Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$99.60, the stock trades at a trailing P/E ratio of 48.5x. Average trailing P/E is 24x in the Tech industry in Taiwan. Total returns to shareholders of 334% over the past three years. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$78.30, the stock trades at a trailing P/E ratio of 38.1x. Average trailing P/E is 22x in the Tech industry in Taiwan. Total returns to shareholders of 217% over the past three years. Upcoming Dividend • Apr 09
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 16 April 2026. Payment date: 22 May 2026. Payout ratio is a comfortable 47% but the company is not cash flow positive. Trailing yield: 1.4%. Lower than top quartile of Taiwanese dividend payers (5.1%). Lower than average of industry peers (3.5%). Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to NT$88.40, the stock trades at a trailing P/E ratio of 43x. Average trailing P/E is 23x in the Tech industry in Taiwan. Total returns to shareholders of 258% over the past three years. Aankondiging • Mar 09
Silicon Power Computer & Communications Inc., Annual General Meeting, Jun 18, 2026 Silicon Power Computer & Communications Inc., Annual General Meeting, Jun 18, 2026. Location: 1 floor no,399, jui kuang rd., neihu district, taipei city Taiwan Reported Earnings • Mar 09
Full year 2025 earnings released: EPS: NT$2.11 (vs NT$1.79 in FY 2024) Full year 2025 results: EPS: NT$2.11 (up from NT$1.79 in FY 2024). Revenue: NT$4.26b (down 3.2% from FY 2024). Net income: NT$134.4m (up 19% from FY 2024). Profit margin: 3.2% (up from 2.6% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Declared Dividend • Mar 09
Dividend of NT$1.00 announced Shareholders will receive a dividend of NT$1.00. Ex-date: 16th April 2026 Payment date: 22nd May 2026 Dividend yield will be 2.4%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Aankondiging • Mar 07
Silicon Power Computer & Communications Inc. announces Annual dividend, payable on May 22, 2026 Silicon Power Computer & Communications Inc. announced Annual dividend of TWD 1.0000 per share payable on May 22, 2026, ex-date on April 16, 2026 and record date on April 19, 2026. New Risk • Nov 20
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 8.6% 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 Share price has been highly volatile over the past 3 months (8.6% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Market cap is less than US$100m (NT$2.33b market cap, or US$74.5m). Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: NT$0.50 (vs NT$0.50 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.50. Revenue: NT$982.5m (flat on 3Q 2024). Net income: NT$32.0m (flat on 3Q 2024). Profit margin: 3.3% (up from 3.2% in 3Q 2024). 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 6.7% 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 Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (NT$2.14b market cap, or US$70.1m). Reported Earnings • Aug 12
Second quarter 2025 earnings released: NT$0.65 loss per share (vs NT$0.073 profit in 2Q 2024) Second quarter 2025 results: NT$0.65 loss per share (down from NT$0.073 profit in 2Q 2024). Revenue: NT$944.0m (down 9.0% from 2Q 2024). Net loss: NT$41.1m (down NT$45.7m from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. New Risk • Jun 05
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 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risks Dividend is not well covered by earnings (293% payout ratio). Profit margins are more than 30% lower than last year (0.5% net profit margin). Market cap is less than US$100m (NT$1.75b market cap, or US$58.4m). Reported Earnings • May 04
First quarter 2025 earnings released: NT$0.03 loss per share (vs NT$1.41 profit in 1Q 2024) First quarter 2025 results: NT$0.03 loss per share (down from NT$1.41 profit in 1Q 2024). Revenue: NT$1.19b (flat on 1Q 2024). Net loss: NT$1.83m (down 102% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Aankondiging • Apr 25
Silicon Power Computer & Communications Inc. to Report Q1, 2025 Results on May 02, 2025 Silicon Power Computer & Communications Inc. announced that they will report Q1, 2025 results on May 02, 2025 New Risk • Apr 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 8.7% 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 (8.7% average weekly change). Profit margins are more than 30% lower than last year (2.6% net profit margin). Market cap is less than US$100m (NT$1.68b market cap, or US$51.5m). Upcoming Dividend • Apr 10
