00 Up from NT$25.25, the current price target is provided by 1 analyst. New target price is 62% above last closing price of NT$20.40. Stock is down 14% over the past year. The company posted earnings per share of NT$1.80 last year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 2 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Max Wu 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 31
Full year 2021 earnings released: EPS: NT$1.80 (vs NT$0.70 in FY 2020) Full year 2021 results: EPS: NT$1.80 (up from NT$0.70 in FY 2020). Revenue: NT$3.00b (up 20% from FY 2020). Net income: NT$370.3m (up 158% from FY 2020). Profit margin: 12% (up from 5.7% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.52 (vs NT$0.085 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$805.1m (up 28% from 3Q 2020). Net income: NT$107.6m (up NT$90.2m from 3Q 2020). Profit margin: 13% (up from 2.8% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 02
Investor sentiment improved over the past week After last week's 17% share price gain to NT$28.80, the stock trades at a trailing P/E ratio of 21.6x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 157% over the past three years. Upcoming Dividend • Aug 20
Upcoming dividend of NT$0.70 per share Eligible shareholders must have bought the stock before 27 August 2021. Payment date: 24 September 2021. Trailing yield: 2.7%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.3%). Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$0.50 (vs NT$0.22 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$838.8m (up 58% from 2Q 2020). Net income: NT$102.4m (up 128% from 2Q 2020). Profit margin: 12% (up from 8.5% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 17% 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 • Jul 26
Investor sentiment improved over the past week After last week's 18% share price gain to NT$35.25, the stock trades at a trailing P/E ratio of 33.4x. Average trailing P/E is 27x in the Semiconductor industry in Taiwan. Total returns to shareholders of 125% over the past three years. Valuation Update With 7 Day Price Move • Jul 09
Investor sentiment improved over the past week After last week's 18% share price gain to NT$26.60, the stock trades at a trailing P/E ratio of 25.2x. Average trailing P/E is 24x in the Semiconductor industry in Taiwan. Total returns to shareholders of 64% 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$19.40, the stock trades at a trailing P/E ratio of 18.4x. Average trailing P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 22% over the past three years. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$0.51 (vs NT$0.15 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$681.5m (up 12% from 1Q 2020). Net income: NT$104.7m (up 241% from 1Q 2020). Profit margin: 15% (up from 5.0% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • May 05
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$19.70, the stock trades at a trailing P/E ratio of 28.3x. Average trailing P/E is 27x in the Semiconductor industry in Taiwan. Total returns to shareholders of 24% over the past three years. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$0.70 (vs NT$0.073 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$2.51b (up 16% from FY 2019). Net income: NT$143.3m (up NT$128.3m from FY 2019). Profit margin: 5.7% (up from 0.7% 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 52% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment deteriorated over the past week After last week's 19% share price decline to NT$17.05, the stock is trading at a trailing P/E ratio of 47.8x, down from the previous P/E ratio of 58.8x. This compares to an average P/E of 26x in the Semiconductor industry in Taiwan. Total return to shareholders over the past three years is a loss of 8.4%. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 21% share price gain to NT$19.40, the stock is trading at a trailing P/E ratio of 54.4x, up from the previous P/E ratio of 44.8x. 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 8.3%. Is New 90 Day High Low • Dec 31
New 90-day high: NT$17.65 The company is up 20% from its price of NT$14.65 on 30 September 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 24% over the same period. Is New 90 Day High Low • Dec 04
New 90-day high: NT$16.40 The company is up 9.0% from its price of NT$15.00 on 04 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 19% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.08 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$627.3m (up 21% from 3Q 2019). Net income: NT$17.4m (up NT$25.5m from 3Q 2019). Profit margin: 2.8% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 54% 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. Is New 90 Day High Low • Oct 30
New 90-day low: NT$13.35 The company is down 10.0% from its price of NT$14.80 on 31 July 2020. The Taiwanese market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 2.0% over the same period. 
