Declared Dividend • Jul 03
Dividend increased to NT$46.22 Dividend of NT$46.22 is 110% higher than last year. Ex-date: 29th July 2026 Payment date: 25th August 2026 Dividend yield will be 1.2%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (87% earnings payout ratio) and cash flows (65% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 171% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$3,555, the stock trades at a forward P/E ratio of 44x. Average forward P/E is 30x in the Semiconductor industry in Taiwan. Total returns to shareholders of 566% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$2,617 per share. Buy Or Sell Opportunity • Jun 09
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 62% to NT$3,170. The fair value is estimated to be NT$2,624, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 29%. Revenue is forecast to grow by 108% in 2 years. Earnings are forecast to grow by 119% in the next 2 years. Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$3,115, the stock trades at a forward P/E ratio of 38x. Average forward P/E is 30x in the Semiconductor industry in Taiwan. Total returns to shareholders of 602% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$1,676 per share. Reported Earnings • May 19
First quarter 2026 earnings: EPS misses analyst expectations First quarter 2026 results: EPS: NT$16.11 (up from NT$8.74 in 1Q 2025). Revenue: NT$1.60b (up 29% from 1Q 2025). Net income: NT$462.7m (up 81% from 1Q 2025). Profit margin: 29% (up from 21% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 9.0%. Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 88% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • May 12
Price target increased by 14% to NT$3,635 Up from NT$3,200, the current price target is an average from 8 analysts. New target price is 16% above last closing price of NT$3,140. Stock is up 232% over the past year. The company is forecast to post earnings per share of NT$72.47 for next year compared to NT$45.48 last year. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$2,860, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 27x in the Semiconductor industry in Taiwan. Total returns to shareholders of 790% over the past three years. New Risk • Apr 27
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 101% Dividend yield: 1.6% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings 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. However, this risk is mitigated by the fact the dividend is covered by cash flows. 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: Minor Risks Dividend is not well covered by earnings (101% payout ratio). Share price has been volatile over the past 3 months (9.7% average weekly change). Major Estimate Revision • Apr 23
Consensus EPS estimates increase by 17%, revenue downgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from NT$8.95b to NT$8.51b. EPS estimate rose from NT$63.56 to NT$74.45. Net income forecast to grow 50% next year vs 49% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$2,759 to NT$3,200. Share price fell 2.5% to NT$3,175 over the past week. Reported Earnings • Mar 31
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: NT$45.48 (up from NT$29.07 in FY 2024). Revenue: NT$6.51b (up 60% from FY 2024). Net income: NT$1.33b (up 57% from FY 2024). Profit margin: 20% (in line with FY 2024). Revenue exceeded analyst estimates by 4.8%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 107% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$2,160, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 602% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$1,609 per share. Price Target Changed • Mar 13
Price target increased by 9.5% to NT$2,093 Up from NT$1,912, the current price target is an average from 8 analysts. New target price is 6.5% above last closing price of NT$1,965. Stock is up 84% over the past year. The company is forecast to post earnings per share of NT$37.45 for next year compared to NT$29.07 last year. Announcement • Mar 04
Grand Process Technology Corporation, Annual General Meeting, Jun 17, 2026 Grand Process Technology Corporation, Annual General Meeting, Jun 17, 2026. Location: 2 floor no,2, chan yeh 1st rd., hsinchu science park, hsinchu city Taiwan Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$1,785, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 25x in the Semiconductor industry in Taiwan. Total returns to shareholders of 637% over the past three years. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$1,765, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 679% over the past three years. Reported Earnings • Nov 15
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: NT$10.40 (up from NT$7.42 in 3Q 2024). Revenue: NT$1.49b (up 51% from 3Q 2024). Net income: NT$303.9m (up 40% from 3Q 2024). Profit margin: 20% (down from 22% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 9.2%. Earnings per share (EPS) also missed analyst estimates by 3.2%. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 81% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Oct 11
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 8.3% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Oct 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$1,735, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 27x in the Semiconductor industry in Taiwan. Total returns to shareholders of 874% over the past three years. Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$1,640, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 24x in the Semiconductor industry in Taiwan. Total returns to shareholders of 701% over the past three years. Price Target Changed • Aug 16