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 17 April 2025. Payment date: 23 May 2025. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 4.4%. Lower than top quartile of Taiwanese dividend payers (6.1%). Lower than average of industry peers (5.3%). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$23.10, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 18x in the Tech industry in Taiwan. Total returns to shareholders of 14% over the past three years. Reported Earnings • Mar 26
Full year 2024 earnings released: EPS: NT$1.79 (vs NT$3.12 in FY 2023) Full year 2024 results: EPS: NT$1.79 (down from NT$3.12 in FY 2023). Revenue: NT$4.40b (down 2.0% from FY 2023). Net income: NT$113.3m (down 43% from FY 2023). Profit margin: 2.6% (down from 4.4% in FY 2023). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Aankondiging • Mar 17
Silicon Power Computer & Communications Inc., Annual General Meeting, Jun 19, 2025 Silicon Power Computer & Communications Inc., Annual General Meeting, Jun 19, 2025. Location: 1 floor no,399, jui kuang rd., neihu district, taipei city Taiwan Declared Dividend • Mar 17
Dividend reduced to NT$1.02 Dividend of NT$1.02 is 49% lower than last year. Ex-date: 17th April 2025 Payment date: 23rd May 2025 Dividend yield will be 3.1%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (67% earnings payout ratio) and cash flows (23% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 4.6% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Aankondiging • Mar 15
Silicon Power Computer & Communications Inc. announces Annual dividend, payable on May 23, 2025 Silicon Power Computer & Communications Inc. announced Annual dividend of TWD 1.0155 per share payable on May 23, 2025, ex-date on April 17, 2025 and record date on April 20, 2025. Aankondiging • Mar 06
Silicon Power Computer & Communications Inc. to Report Fiscal Year 2024 Results on Mar 14, 2025 Silicon Power Computer & Communications Inc. announced that they will report fiscal year 2024 results on Mar 14, 2025 Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.50 (vs NT$1.59 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.50 (down from NT$1.59 in 3Q 2023). Revenue: NT$990.6m (down 12% from 3Q 2023). Net income: NT$31.8m (down 69% from 3Q 2023). Profit margin: 3.2% (down from 9.0% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Aug 28
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 27% to NT$34.65. The fair value is estimated to be NT$43.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 58%. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.07 (vs NT$0.16 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.07 (down from NT$0.16 in 2Q 2023). Revenue: NT$1.04b (down 3.7% from 2Q 2023). Net income: NT$4.63m (down 54% from 2Q 2023). Profit margin: 0.4% (down from 0.9% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Aankondiging • Aug 10
Silicon Power Computer & Communications Inc. Announces the Personnel Change of the General Manager of the Business Group Silicon Power Computer & Communications Inc. announced the personnel change of the General Manager of the Business Group. The company appointed Hsieh, Chao-Ming, General Manager of E-Commerce Business Group and Lin, Jin-Yo, General Manager of Industrial Application Business Group as General Managers. Type of change: Promotion. Effective date is August 9, 2024. Aankondiging • Aug 02
Silicon Power Computer & Communications Inc. to Report Q2, 2024 Results on Aug 09, 2024 Silicon Power Computer & Communications Inc. announced that they will report Q2, 2024 results on Aug 09, 2024 Buy Or Sell Opportunity • Aug 01
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 7.5% to NT$40.00. The fair value is estimated to be NT$33.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 64%. 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$50.20, the stock trades at a trailing P/E ratio of 12.3x. Average trailing P/E is 24x in the Tech industry in Taiwan. Total returns to shareholders of 139% over the past three years. Reported Earnings • May 09
First quarter 2024 earnings released: EPS: NT$1.41 (vs NT$0.38 in 1Q 2023) First quarter 2024 results: EPS: NT$1.41 (up from NT$0.38 in 1Q 2023). Revenue: NT$1.18b (up 6.3% from 1Q 2023). Net income: NT$89.4m (up 270% from 1Q 2023). Profit margin: 7.6% (up from 2.2% in 1Q 2023). 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 25% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$44.95, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 24x in the Tech industry in Taiwan. Total returns to shareholders of 111% over the past three years. Aankondiging • Apr 28
