Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$109, the stock trades at a trailing P/E ratio of 23.8x. Average trailing P/E is 23x in the Tech industry in Taiwan. Total returns to shareholders of 281% over the past three years. 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 Risk High level of non-cash earnings (21% accrual ratio). 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 20% After last week's 20% share price gain to NT$122, the stock trades at a trailing P/E ratio of 26.6x. Average trailing P/E is 22x in the Tech industry in Taiwan. Total returns to shareholders of 381% over the past three years. Buy Or Sell Opportunity • May 08
Now 22% overvalued The stock has been flat over the last 90 days, currently trading at NT$107. The fair value is estimated to be NT$87.90, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 45%. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$121, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Tech industry in Taiwan. Total returns to shareholders of 446% over the past three years. Aankondiging • Mar 13
Chenming Electronic Tech. Corp., Annual General Meeting, Jun 12, 2026 Chenming Electronic Tech. Corp., Annual General Meeting, Jun 12, 2026. Location: no,168, ching yeh 4th rd., jhongshan district, taipei city Taiwan Buy Or Sell Opportunity • Mar 13
Now 26% overvalued Over the last 90 days, the stock has fallen 28% to NT$101. The fair value is estimated to be NT$79.75, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 48%. Revenue is forecast to grow by 61% in a year. Earnings are forecast to grow by 116% in the next year. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$91.80, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 13x in the Tech industry in Taiwan. Total returns to shareholders of 327% over the past three years. Buy Or Sell Opportunity • Dec 11
Now 21% undervalued Over the last 90 days, the stock has risen 9.7% to NT$136. The fair value is estimated to be NT$171, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 53%. Revenue is forecast to grow by 50% in a year. Earnings are forecast to grow by 92% in the next year. New Risk • Dec 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 6.5% 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. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Nov 18
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.2% to NT$124. The fair value is estimated to be NT$162, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 53%. Revenue is forecast to grow by 50% in a year. Earnings are forecast to grow by 92% in the next year. Major Estimate Revision • Nov 15
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from NT$10.0b to NT$10.2b. EPS estimate increased from NT$3.30 to NT$3.73 per share. Net income forecast to grow 92% next year vs 31% growth forecast for Tech industry in Taiwan. Consensus price target up from NT$165 to NT$175. Share price was steady at NT$129 over the past week. Reported Earnings • Nov 10
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: NT$1.06 (up from NT$0.81 in 3Q 2024). Revenue: NT$2.47b (down 7.2% from 3Q 2024). Net income: NT$217.3m (up 32% from 3Q 2024). Profit margin: 8.8% (up from 6.2% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 22%. Earnings per share (EPS) also surpassed analyst estimates by 54%. Revenue is forecast to grow 53% p.a. on average during the next 2 years, compared to a 20% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has increased by 107% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Nov 03
Now 22% overvalued The stock has been flat over the last 90 days, currently trading at NT$127. The fair value is estimated to be NT$104, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 35% in a year. Earnings are forecast to grow by 58% in the next year. Buy Or Sell Opportunity • Oct 03
Now 25% overvalued Over the last 90 days, the stock has fallen 3.5% to NT$124. The fair value is estimated to be NT$99.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 35% in a year. Earnings are forecast to grow by 58% in the next year. Major Estimate Revision • Aug 27
Consensus revenue estimates fall by 21% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$12.7b to NT$10.0b. EPS estimate fell from NT$5.00 to NT$3.30 per share. Net income forecast to grow 58% next year vs 23% growth forecast for Tech industry in Taiwan. Consensus price target up from NT$115 to NT$165. Share price rose 7.6% to NT$135 over the past week. Reported Earnings • Aug 09
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: NT$0.54 (down from NT$0.97 in 2Q 2024). Revenue: NT$2.63b (flat on 2Q 2024). Net income: NT$111.7m (down 42% from 2Q 2024). Profit margin: 4.3% (down from 7.4% in 2Q 2024). Revenue exceeded analyst estimates by 4.2%. Earnings per share (EPS) missed analyst estimates by 36%. Revenue is forecast to grow 36% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has increased by 105% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 07
Upcoming dividend of NT$0.60 per share Eligible shareholders must have bought the stock before 14 July 2025. Payment date: 08 August 2025. Payout ratio is a comfortable 15% but the company is not cash flow positive. Trailing yield: 0.3%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (3.8%). Declared Dividend • Jun 15