Price target increased by 9.1% to NT$1,463 Up from NT$1,340, the current price target is an average from 4 analysts. New target price is 5.3% above last closing price of NT$1,390. Stock is down 29% over the past year. The company is forecast to post earnings per share of NT$43.86 for next year compared to NT$29.07 last year. Reported Earnings • Aug 14
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: NT$7.05 (up from NT$7.04 in 2Q 2024). Revenue: NT$1.63b (up 70% from 2Q 2024). Net income: NT$206.0m (flat on 2Q 2024). Profit margin: 13% (down from 21% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) missed analyst estimates by 31%. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 81% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 22
Upcoming dividend of NT$22.00 per share Eligible shareholders must have bought the stock before 29 July 2025. Payment date: 25 August 2025. Payout ratio is a comfortable 69% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (2.1%). New Risk • Jul 11
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 8.5% 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. This is currently the only risk that has been identified for the company. Declared Dividend • Jun 22
Dividend increased to NT$22.00 Dividend of NT$22.00 is 38% higher than last year. Ex-date: 29th July 2025 Payment date: 25th August 2025 Dividend yield will be 1.5%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (69% earnings payout ratio) and cash flows (49% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 32% over the next year, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$1,365, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 17x in the Semiconductor industry in Taiwan. Total returns to shareholders of 417% over the past three years. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$1,215, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 16x in the Semiconductor industry in Taiwan. Total returns to shareholders of 374% over the past three years. Reported Earnings • May 15
First quarter 2025 earnings: EPS exceeds analyst expectations First quarter 2025 results: EPS: NT$8.40 (up from NT$5.99 in 1Q 2024). Revenue: NT$1.24b (up 38% from 1Q 2024). Net income: NT$255.2m (up 49% from 1Q 2024). Profit margin: 21% (up from 19% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.1%. Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$948, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 17x in the Semiconductor industry in Taiwan. Total returns to shareholders of 263% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$502 per share. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$790, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 16x in the Semiconductor industry in Taiwan. Total returns to shareholders of 179% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$500 per share. New Risk • Apr 06
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.2% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining 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 Risk Share price has been highly volatile over the past 3 months (9.2% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Mar 27
Full year 2024 earnings released: EPS: NT$29.07 (vs NT$21.56 in FY 2023) Full year 2024 results: EPS: NT$29.07 (up from NT$21.56 in FY 2023). Revenue: NT$4.07b (up 15% from FY 2023). Net income: NT$845.4m (up 37% from FY 2023). Profit margin: 21% (up from 17% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Mar 13
Price target decreased by 12% to NT$1,933 Down from NT$2,186, the current price target is an average from 5 analysts. New target price is 67% above last closing price of NT$1,155. Stock is up 37% over the past year. The company is forecast to post earnings per share of NT$28.27 for next year compared to NT$21.56 last year. Announcement • Mar 05
Grand Process Technology Corporation, Annual General Meeting, Jun 19, 2025 Grand Process Technology Corporation, Annual General Meeting, Jun 19, 2025. Location: 1 floor no,77, hsien cheng 8th st., jhubei city, hsinchu county Taiwan Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$1,215, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 19x in the Semiconductor industry in Taiwan. Total returns to shareholders of 294% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$565 per share. New Risk • Jan 26
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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$1,325, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 324% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$557 per share. Valuation Update With 7 Day Price Move • Dec 24
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$1,535, the stock trades at a forward P/E ratio of 38x. Average forward P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 379% over the past three years. Reported Earnings • Nov 18