Silicon Power Computer & Communications Inc. to Report Q1, 2024 Results on May 03, 2024 Silicon Power Computer & Communications Inc. announced that they will report Q1, 2024 results on May 03, 2024 Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$35.80, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 24x in the Tech industry in Taiwan. Total returns to shareholders of 43% over the past three years. Upcoming Dividend • Apr 12
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 19 April 2024. Payment date: 24 May 2024. Payout ratio is a comfortable 64% but the company is not cash flow positive. Trailing yield: 4.8%. Within top quartile of Taiwanese dividend payers (4.5%). Higher than average of industry peers (3.0%). Reported Earnings • Mar 21
Full year 2023 earnings released: EPS: NT$3.12 (vs NT$2.89 in FY 2022) Full year 2023 results: EPS: NT$3.12 (up from NT$2.89 in FY 2022). Revenue: NT$4.49b (up 3.4% from FY 2022). Net income: NT$197.6m (up 7.8% from FY 2022). Profit margin: 4.4% (up from 4.2% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Aankondiging • Mar 16
Silicon Power Computer & Communications Inc., Annual General Meeting, Jun 21, 2024 Silicon Power Computer & Communications Inc., Annual General Meeting, Jun 21, 2024. Location: 1F., No. 399, Ruiguang Rd., Neihu Dist Taipei City Taiwan Agenda: To consider 2023 Business Report; to consider2023 Audit Committee's Review Report; to consider 2023 Cash Dividend Distribution Report; to consider 2023 Employee Compensation and Directors Remuneration Distribution Report; and to consider 2023 Net Profit Distribution. New Risk • Feb 16
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 5.5% 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: Minor Risks Dividend is not well covered by cash flows (dividend per share is over 22x cash flows per share). Share price has been volatile over the past 3 months (5.5% average weekly change). Market cap is less than US$100m (NT$2.31b market cap, or US$73.7m). Reported Earnings • Nov 05
Third quarter 2023 earnings released: EPS: NT$1.59 (vs NT$2.18 in 3Q 2022) Third quarter 2023 results: EPS: NT$1.59 (down from NT$2.18 in 3Q 2022). Revenue: NT$1.13b (up 1.5% from 3Q 2022). Net income: NT$101.1m (down 27% from 3Q 2022). Profit margin: 9.0% (down from 12% in 3Q 2022). The decrease in margin was driven by higher expenses. 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 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 07
Second quarter 2023 earnings released: EPS: NT$0.16 (vs NT$0.17 loss in 2Q 2022) Second quarter 2023 results: EPS: NT$0.16 (up from NT$0.17 loss in 2Q 2022). Revenue: NT$1.08b (up 18% from 2Q 2022). Net income: NT$10.0m (up NT$20.8m from 2Q 2022). Profit margin: 0.9% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. New Risk • Aug 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.2% 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: 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 (6.2% average weekly change). Market cap is less than US$100m (NT$1.93b market cap, or US$60.9m). Upcoming Dividend • Apr 07
Upcoming dividend of NT$2.00 per share at 7.0% yield Eligible shareholders must have bought the stock before 14 April 2023. Payment date: 19 May 2023. Payout ratio is a comfortable 69% and this is well supported by cash flows. Trailing yield: 7.0%. Within top quartile of Taiwanese dividend payers (5.8%). Higher than average of industry peers (5.2%). Reported Earnings • Mar 23
Full year 2022 earnings released: EPS: NT$2.89 (vs NT$0.35 in FY 2021) Full year 2022 results: EPS: NT$2.89 (up from NT$0.35 in FY 2021). Revenue: NT$4.34b (up 3.7% from FY 2021). Net income: NT$183.3m (up NT$160.8m from FY 2021). Profit margin: 4.2% (up from 0.5% in FY 2021). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improved over the past week After last week's 16% share price gain to NT$21.90, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 11x in the Tech industry in Taiwan. Total returns to shareholders of 4.7% over the past three years. Reported Earnings • Nov 06
Third quarter 2022 earnings released: EPS: NT$2.18 (vs NT$0.17 in 3Q 2021) Third quarter 2022 results: EPS: NT$2.18 (up from NT$0.17 in 3Q 2021). Revenue: NT$1.11b (up 16% from 3Q 2021). Net income: NT$138.3m (up NT$127.5m from 3Q 2021). Profit margin: 12% (up from 1.1% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • Aug 08
Second quarter 2022 earnings released: NT$0.17 loss per share (vs NT$0.10 profit in 2Q 2021) Second quarter 2022 results: NT$0.17 loss per share (down from NT$0.10 profit in 2Q 2021). Revenue: NT$915.7m (down 13% from 2Q 2021). Net loss: NT$10.7m (down 269% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • May 08