Dividend increased to NT$0.60 Dividend of NT$0.60 is 56% higher than last year. Ex-date: 14th July 2025 Payment date: 8th August 2025 Dividend yield will be 0.5%, which is lower than the industry average of 3.0%. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$112, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 15x in the Tech industry in Taiwan. Total returns to shareholders of 697% over the past three years. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$106, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 14x in the Tech industry in Taiwan. Total returns to shareholders of 687% over the past three years. Major Estimate Revision • May 13
Consensus revenue estimates fall by 30% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$18.1b to NT$12.7b. EPS estimate fell from NT$8.67 to NT$5.00 per share. Net income forecast to grow 33% next year vs 18% growth forecast for Tech industry in Taiwan. Consensus price target down from NT$190 to NT$115. Share price rose 10% to NT$96.70 over the past week. Reported Earnings • May 08
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: NT$0.84 (up from NT$0.39 in 1Q 2024). Revenue: NT$2.40b (up 65% from 1Q 2024). Net income: NT$172.2m (up 127% from 1Q 2024). Profit margin: 7.2% (up from 5.2% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 17%. Earnings per share (EPS) also missed analyst estimates by 31%. Revenue is forecast to grow 41% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has increased by 90% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • May 01
Chenming Electronic Tech. Corp. to Report Q1, 2025 Results on May 07, 2025 Chenming Electronic Tech. Corp. announced that they will report Q1, 2025 results on May 07, 2025 Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$90.30, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 13x in the Tech industry in Taiwan. Total returns to shareholders of 581% over the past three years. Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to NT$83.00, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Tech industry in Taiwan. Total returns to shareholders of 531% over the past three years. New Risk • Mar 31
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 7.8% 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 (7.8% average weekly change). High level of non-cash earnings (23% accrual ratio). Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$118, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Tech industry in Taiwan. Total returns to shareholders of 786% over the past three years. Reported Earnings • Mar 15
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: NT$3.63 (up from NT$1.29 in FY 2023). Revenue: NT$9.41b (up 46% from FY 2023). Net income: NT$730.4m (up 189% from FY 2023). Profit margin: 7.8% (up from 3.9% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Revenue is forecast to grow 40% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has increased by 118% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Mar 06
Chenming Electronic Tech. Corp. to Report Q4, 2024 Results on Mar 13, 2025 Chenming Electronic Tech. Corp. announced that they will report Q4, 2024 results at 12:00 PM, Taipei Standard Time on Mar 13, 2025 Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$151, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 16x in the Tech industry in Taiwan. Total returns to shareholders of 1,031% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$199 per share. Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$157, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 15x in the Tech industry in Taiwan. Total returns to shareholders of 1,034% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$212 per share. Reported Earnings • Nov 08
Third quarter 2024 earnings: EPS misses analyst expectations Third quarter 2024 results: EPS: NT$0.80 (up from NT$0.42 in 3Q 2023). Revenue: NT$2.66b (up 50% from 3Q 2023). Net income: NT$164.5m (up 101% from 3Q 2023). Profit margin: 6.2% (up from 4.6% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 15%. Revenue is forecast to grow 58% p.a. on average during the next 2 years, compared to a 21% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has increased by 127% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Oct 31
Chenming Electronic Tech. Corp. to Report Q3, 2024 Results on Nov 06, 2024 Chenming Electronic Tech. Corp. announced that they will report Q3, 2024 results on Nov 06, 2024 Valuation Update With 7 Day Price Move • Oct 17
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$154, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 15x in the Tech industry in Taiwan. Total returns to shareholders of 1,080% over the past three years. Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$130, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 14x in the Tech industry in Taiwan. Total returns to shareholders of 896% over the past three years. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to NT$82.80, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Tech industry in Taiwan. Total returns to shareholders of 532% over the past three years. New Risk • Aug 04
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.6% 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 Share price has been highly volatile over the past 3 months (9.8% average weekly change). Minor Risk Shareholders have been diluted in the past year (3.6% increase in shares outstanding). Reported Earnings • Jul 31
