Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$66.50, the stock trades at a trailing P/E ratio of 48.1x. Average trailing P/E is 44x in the Semiconductor industry in Taiwan. Total returns to shareholders of 88% over the past three years. Declared Dividend • May 30
Dividend increased to NT$1.50 Dividend of NT$1.50 is 50% higher than last year. Ex-date: 17th June 2026 Payment date: 15th July 2026 Dividend yield will be 2.0%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is not covered by earnings (108% 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 remained flat since 3 years ago. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 21% to bring the payout ratio under control. However, EPS has declined by 7.0% over the last 5 years so the company would need to reverse this trend. New Risk • May 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 9.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 96% 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 (9.5% average weekly change). Valuation Update With 7 Day Price Move • May 25
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to NT$66.80, the stock trades at a trailing P/E ratio of 48.3x. Average trailing P/E is 42x in the Semiconductor industry in Taiwan. Total returns to shareholders of 89% over the past three years. Reported Earnings • May 07
First quarter 2026 earnings released: EPS: NT$0.12 (vs NT$0.30 in 1Q 2025) First quarter 2026 results: EPS: NT$0.12 (down from NT$0.30 in 1Q 2025). Revenue: NT$283.4m (down 4.9% from 1Q 2025). Net income: NT$8.00m (down 61% from 1Q 2025). Profit margin: 2.8% (down from 6.9% in 1Q 2025). 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 14% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to NT$52.60, the stock trades at a trailing P/E ratio of 33.6x. Average trailing P/E is 44x in the Semiconductor industry in Taiwan. Total returns to shareholders of 48% over the past three years. New Risk • Mar 27
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 96% The company is paying a dividend despite having no free cash flows. Dividend yield: 3.8% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 96% Paying a dividend despite having no free cash flows. Earnings have declined by 21% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$2.69b market cap, or US$83.9m). Aankondiging • Mar 12
Micro Silicon Electronics Co., Ltd., Annual General Meeting, May 28, 2026 Micro Silicon Electronics Co., Ltd., Annual General Meeting, May 28, 2026, at 10:30 Taipei Standard Time. Location: no,230, you yih rd., jhunan township, miaoli county Taiwan Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: NT$1.57 (vs NT$1.28 in FY 2024) Full year 2025 results: EPS: NT$1.57 (up from NT$1.28 in FY 2024). Revenue: NT$1.27b (up 20% from FY 2024). Net income: NT$107.5m (up 23% from FY 2024). Profit margin: 8.4% (up from 8.2% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$43.80, the stock trades at a trailing P/E ratio of 21.7x. Average trailing P/E is 36x in the Semiconductor industry in Taiwan. Total returns to shareholders of 11% over the past three years. Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: NT$0.64 (vs NT$0.63 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.64 (up from NT$0.63 in 3Q 2024). Revenue: NT$349.0m (up 21% from 3Q 2024). Net income: NT$44.3m (up 1.8% from 3Q 2024). Profit margin: 13% (down from 15% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Board Change • Sep 26
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Wilson Wen was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$44.30, the stock trades at a trailing P/E ratio of 22.1x. Average trailing P/E is 32x in the Semiconductor industry in Taiwan. Total returns to shareholders of 30% over the past year. Reported Earnings • Aug 08
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: NT$339.7m (up 43% from 2Q 2024). Net income: NT$40.1m (up NT$41.1m from 2Q 2024). Profit margin: 12% (up from net loss in 2Q 2024). Upcoming Dividend • Jun 11
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 18 June 2025. Payment date: 10 July 2025. Payout ratio is a comfortable 71% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (2.3%). Aankondiging • May 29
Micro Silicon Electronics Co., Ltd. Approves Board Elections Micro Silicon Electronics Co., Ltd. announced at annual general meeting held on May 28, 2025, the shareholders approved election of 9 directors (including 4 independent directors) for the 15th Board of Directors, and the Elected Directors are as follows: Directors:Da Ri Yue Investment Co., Ltd. Representative:Chang, Bing-Tang; Chen Zhen Investment Co., Ltd. Representative:Chang, Chen; Peng, Ying-Kuang; Chang, Wei-Cheng and Yang,Shih-Lan. Independent Directors: Chang, Chu-Hsing, Wen,Wan-Shou, Tan,Chung-Min and Sha,Sheng-Chun. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: NT$0.30 (vs NT$0.17 in 1Q 2024) First quarter 2025 results: EPS: NT$0.30 (up from NT$0.17 in 1Q 2024). Revenue: NT$297.9m (up 23% from 1Q 2024). Net income: NT$20.5m (up 84% from 1Q 2024). Profit margin: 6.9% (up from 4.6% in 1Q 2024). Aankondiging • Apr 30
Micro Silicon Electronics Co., Ltd. to Report Q1, 2025 Results on May 07, 2025 Micro Silicon Electronics Co., Ltd. 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 15% After last week's 15% share price decline to NT$31.15, the stock trades at a trailing P/E ratio of 24.6x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total loss to shareholders of 23% over the past year. New Risk • Mar 11
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: 2.6% 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 Risk Earnings have declined by 48% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Market cap is less than US$100m (NT$2.74b market cap, or US$83.2m). Reported Earnings • Mar 04