Third quarter 2024 earnings: Revenues and EPS in line with analyst expectations Third quarter 2024 results: EPS: NT$7.42 (up from NT$5.54 in 3Q 2023). Revenue: NT$991.7m (up 19% from 3Q 2023). Net income: NT$216.8m (up 37% from 3Q 2023). Profit margin: 22% (up from 19% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 66% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$1,760, the stock trades at a trailing P/E ratio of 71x. Average forward P/E is 24x in the Semiconductor industry in Taiwan. Total returns to shareholders of 415% over the past three years. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$7.04 (vs NT$5.33 in 2Q 2023) Second quarter 2024 results: EPS: NT$7.04 (up from NT$5.33 in 2Q 2023). Revenue: NT$961.7m (up 12% from 2Q 2023). Net income: NT$205.5m (up 35% from 2Q 2023). Profit margin: 21% (up from 18% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 39% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 73% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$1,800, the stock trades at a trailing P/E ratio of 77.7x. Average forward P/E is 23x in the Semiconductor industry in Taiwan. Total returns to shareholders of 439% over the past three years. Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$1,550, the stock trades at a trailing P/E ratio of 66.9x. Average forward P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 312% over the past three years. Upcoming Dividend • Jul 23
Upcoming dividend of NT$16.00 per share Eligible shareholders must have bought the stock before 30 July 2024. Payment date: 26 August 2024. Payout ratio is a comfortable 68% but the company is paying out more than the cash it is generating. Trailing yield: 1.1%. Lower than top quartile of Taiwanese dividend payers (4.3%). Lower than average of industry peers (2.1%). Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$1,415, the stock trades at a trailing P/E ratio of 61.1x. Average forward P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 287% over the past three years. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$1,290, the stock trades at a trailing P/E ratio of 55x. Average forward P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 284% over the past three years. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$1,130, the stock trades at a trailing P/E ratio of 48.2x. Average trailing P/E is 30x in the Semiconductor industry in Taiwan. Total returns to shareholders of 299% over the past three years. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$5.99 (vs NT$4.10 in 1Q 2023) First quarter 2024 results: EPS: NT$5.99 (up from NT$4.10 in 1Q 2023). Revenue: NT$898.1m (up 10% from 1Q 2023). Net income: NT$171.9m (up 47% from 1Q 2023). Profit margin: 19% (up from 14% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 53% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$1,110, the stock trades at a trailing P/E ratio of 51.6x. Average trailing P/E is 31x in the Semiconductor industry in Taiwan. Total returns to shareholders of 270% over the past three years. Announcement • Mar 29
Grand Process Technology Corporation, Annual General Meeting, Jun 19, 2024 Grand Process Technology Corporation, Annual General Meeting, Jun 19, 2024. Reported Earnings • Mar 28
Full year 2023 earnings released: EPS: NT$21.56 (vs NT$25.32 in FY 2022) Full year 2023 results: EPS: NT$21.56 (down from NT$25.32 in FY 2022). Revenue: NT$3.54b (down 4.8% from FY 2022). Net income: NT$616.3m (down 15% from FY 2022). Profit margin: 17% (down from 19% in FY 2022). The decrease in margin was 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 36% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$999, the stock trades at a trailing P/E ratio of 49.6x. Average trailing P/E is 30x in the Semiconductor industry in Taiwan. Total returns to shareholders of 241% over the past three years. New Risk • Aug 25
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 35% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). High level of non-cash earnings (35% accrual ratio). Minor Risk Dividend is not well covered by cash flows (457% cash payout ratio). Reported Earnings • Aug 14
Second quarter 2023 earnings released: EPS: NT$5.33 (vs NT$6.20 in 2Q 2022) Second quarter 2023 results: EPS: NT$5.33 (down from NT$6.20 in 2Q 2022). Revenue: NT$862.1m (down 2.9% from 2Q 2022). Net income: NT$152.7m (down 14% from 2Q 2022). Profit margin: 18% (down from 20% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 20
Upcoming dividend of NT$18.00 per share at 3.0% yield Eligible shareholders must have bought the stock before 27 July 2023. Payment date: 25 August 2023. Payout ratio is on the higher end at 77%, and the cash payout ratio is above 100%. Trailing yield: 3.0%. Lower than top quartile of Taiwanese dividend payers (5.5%). In line with average of industry peers (3.2%). Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$580, the stock trades at a trailing P/E ratio of 24.7x. Average trailing P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 88% over the past three years. New Risk • Jun 08
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 7.7% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (7.7% average weekly change). High level of non-cash earnings (32% accrual ratio). Minor Risk Dividend is not well covered by cash flows (255% cash payout ratio). Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to NT$472, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 17x in the Semiconductor industry in Taiwan. Total returns to shareholders of 142% over the past three years. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$325, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 14x in the Semiconductor industry in Taiwan. Total returns to shareholders of 125% over the past three years. 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. 8 experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$7.99 (vs NT$5.12 in 3Q 2021) Third quarter 2022 results: EPS: NT$7.99 (up from NT$5.12 in 3Q 2021). Revenue: NT$901.4m (down 8.4% from 3Q 2021). Net income: NT$228.0m (up 56% from 3Q 2021). Profit margin: 25% (up from 15% 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 36% 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 • Sep 26