Second quarter 2024 earnings: EPS misses analyst expectations Second quarter 2024 results: EPS: NT$0.97 (up from NT$0.39 in 2Q 2023). Revenue: NT$2.60b (up 93% from 2Q 2023). Net income: NT$193.2m (up 153% from 2Q 2023). Profit margin: 7.4% (up from 5.7% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 14%. Revenue is forecast to grow 47% p.a. on average during the next 2 years, compared to a 20% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has increased by 99% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Jul 23
Chenming Electronic Tech. Corp. to Report Q2, 2024 Results on Jul 30, 2024 Chenming Electronic Tech. Corp. announced that they will report Q2, 2024 results on Jul 30, 2024 Upcoming Dividend • Jul 18
Upcoming dividend of NT$0.39 per share Eligible shareholders must have bought the stock before 25 July 2024. Payment date: 23 August 2024. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (2.9%). Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$103, the stock trades at a trailing P/E ratio of 67.1x. Average trailing P/E is 24x in the Tech industry in Taiwan. Total returns to shareholders of 701% over the past three years. Declared Dividend • Jun 29
Dividend of NT$0.40 announced Shareholders will receive a dividend of NT$0.40. Ex-date: 25th July 2024 Payment date: 23rd August 2024 Dividend yield will be 0.4%, which is lower than the industry average of 3.0%. Payout Ratios Payout ratio: 26%. Cash payout ratio: 9%. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: NT$0.39 (vs NT$0.13 in 1Q 2023) First quarter 2024 results: EPS: NT$0.39 (up from NT$0.13 in 1Q 2023). Revenue: NT$1.46b (down 4.8% from 1Q 2023). Net income: NT$75.9m (up 204% from 1Q 2023). Profit margin: 5.2% (up from 1.6% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 83% per year whereas the company’s share price has increased by 85% per year. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$73.70, the stock trades at a trailing P/E ratio of 57x. Average trailing P/E is 25x in the Tech industry in Taiwan. Total returns to shareholders of 392% over the past three years. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$56.30, the stock trades at a trailing P/E ratio of 43.6x. Average trailing P/E is 25x in the Tech industry in Taiwan. Total returns to shareholders of 318% over the past three years. Reported Earnings • Mar 16
Full year 2023 earnings released: EPS: NT$1.29 (vs NT$1.17 in FY 2022) Full year 2023 results: EPS: NT$1.29 (up from NT$1.17 in FY 2022). Revenue: NT$6.46b (flat on FY 2022). Net income: NT$253.1m (up 15% from FY 2022). Profit margin: 3.9% (up from 3.4% in FY 2022). Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. Aankondiging • Mar 14
Chenming Electronic Tech. Corp., Annual General Meeting, Jun 14, 2024 Chenming Electronic Tech. Corp., Annual General Meeting, Jun 14, 2024. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$54.80, the stock trades at a trailing P/E ratio of 46.8x. Average trailing P/E is 23x in the Tech industry in Taiwan. Total returns to shareholders of 297% over the past three years. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$51.00, the stock trades at a trailing P/E ratio of 43.6x. Average trailing P/E is 21x in the Tech industry in Taiwan. Total returns to shareholders of 285% over the past three years. Aankondiging • Nov 09
Chenming Electronic Tech. Corp. Announces Executive Changes Chenming Electronic Tech. Corp. announced executive changes. Name, title, and resume of the previous position holder: financial officer: Mr.SU CHUNG CHING /Finance department Senior manager, Chenming Electronic Tech. Corp.(acting), spokesperson: Mr.SU CHUNG CHING /Finance department Senior manager, Chenming Electronic Tech. Corp. acting spokesperson: Ms. Weng Liqi /Finance department Manager, Chenming Electronic Tech. Corp. Name, title, and resume of the new position holder: financial officer: Ms. Chuang Chia Ying /Accounting Senior Manager, D-link Tech. Corp./Manager,KPMG Taiwan; spokesperson: Ms. Chuang Chia Ying /Accounting Senior Manager, D-link Tech. Corp./Manager, KPMG Taiwan, acting spokesperson: Mr.SU CHUNG CHING /Finance department Senior manager, Chenming Electronic Tech. Corp. Effective date is November 8, 2023. Valuation Update With 7 Day Price Move • Jul 19
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$47.80, the stock trades at a trailing P/E ratio of 39.4x. Average trailing P/E is 22x in the Tech industry in Taiwan. Total returns to shareholders of 272% over the past three years. Reported Earnings • Jul 14
First quarter 2023 earnings released: EPS: NT$0.13 (vs NT$0.045 in 1Q 2022) First quarter 2023 results: EPS: NT$0.13 (up from NT$0.045 in 1Q 2022). Revenue: NT$1.53b (up 30% from 1Q 2022). Net income: NT$25.0m (up 242% from 1Q 2022). Profit margin: 1.6% (up from 0.6% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 52% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 06
Upcoming dividend of NT$0.30 per share Eligible shareholders must have bought the stock before 13 July 2023. Payment date: 08 August 2023. The company last paid an ordinary dividend in March 2018. The average dividend yield among industry peers is 3.7%. Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$32.15, the stock trades at a trailing P/E ratio of 28.6x. Average trailing P/E is 20x in the Tech industry in Taiwan. Total returns to shareholders of 132% over the past three years. Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$25.65, the stock trades at a trailing P/E ratio of 22.8x. Average trailing P/E is 16x in the Tech industry in Taiwan. Total returns to shareholders of 107% over the past three years. Valuation Update With 7 Day Price Move • May 15