First quarter 2022 earnings released: EPS: NT$0.26 (vs NT$0.22 in 1Q 2021) First quarter 2022 results: EPS: NT$0.26 (up from NT$0.22 in 1Q 2021). Revenue: NT$1.09b (up 8.5% from 1Q 2021). Net income: NT$16.5m (up 18% from 1Q 2021). Profit margin: 1.5% (up from 1.4% in 1Q 2021). The increase in margin 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 increased by 8% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 07
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 14 April 2022. Payment date: 20 May 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.1%. Lower than top quartile of Taiwanese dividend payers (5.6%). Lower than average of industry peers (6.3%). Reported Earnings • Mar 29
Full year 2021 earnings released: EPS: NT$0.35 (vs NT$1.15 in FY 2020) Full year 2021 results: EPS: NT$0.35 (down from NT$1.15 in FY 2020). Revenue: NT$4.19b (down 4.1% from FY 2020). Net income: NT$22.5m (down 69% from FY 2020). Profit margin: 0.5% (down from 1.7% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$0.17 (vs NT$0.57 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$961.4m (down 18% from 3Q 2020). Net income: NT$10.8m (down 70% from 3Q 2020). Profit margin: 1.1% (down from 3.1% in 3Q 2020). The decrease in margin was driven by lower 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 21% per year, which means it is well ahead of earnings. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$0.10 (vs NT$0.78 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$1.05b (up 15% from 2Q 2020). Net income: NT$6.36m (up NT$56.2m from 2Q 2020). Profit margin: 0.6% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% 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 • Jul 21
Investor sentiment improved over the past week After last week's 19% share price gain to NT$32.40, the stock trades at a trailing P/E ratio of 77.9x. Average trailing P/E is 15x in the Tech industry in Taiwan. Total returns to shareholders of 138% over the past three years. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorated over the past week After last week's 19% share price decline to NT$22.85, the stock trades at a trailing P/E ratio of 54.9x. Average trailing P/E is 16x in the Tech industry in Taiwan. Total returns to shareholders of 74% over the past three years. Reported Earnings • May 08
First quarter 2021 earnings released: EPS NT$0.22 (vs NT$0.95 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$999.7m (down 4.9% from 1Q 2020). Net income: NT$14.0m (down 77% from 1Q 2020). Profit margin: 1.4% (down from 5.8% in 1Q 2020). 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 18% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment improved over the past week After last week's 22% share price gain to NT$32.45, the stock trades at a trailing P/E ratio of 28.3x. Average trailing P/E is 18x in the Tech industry in Taiwan. Total returns to shareholders of 117% over the past three years. Upcoming Dividend • Apr 06
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 13 April 2021. Payment date: 17 May 2021. Trailing yield: 3.8%. Lower than top quartile of Taiwanese dividend payers (4.9%). Lower than average of industry peers (4.3%). Reported Earnings • Apr 04
Full year 2020 earnings released: EPS NT$1.15 (vs NT$1.50 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$4.37b (up 14% from FY 2019). Net income: NT$72.9m (down 24% from FY 2019). Profit margin: 1.7% (down from 2.5% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 20
Full year 2020 earnings released: EPS NT$1.15 (vs NT$1.50 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$4.37b (up 14% from FY 2019). Net income: NT$72.9m (down 24% from FY 2019). Profit margin: 1.7% (down from 2.5% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 03
Market bids up stock over the past week After last week's 16% share price gain to NT$27.70, the stock is trading at a trailing P/E ratio of 29.6x, up from the previous P/E ratio of 25.5x. This compares to an average P/E of 14x in the Tech industry in Taiwan. Total returns to shareholders over the past three years are 78%. Is New 90 Day High Low • Nov 19
New 90-day high: NT$23.80 The company is up 10.0% from its price of NT$21.55 on 21 August 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Tech industry, which is flat over the same period. Reported Earnings • Nov 08
Third quarter 2020 earnings released: EPS NT$0.57 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: NT$1.17b (up 20% from 3Q 2019). Net income: NT$36.4m (down 35% from 3Q 2019). Profit margin: 3.1% (down from 5.8% in 3Q 2019). The decrease in margin was driven by higher expenses. 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 2% per year, which means it is significantly lagging earnings growth.