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$216, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 12x in the Semiconductor industry in Taiwan. Total returns to shareholders of 60% over the past three years. Valuation Update With 7 Day Price Move • Aug 31
Investor sentiment improved over the past week After last week's 18% share price gain to NT$286, the stock trades at a trailing P/E ratio of 11.1x. Average trailing P/E is 13x in the Semiconductor industry in Taiwan. Total returns to shareholders of 133% over the past three years. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$6.20 (vs NT$5.06 in 2Q 2021) Second quarter 2022 results: EPS: NT$6.20 (up from NT$5.06 in 2Q 2021). Revenue: NT$888.1m (up 11% from 2Q 2021). Net income: NT$176.9m (up 23% from 2Q 2021). Profit margin: 20% (up from 18% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 21
Upcoming dividend of NT$17.00 per share Eligible shareholders must have bought the stock before 28 July 2022. Payment date: 25 August 2022. Payout ratio is a comfortable 69% and this is well supported by cash flows. Trailing yield: 7.3%. Within top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (3.7%). Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$244, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 13x in the Semiconductor industry in Taiwan. Total returns to shareholders of 111% over the past three years. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$5.90 (vs NT$4.85 in 1Q 2021) First quarter 2022 results: EPS: NT$5.90 (up from NT$4.85 in 1Q 2021). Revenue: NT$921.6m (up 23% from 1Q 2021). Net income: NT$168.3m (up 22% from 1Q 2021). Profit margin: 18% (in line with 1Q 2021). Over the last 3 years on average, earnings per share has increased by 31% per year whereas the company’s share price has increased by 30% per 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. No highly experienced directors. 2 independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . 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 • Apr 01
Full year 2021 earnings released: EPS: NT$23.47 (vs NT$13.92 in FY 2020) Full year 2021 results: EPS: NT$23.47 (up from NT$13.92 in FY 2020). Revenue: NT$3.66b (up 47% from FY 2020). Net income: NT$669.5m (up 69% from FY 2020). Profit margin: 18% (up from 16% 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 26% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$5.12 (vs NT$4.06 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: NT$984.1m (up 53% from 3Q 2020). Net income: NT$145.9m (up 26% from 3Q 2020). Profit margin: 15% (down from 18% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$5.06 (vs NT$3.55 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$803.9m (up 30% from 2Q 2020). Net income: NT$144.2m (up 42% from 2Q 2020). Profit margin: 18% (up from 16% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 22
Upcoming dividend of NT$11.00 per share Eligible shareholders must have bought the stock before 29 July 2021. Payment date: 25 August 2021. Trailing yield: 2.7%. Lower than top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (2.2%). Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment improved over the past week After last week's 17% share price gain to NT$374, the stock trades at a trailing P/E ratio of 22.8x. Average trailing P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 194% over the past three years. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$4.85 (vs NT$2.38 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$750.0m (up 52% from 1Q 2020). Net income: NT$138.2m (up 104% from 1Q 2020). Profit margin: 18% (up from 14% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$13.92 (vs NT$11.11 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$2.49b (up 21% from FY 2019). Net income: NT$396.9m (up 28% from FY 2019). Profit margin: 16% (up from 15% 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 2% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Mar 03
New 90-day low: NT$354 The company is down 7.0% from its price of NT$380 on 03 December 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 22% over the same period. Valuation Update With 7 Day Price Move • Dec 09
Market bids up stock over the past week After last week's 18% share price gain to NT$450, the stock is trading at a trailing P/E ratio of 34.3x, up from the previous P/E ratio of 29.1x. This compares to an average P/E of 25x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past three years are 192%. Is New 90 Day High Low • Dec 08
New 90-day high: NT$409 The company is up 17% from its price of NT$349 on 09 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 22% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$4.06 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$644.2m (up 14% from 3Q 2019). Net income: NT$115.7m (up 27% from 3Q 2019). Profit margin: 18% (up from 16% in 3Q 2019). The increase in margin was driven by higher revenue. 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 25% per year, which means it is well ahead of earnings.