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$20.20, the stock trades at a trailing P/E ratio of 18x. Average trailing P/E is 15x in the Tech industry in Taiwan. Total returns to shareholders of 69% over the past three years. Reported Earnings • Mar 24
Full year 2022 earnings released: EPS: NT$1.17 (vs NT$0.74 loss in FY 2021) Full year 2022 results: EPS: NT$1.17 (up from NT$0.74 loss in FY 2021). Revenue: NT$6.52b (up 23% from FY 2021). Net income: NT$220.2m (up NT$335.2m from FY 2021). Profit margin: 3.4% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$24.80, the stock trades at a trailing P/E ratio of 34.8x. Average trailing P/E is 13x in the Tech industry in Taiwan. Total returns to shareholders of 123% over the past three years. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$17.50, the stock trades at a trailing P/E ratio of 24.5x. Average trailing P/E is 11x in the Tech industry in Taiwan. Total returns to shareholders of 25% over the past three years. Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment improved over the past week After last week's 23% share price gain to NT$19.85, the stock trades at a trailing P/E ratio of 27.8x. Average trailing P/E is 12x in the Tech industry in Taiwan. Total returns to shareholders of 45% over the past three years. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Hung-Chang Chen was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 12
Third quarter 2022 earnings released: EPS: NT$0.66 (vs NT$0.32 loss in 3Q 2021) Third quarter 2022 results: EPS: NT$0.66 (up from NT$0.32 loss in 3Q 2021). Revenue: NT$1.69b (up 21% from 3Q 2021). Net income: NT$129.2m (up NT$179.8m from 3Q 2021). Profit margin: 7.7% (up from net loss in 3Q 2021). 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 73 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: NT$0.19 (vs NT$0.27 loss in 2Q 2021) Second quarter 2022 results: EPS: NT$0.19 (up from NT$0.27 loss in 2Q 2021). Revenue: NT$1.33b (up 22% from 2Q 2021). Net income: NT$37.7m (up NT$80.3m from 2Q 2021). Profit margin: 2.8% (up from net loss in 2Q 2021). 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 97 percentage points per year, which is a significant difference in performance. Reported Earnings • May 13
First quarter 2022 earnings released: EPS: NT$0.04 (vs NT$0.082 in 1Q 2021) First quarter 2022 results: EPS: NT$0.04 (down from NT$0.082 in 1Q 2021). Revenue: NT$1.18b (up 11% from 1Q 2021). Net income: NT$7.32m (down 43% from 1Q 2021). Profit margin: 0.6% (down from 1.2% in 1Q 2021). 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 84 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Hung-Chang Chen was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 06
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: NT$0.74 loss per share (down from NT$0.40 profit in FY 2020). Revenue: NT$5.28b (down 14% from FY 2020). Net loss: NT$114.9m (down 283% from profit in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 12
Third quarter 2021 earnings released: NT$0.32 loss per share (vs NT$0.17 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: NT$1.40b (down 11% from 3Q 2020). Net loss: NT$50.6m (down 289% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 13
Second quarter 2021 earnings released: NT$0.27 loss per share (vs NT$0.27 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: NT$1.09b (down 34% from 2Q 2020). Net loss: NT$42.6m (down 201% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 21% 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. Upcoming Dividend • Aug 09
Upcoming dividend of NT$0.30 per share Eligible shareholders must have bought the stock before 16 August 2021. Payment date: 10 September 2021. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (5.2%). Reported Earnings • May 06
First quarter 2021 earnings released: EPS NT$0.08 (vs NT$0.11 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$1.06b (down 22% from 1Q 2020). Net income: NT$12.7m (down 29% from 1Q 2020). Profit margin: 1.2% (down from 1.3% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 8% per year. Reported Earnings • Mar 18
Full year 2020 earnings released: EPS NT$0.40 (vs NT$0.82 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$6.12b (up 1.6% from FY 2019). Net income: NT$62.8m (down 53% from FY 2019). Profit margin: 1.0% (down from 2.2% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 10% per year. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$14.50, the stock is trading at a trailing P/E ratio of 14.1x, down from the previous P/E ratio of 16.8x. This compares to an average P/E of 15x in the Tech industry in Taiwan. Total return to shareholders over the past three years is a loss of 26%. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 19% share price gain to NT$15.65, the stock is trading at a trailing P/E ratio of 15.3x, up from the previous P/E ratio of 12.8x. This compares to an average P/E of 15x in the Tech industry in Taiwan. Total return to shareholders over the past three years is a loss of 25%.