Full year 2024 earnings released: EPS: NT$1.28 (vs NT$0.41 loss in FY 2023) Full year 2024 results: EPS: NT$1.28 (up from NT$0.41 loss in FY 2023). Revenue: NT$1.06b (up 18% from FY 2023). Net income: NT$87.1m (up NT$113.4m from FY 2023). Profit margin: 8.2% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Aankondiging • Feb 27
Micro Silicon Electronics Co., Ltd., Annual General Meeting, May 28, 2025 Micro Silicon Electronics Co., Ltd., Annual General Meeting, May 28, 2025. Location: no,230, you yih rd., jhunan township, miaoli county Taiwan Aankondiging • Feb 19
Micro Silicon Electronics Co., Ltd. to Report Fiscal Year 2024 Results on Feb 26, 2025 Micro Silicon Electronics Co., Ltd. announced that they will report fiscal year 2024 results on Feb 26, 2025 New Risk • Nov 20
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 51% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 55% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (6.3% increase in shares outstanding). Market cap is less than US$100m (NT$2.75b market cap, or US$84.6m). Reported Earnings • Nov 09
Third quarter 2024 earnings released: EPS: NT$0.63 (vs NT$0.05 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.63 (up from NT$0.05 in 3Q 2023). Revenue: NT$289.7m (up 23% from 3Q 2023). Net income: NT$43.5m (up NT$40.2m from 3Q 2023). Profit margin: 15% (up from 1.4% in 3Q 2023). The increase in margin was driven by higher revenue. Aankondiging • Oct 31
Micro Silicon Electronics Co., Ltd. to Report Q3, 2024 Results on Nov 06, 2024 Micro Silicon Electronics Co., Ltd. announced that they will report Q3, 2024 results on Nov 06, 2024 Reported Earnings • Aug 10
Second quarter 2024 earnings released: NT$0.01 loss per share (vs NT$0.18 loss in 2Q 2023) Second quarter 2024 results: NT$0.01 loss per share (improved from NT$0.18 loss in 2Q 2023). Revenue: NT$236.9m (up 18% from 2Q 2023). Net loss: NT$996.0k (loss narrowed 91% from 2Q 2023). Aankondiging • Aug 02
Micro Silicon Electronics Co., Ltd. to Report Q2, 2024 Results on Aug 08, 2024 Micro Silicon Electronics Co., Ltd. announced that they will report Q2, 2024 results on Aug 08, 2024 Declared Dividend • Jun 20
Dividend of NT$0.50 announced Shareholders will receive a dividend of NT$0.50. Ex-date: 4th July 2024 Payment date: 31st July 2024 Dividend yield will be 1.2%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (56% 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 company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. The company's earnings per share (EPS) would need to decline by 38% to shift the payout ratio to a potentially unsustainable range, which is less than the 63% EPS decline seen over the last 3 years. Aankondiging • Jun 20
Micro Silicon Electronics Co., Ltd. Announces Cash Dividend, Payable on July 31, 2024 Micro Silicon Electronics Co., Ltd. announces cash dividend of TWD 34,351,000. Ex-rights (ex-dividend) trading date: July 4, 2024. Ex-rights (ex-dividend) record date: July 12, 2024. Payment date of common stock cash dividend distribution: July 31, 2024. New Risk • Apr 07
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.3% 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 Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Revenue has declined by 31% over the past year. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Short dividend paying track record (1 year of continuous dividend payments). Shareholders have been diluted in the past year (6.3% increase in shares outstanding). Market cap is less than US$100m (NT$2.86b market cap, or US$88.9m). Aankondiging • Mar 29
Micro Silicon Electronics Co., Ltd., Annual General Meeting, Jun 18, 2024 Micro Silicon Electronics Co., Ltd., Annual General Meeting, Jun 18, 2024. New Risk • Mar 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Revenue has declined by 31% over the past year. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Paying a dividend despite having no free cash flows. New Risk • Feb 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 5.4% 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 Revenue has declined by 31% over the past year. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.4% average weekly change). Market cap is less than US$100m (NT$3.04b market cap, or US$96.9m). New Risk • Feb 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.04b (US$96.9m) 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 Revenue has declined by 31% over the past year. Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (NT$3.04b market cap, or US$96.9m). New Risk • Jun 19
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: 3.9% 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 Risk Revenue has declined by 5.1% over the past year. Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (14% net profit margin). Market cap is less than US$100m (NT$2.49b market cap, or US$80.9m). New Risk • Jun 08
New major risk - Revenue and earnings growth Revenue has declined by 5.1% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Revenue has declined by 5.1% over the past year. Minor Risks Profit margins are more than 30% lower than last year (14% net profit margin). Market cap is less than US$100m (NT$2.49b market cap, or US$81.0m). Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improved over the past week After last week's 16% share price gain to NT$36.25, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 13x in the Semiconductor industry in Taiwan. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$31.00, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 11x in the Semiconductor industry in Taiwan.